Overview of Project Management Methods & Frameworks

PRINCE2 is possibly most widely used and renowned project management industry standard in the UK. Prince2 is a process methodology that can used and tailored to organise and run any type of project. Its flexibility and approach to managing projects is based on 4 core and integrated elements:

a. 7 Principles including learning from experience, focus and managing by stages
b. 7 Themes covering different aspects of project management such as quality, risk and change
c. 7 Processes that cover the stages of a project lifecycle such as initiating, controlling, managing and closing a project.
d. Project environment to tailor the method to a specific project environment.

In practical terms, Prince 2 includes process model and templates as well as step by step guidance on how to organise and run a project. It originated in UK but is popular world-wide in both public sector and private sector projects

Project Management Institute (PMI) also provides a knowledge based standard and qualification (PMP) for project management based on the Project Management Body of Knowledge (PMBOK) as a reference. This standard originated in the US project management circles and has become a global standard for project management

Waterfall – Traditional and sequential approach used for software development. It is structured and predictable but critics argue doesn’t respond fast enough to changing needs which is the source of Agile.

Scrum is a framework for effective team collaboration when developing a new software product of the highest value and to address associated complex problems

Lean Project Management – Lean principles originated in manufacturing and Toyota. Lean is philosophy for improving quality and reducing waste. Its principles can be applied to any process including project management to reduce wastes associated with unproductive or ineffective task around document management, planning, controls, meetings, requirements and reworks.

Lean is based on 5 core concepts:
1. Focussing on and specifying customer value
2. Identifying value streams and removing waste
3. Just in time delivery – shape delivery based on demand rather than planning to reduce inefficiency
4. Inclusivity and empowerment of workforces to drive incremental improvements in operations and processes
5. Target perfection through a principle of Continuous improvement