Project management encompasses a broad range of practices designed to aid in the successful completion of projects. A crucial part of this is the use of specific project management methods that guide project managers and their teams. These methods, which can grounded in years of empirical data and industry experience, provide a framework for planning, executing, and controlling projects.

The choice of a project management method can greatly influence the success of a project, making it essential to understand these methods and apply them appropriately. Different project management methods are suitable for different types of projects, and by understanding the various methods available, project managers can select the most appropriate method for their project, enhancing their chances of success. Remember, the best project management method is one that aligns with the needs of your project and your team’s capabilities.

Here are seven examples of well-known project management methods.

1. Traditional Project Management 

Starting with the most familiar, traditional project management is a linear approach where projects are divided into a sequence of steps to be completed. This includes the initiation, planning, execution, monitoring, and closure phases.

A classic example of traditonal project management is the Waterfall method, which emphasizes a systematic, sequential approach where progress flows steadily downwards through these phases. Traditional project management is ideal for projects where requirements are well-understood in advance and unlikely to change.

2. Agile Project Management 

Agile management is a method which promotes flexibility and customer satisfaction through continuous improvement and responsiveness to change. Born out of software development, the agile method has gained popularity across many industries. It breaks projects down into small, manageable units (called sprints), allowing for rapid adaptation if required. Agile methods, such as Scrum and Kanban, work best in projects with uncertain or dynamic requirements.

3. Lean Project Management 

Lean project management draws its principles from the lean manufacturing movement. It focuses on maximizing customer value while minimizing waste. Lean project management aims to optimize efficiency, reduce waste, and improve overall productivity. The primary elements of Lean are defining value from the customer’s perspective, identifying and mapping value streams, creating flow, establishing pull-based systems, and pursuing perfection through continuous improvement.

4. PRINCE2 Project Management 

PRINCE2 (Projects in Controlled Environments) is a process-based project management method that provides a step-by-step, detailed approach to project delivery. This globally recognized method focuses on business justification, defined roles and responsibilities, and emphasis on dividing the project into manageable stages. PRINCE2 is suitable for large, complex projects where control over resources is vital.

PRINCE2 was created as a UK government standard for information projects. In 2013, ownership of PRINCE2 was transferred from HM Cabinet Office to AXELOS Ltd, a company created as a joint venture between the Cabinet Office (49%) and the exchange-traded company Capita (51%).

According to proponents of PRINCE2, this project management method results in improved quality of the finnished product, better resource control, and a reduced likelyhood of either “heroic” (under-regulated) or “mechanistic” (over-regulated) working.

PRINCE2 puts a lot of focus on having a clearly define framework for the project, and can be unsuitable for projects where requirements are expected to change. For small projects, PRINCE2 can be unsuitable since a lot of the total work of the project would go into generating and maintaining the documents, logs and lists required by PRINCE2.

Detractors of PRINCE2 has pointed to the string of high-profile failures of tax-funded IT projects in the United Kingdom from 1997 and onward. Concerns have also been raised regarding the financial relationship between the Blair administration and Capita.

5. Critical Path Method (CPM) 

The critical path method (CPM) is a project modeling technique developed in the late 1950s. It’s typiclly used for projects involving numerous activities that interact in complex ways. The critical path method identifies the most important tasks that if delayed, would affect the project’s completion date. The original CPM program from the late 1950s is no longer in use, but the general principles are, and many newer project management methods involve the analysis of a project´s network logic diagram.

CPM was developed by Morgan R. Walker of DuPont and James E. Kelley Jr. of Remington Rand. The percursors to CPM were created and utilized at DuPont as early as 1940-1943, and contributed to the success of the Manhattan Project. CPM was put into action on a grand scale for the first time in 1966 and the goal of that project was to build the  World Trade Center Twin Towers in New York City.

6. Critical Chain Project Management (CCPM)

CCPM is a method that focuses on resource availability in addition to the physical task schedule. It allows project managers to effectively manage resource allocation and ensures that projects are not delayed due to resource constraints.