Project Management Approach

The Best Project Management Approach

A good plan today is better than a perfect plan tomorrow

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n effective business planning process is meant to answer two important questions: “Where are we now?” and “Where do we want to go?”
 
Part of the business planning process is coming up with business objectives that are meant to be solved by actionable goals. As business success is surely a company’s top priority among their goals, it should be backed up by action plans that come from a successful project management strategy.
 
Project management plays a crucial role in accomplishing goals and following through with plans and expectations. And as business leaders, you shouldn’t just stick to one idea and depend on everything there.
 
In business, there is no such thing as a one-size-fits-all concept. To achieve business success, companies may rely on a vast array of project management methodologies that are fit for their goals and objectives.
 
Here are some project management approaches that translate well for each business type and goals:

1. Agile Project Management

 
Agile Project Management is more focused on changing situations and providing constant, regular feedbacks.
 
Projects that are in need of extreme flexibility and speed are best suited to this PM approach. In this method, project managers break down big tasks into short delivery cycle wherein team members can rapidly adjust things as needed for each task.

2. Benefits Realization Management

 
Benefits Realization Management is a project management approach that’s focused in deriving benefits from project outputs to maximize ROI and achieve both intangible and financial benefits for the organization.
 
This PM approach is the process of aligning a program around its strategic benefits, which is really the distinction between a program and a project.




3. Critical Chain Project Management

 
The Critical Chain Project approach to Project Management is a methodology for planning, executing, and managing projects on single and multi-project environments.
 
It is also defined as the longest chain and is not of dependent tasks. Instead of placing buffers in every task or phase, the buffers are pooled so that a project can be finished earlier or be able to meet the due date.

4. Lean Project Management

 
Lean Project Management aims to provide high value for customers while minimizing waste and reducing time. This approach focuses on the identification and reduction of waste or activities that don’t contribute to the completion of a process.
 
A3 problem solving and 6 Sigma DMAIC are the most common methods used by organizations with this approach.

5. Iterative and Incremental Project Management

 
The Iterative and Incremental Project Management approach is very much advisable for companies in the software development industry.
 
This approach consists of several concepts and stages, and divides project management into small, repetitive stages, allowing you to work on solutions and change it from time to time, depending on how you can address problems along the way.
 
Project management methodology is not just something a business may opt to try, rather an essential approach in today’s business landscape.
 
With the wide availability of project management approaches to choose from, applying the right approach for your business is truly the key to success. This doesn’t just help in evaluating your project’s success, but also help you develop your own from existing models or frameworks.
 

Jomel Alos

Jomel Alos is a Consultant at Guthrie-Jensen Training Consultant, a management training and consultancy firm in the Philippines. He enjoys sharing his knowledge on human resource solutions, as well as helping businesses achieve greater growth, competitiveness, and profitability. When he’s not working, he’s watching TV shows about designing like Tiny House Nation, Forged in Fire, and Ellen’s Design Challenge.

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