Some of the most popular project management methodologies in use today are Agile, Scrum, Waterfall, PRINCE2, Six Sigma and Critical Path Method. The main purpose of a project management methodology is to provide the project team with a set of guidelines to help it implement and manage projects efficiently and effectively. The methodology should be in line with the company’s and project's objectives, and it should provide a “toolkit” to simplify and streamline project-related tasks.
One of the most commonly used methodologies across many industries, but especially in software development, is the Waterfall model. In this system, all goals and requirements are systematically defined before project execution begins. This differentiates this methodology from systems such as Agile and Scrum which are more flexible, iterative and non-static.
Originally developed by Motorola, Six Sigma is a data-driven system whose end goal is to improve processes and profits by eliminating defects. PRINCE2, very popular in the United Kingdom, is based on eight high-level processes around which projects are planned and executed. Critical Path Method is ideal for projects with interdependent or parallel activities, since it provides tools to plan timelines, work units, milestones and final deliverables. Many other methodologies are also available, including Kanban, Systems Development Life Cycle and Lean; their adoption is dependent on several factors including project objectives, complexity, risks and stakeholders.