In IT, nearly 30% of project managers don’t use a project management methodology to complete tasks. They are also more likely to ask for an extension on project deadlines and burn through the set budget. Project management is a modern approach to planning, organizing, and handling tasks and allocated resources. Strategic project management is an upgrade to the traditional approach; it aligns projects with the company’s long-term vision and mission.
Project management methodologies vary vastly, from waterfall to agile methodologies, like Scrum, Lean, or Kanban. It is important to choose one that fits your organization's goals and objectives. There is no clear winner; both processes are applicable in different circumstances. In this blog, we will discover the pros and cons of these technologies and whether companies can choose a hybrid approach.
Agile Project Management
Agile methodology involves an iterative and flexible approach, where the entire task is divided into Sprints. Each sprint is reviewed and deployed before moving on to the next one. Project managers believe that dividing into sprints prevents failures from appearing on a mass scale during the end of the project’s lifecycle. Although most modern philosophies are an extension of agile project management, Kanban, Lean, and Scrum are the most popular.
*Kanban *
Kanban is a visual project management method used to improve workflow efficiency by visualizing tasks on "To Do," "In Progress" and "Done" boards. It helps teams manage work in progress, identify bottlenecks, and streamline processes.
*Scrum *
Scrum is an agile project management framework that helps teams manage and organize tasks through predefined principles and methodologies. It is headed by a Scrum master, whose objective is to solve issues that arise throughout the cycle to solve those issues.
*Lean Project Management *
The lean project management cycle begins with value identification and VSM (Value stream mapping). In VSM, teams will sketch the current workflow process and an ideal one, and then remove any waste to move on to the third step, new workflow creation. Next, the team will pull work from the previous stage and work on the feedback received to complete the project on time.
*Benefits *
The Agile methodology relies on scalability, iteration, and flexibility. It is most suited for modern workplaces and can help teams in these ways.
Improved time-to-market
In this process, feedback is taken at the end of each sprint, and the project is modified accordingly. The team can use Agile management tools like Trello or Asana to ensure better visibility and control. On the other hand, the Waterfall methodology relies on working on corrections at the last moment. So a team using Agile philosophy is more likely to quickly bring the product to the market.
*Better quality *
We will be continuing from the above point, the continuous testing and feedback mechanism allows Agile teams to produce a better quality product in the end. This also enables them to avoid costly mistakes and create a product that works well in the long run.
*Satisfied customers *
If necessary, teams can also involve customers in the initial stages and deliver value to them. This has led to an increase in customer satisfaction and brand loyalty.
Downfalls of Agile Project Management
*Low Predictability *
While Agile methods promote flexibility and adaptability, they can make it difficult to accurately forecast project timelines and costs. This can be challenging for organizations that require precise planning and budgeting.
*Requires More Commitment *
Agile projects often demand a higher level of commitment from all team members. The iterative nature of Agile development requires frequent communication, collaboration, and adaptability.
*Lack of Documentation *
While Agile methods emphasize continuous improvement and adaptation, they can sometimes lead to a lack of formal documentation. This can make it difficult to track project progress, maintain knowledge transfer, and ensure compliance with regulatory requirements.
**When to Choose Agile Project Management
**Agile is best for projects that are too complex and iterative, and have long deadlines. If the requirements change frequently, Agile enables teams to cope with that.
*When to Avoid Agile Project Management *
When the project has a fixed budget and deadline, opting for an Agile project management strategy is not the best route. While Agile offers several benefits, people are still unaware of Agile best practices and how to implement them successfully. Similarly, if the project is very novice, the team should choose the Waterfall strategy.
*Waterfall Project Management *
The Waterfall project management methodology is a rigid, linear, sequential approach used by project managers. It involves completing each phase in a predefined order, from requirement gathering to deployment. It is mainly suitable for projects where everything is already predetermined. Classic waterfall and V-model are some examples of this principle.
*Classic Waterfall *
It is one of the earliest models of Waterfall methodology, used primarily in software development. Each phase is separate, and usually, there is no feedback loop associated with it. The feedback loops are later introduced in iterative and incremental processes. Eventually, the loop is also introduced in the risk-oriented spiral model.
*V-model *
V-model is a variation of the classic model, where testing is involved in each stage. It provides a more structured approach compared to the classic approach.
*Benefits *
*Clearly Defined Rules *
The Waterfall roadmap helps project stakeholders understand the project's progression and milestones.
Requirement Gathering
Requirement gathering allows for thorough documentation and understanding of the project's objectives and scope. This upfront investment reduces the risk of scope creep or misaligned expectations.
Predictability and Control
The sequential nature of the Waterfall model provides a high degree of predictability and control over the project's timeline and deliverables.
Disadvantages of Waterfall Project Management
Lack of Flexibility
The rigid, linear nature of the Waterfall approach makes it difficult to accommodate changes or new requirements during the project.
Long Delivery Timelines
The sequential nature of the Waterfall model can lead to lengthy delivery timelines, as each phase must be completed before moving to the next.
Difficulty in Identifying and Addressing Risks
The Waterfall approach may not effectively identify and address risks throughout the project lifecycle.
Limited Collaboration and Teamwork
The Waterfall model can create silos between project teams, as each phase is completed independently.
When to use the Waterfall project management strategy?
The Waterfall process is the best option when the requirement is crystal clear, and there is no requirement for feedback. If there is a low level of complexity involved in the project, this is the best approach.
When not to use the Waterfall philosophy?
The Waterfall project management methodology is best suited for projects with well-defined, stable requirements. However, it is generally not recommended in situations with changing requirements, fast-paced environments, high uncertainty, complexity, or the need for continuous stakeholder engagement. In these cases, it can hinder the ability to respond to evolving needs and incorporate feedback.
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Companies prefer using a dual approach (combining Waterfall and Agile management) for project management. It allows organizations to leverage the structure and predictability of Waterfall for well-defined project components while incorporating the flexibility and iterative nature for areas with changing or uncertain requirements. This hybrid approach can help balance the benefits of both methodologies, but it requires careful planning and coordination to ensure effective implementation.
The choice between Waterfall and Agile project management methodologies ultimately depends on the specific project requirements. While Waterfall offers a structured approach, Agile provides flexibility for fast-paced environments. Agile project management methods, such as Kanban, Scrum, and Lean, have become increasingly popular in various industries, enabling teams to deliver value quickly, adapt to changing requirements, and foster collaboration.
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