5 Best Project Management Methodologies to Help Run Your Business

On average, project management failure costs businesses around the world over $50 billion a year

Yes, you read that right: $50 billion.

These failures are typically caused by issues involving disorganization, low productivity, and the lack of a project management methodology. 

Want to stop throwing money down the drain? I guess you do.

Select a project management methodology. Relax, there are many different options, and you can choose the one that suits you best.

Here we share the 5 best project management methodologies so you can run your business like a champ.

1. Kanban

Do you want to improve your efficiency and flexibility? Kanban is for you.

The Kanban project management methodology uses an assembly-line mentality to keep various tasks moving along. 

A board is used to map out the various tasks involved in completing a project. Most business owners enjoy using the Kanban methodology because it provides a continuous flow of work. 

Teams that are looking for a high degree of output and improved efficiency can benefit from the use of this methodology. 

For years, automakers and product development firms have used Kanban successfully. 

2. Waterfall

¿Have you recently taken on a short and relatively uncomplicated project? Then using the Waterfall methodology is a wise move.

With the Waterfall methodology, you make a list of tasks that need to be performed in sequential order. As each of these tasks are completed, you will check them off.

There is no way to lose track. 

When using the Waterfall project management methodology, you will not be able to move ahead with a new task unless the tasks on the list before it have been completed. 

Tip: If you want this methodology to succeed, put together a comprehensive step-by-step plan. 

3. Lean

Are you trying to accomplish more without using tons of resources? If so, the Lean project management methodology might be a good fit for your business. 

The Lean methodology requires teams to break down their projects into smaller tasks that can be accomplished by one team member. Streamlined workflows are then used to detect and remove wasteful practices. 

It’s a great fit for smaller teams that want to deliver significant value without increasing budgets. 

Pairing this methodology with Clone Yourself Project Management Training is a great way to make your team more efficient. This training helps you identify the right methodology for your projects. With the project management concepts, methodologies, tools, and applications included in this training, you can achieve your goals with ease.  

4. Agile

Business owners who are looking for a project management methodology that improves the speed and quality of deliverables usually choose Agile. 

This project management methodology uses short project cycles known as sprints. These sprints help teams continually improve services and products throughout the progression of a project. 

Higher quality deliverables are possible with Agile due to the flexibility of sprints. Teams looking for speed and flexibility can benefit from the implementation of the Agile product management methodology. 

5. Critical Path

A crucial component of achieving project management freedom is choosing the best methodology. If you have taken on a large-scale project with lots of moving parts, you need to consider using the Critical Path Method as your project management methodology of choice. 

With this methodology, you need to lay out all of the activities need to complete a project. These activities need to be organized based on how long they will take to complete and the resources needed to do the work. This detailed breakdown allows you to see how various parts of your project are connected. 

Get Your Team Involved

Now that you have these project management methodologies examples, it is time to select the right fit for your business.

 Including your team members in the selection of a new methodology is also a good way to improve engagement and morale.