The 15 Most Effective Strategies in Project Management
| Translated by Julian Hammer
In project management, the key to success lies in the ability to set clear goals, communicate effectively and make optimum use of resources. It is not only about making plans but also about being able to flexibly react to unexpected challenges. Each project is unique and therefore calls for an individual approach.
Through the application of different methods and techniques tailored to the specific needs of the project, a project manager can achieve the best results. Agile approaches like Scrum promote dynamic communication while traditional methods ensure precise time and budget control. The ability to adapt and identify risks at an early stage is the key to any successful project conclusion. Learn more about the promising strategies in project management and learn how you can use them strategically for your next project.
What are the 15 most effective strategies in project management?
This list shows the 15 most effective methods in project management:
1) Milestone Trend Analysis (MTA)
Milestone Trend Analysis (MTA) is a technique in project management which compares the progress of a project on the basis of the planned and actual milestones. It identifies trends and enables forecastson the expected time of conclusion and the budget. This method is particularly suitable for huge projects with complex procedures and long runtimes.
Milestone trend analysis is an effective method for continuous monitoring of projects including effective risk management, clear stakeholder communication, forecasting and planning optimization based on identified trends, detailed performance analysis to identify performance patterns and opportunities for improvement.
It monitors progress based on milestones, identifies trends and offers clear visualizations for stakeholders. The core features of this classic project management method are: planning in milestones, scheduling with start and end dates, trend forecasts based on past performance and current project progress as well as early warning indicators to identify potential risks and problems.
The table shows the advantages and disadvantages of milestone trend analysis:
| Advabtages of the milestone trend analysis | Disadvantages of the milestone trend analysis |
|---|---|
| Identification of problems in good time | Limited depth of detail |
| Improved stakeholder communication | Missing flexibility |
| Measurable success and identification of potential for improvement | Misinterpretation of trends |
2) Waterfall Method
The Waterfall Method is a traditional approach in project management in which the project phases are processed sequentially one by one. Each phase of the project is completed before the next phase starts. This method places great emphasis on comprehensive planning and documentation at the start of the project and, compared to agile methods, it is less flexible when it comes to changes during the course of the project.
The waterfall method is particularly effective in project management areas which call for a clear, structured, and sequential procedure, as it is the case in the pharmaceutical or automotive sector. The waterfall method consists of different steps, starting with a comprehensive requirements analysis in which all project requirements are set out by the stakeholders. In pharmaceutical research, for example, requirements analysis involves defining the desired properties of a new drug, whereas in the automotive industry, the specifications for a new vehicle model are defined.
On this basis, a detailed plan for the upcoming project phases is created, including the elaboration of the design as well as the actual development and implementation of the project. All components are then brought together, tested and presented to the stakeholders for approval. Any possible errors are corrected to ensure that the product meets the previously defined requirements before it is introduced or expanded.
To give more prominence to the strengths of the waterfall method, it makes sense to use a project management tool. Excel lists have long been a thing of the past – at latest with the advent of digitalization and industry 4.0. Especially the waterfall model with its focus on comprehensive project planning and documentation benefits from a suitable tool. PLANTA Project for traditional project management supports the strengths of traditional project management and makes complex projects clearer and easier to handle.
The table shows the advantages and disadvantages of the waterfall method:
| Advantages of the waterfall method | Disadvantages of the waterfall method |
|---|---|
| Structured procedure | Lack of flexibility in the event of changes |
| Clearly defined milestones | Complicated trouble shooting in later project phases |
| Low communication effort | Lack of stakeholder involvement |
3) Work Breakdown Structure Planning
Work Breakdown Structure Planning is a visual approach in project management which defines the structure and organization of a project hierarchically.
Breakdown Structure Planning is an effective method in the areas of project planning, risk management, cost management, quality management, and teamwork. It enables the detailed division of the project into manageable work packages, the development of risk management strategies, precise cost and budget planning, the assurance of the quality of the project result and promotes effective communication and collaboration within the team. The core features are the work breakdown structure (WBS), clear responsibilities, identification of dependencies and iterative adaptation over the course of the project.
The table shows the advantages and disadvantages of the Work Breakdown Structure:
| Advantages of Work Breakdown Structure | Nachteile der Projektstrukturplanung |
|---|---|
| Clear task allocation | Rigid project structure |
| Well structured project plan | Time-consuming planning |
| Resource optimization | Possible over-detailing |
4) Network Planning Technique
The network planning technique is a project management method which is used to graphically represent the temporal sequence of tasks and activities within a project. It is based on a network of interconnected activities, which are represented by arrows (also known as “processes” or “nodes”). The network planning technique makes it possible to identify dependencies between different tasks, determine the critical path and plan and control the progress of the project over time.
The network planning technique is particularly effective in the areas of time management, resource management, risk management, and communication. It enables precise planning and control of the project schedule, efficient allocation of resources, early identification of risks and bottlenecks as well as clear and comprehensible visualization of the project progress.
The network planning technique is characterized by the use of network diagrams to represent task dependencies and their sequence, task lists with details on tasks, duration, resources and logical relationships, the identification of the optimal task sequence and the critical path. Start and end dates are defined and float management provides sufficient flexibility.
The table below shows the advantages and disadvantages of the network planning technique:
| Advantages of the Network Planning Technique | Disadvantages of the Network Planning Technique |
|---|---|
| Identification of the critical path | Complex creation and administration |
| Efficient resource utilization | High risk for errors |
| Structured project planning and control | Strict formalities |
5) Kanban
The Kanban Methods is an agile project management and working technique which was originally developped in the field of production but is now used in different areas, including software development. It is based on visual boards which divide work into different phases or statuses.
The Kanban method can be used in many ways in project management, especially for planning, execution, monitoring and project completion. Kanban visualizes the workflow, priorities, bottlenecks, and blockades, the average editing time, and the critical path. This visual approach enables flexible prioritization, transparent collaboration, early problem identification and continuous improvement. The Kanban method offers effective approaches for organizing, controlling, and improving workflows in different economic sectors like software development and production management.
With the help of a project management tool, you can make up for the missing structures of the agile approach. PLANTA Project is also suitable for agile approaches, such as the Kanban method, which lack structure. In this way, the disadvantages of the Kanban method are minimized by the project management tool without having to forego the advantages of the agile approach.
The table below shows the advantages and disadvantages of the Kanban Method:
| Advantages of Kanban | Disadvantages of Kanban |
|---|---|
| Enhanced workflow | Complex implementation |
| Flexibility and adaptability | Missing structure for work processes |
| Continuous improvements | Risk of overload due to incorrectly defined work in progress (WIP) |
6) Scrum Method
The Scrum method is an agile framework for development and project management which aims at resolving complex problems and providing high quality products. It is based on iterative and incremental work cycles, known as sprints, which typically take two to four weeks. In Scrum, tasks are organized in backlogs and coordinated in regular meetings such as the Daily Scrum and the Sprint Review.
Scrum is perfectly suited for iterative and flexible project management phases and agile projects. It supports planning and design through rapid prototype development and continuous feedback. In implementation and development, Scrum enables incrementing progress and fast adjustments to changed requirements. In the test and validation phase, Scrum is characterized by the rapid collection of feedback and problem solving. During implementation and deployment, this agile method brings a continuous improvement and even after the conclusion of the project, Scrum is suited for monitoring and optimization through the analysis of team performance, customer satisfaction, and project results.
The table shows the advantages and disadvantages of the Scrum Method:
| Advantages of the Scrum method | Nachteile der Scrum-Methode |
|---|---|
| Quick adjustability | Complexity |
| Higher productivity | Problems in scaling |
| Continuous improvement | No overview of the entire project |
7) Scrumban
Scrumban is a hybrid project management method. Scrumban combines the flexibility of Kanban with the structured approaches of Scrum to support different phases of project management. It combines the structure and sprint cycles of Scrum with the continuous working method and flexibility of Kanban.
Scrumban is particularly suitable for phases of project management that require flexibility, continuous improvement and a balanced mix of structured workflows and flexibility. Some of these phases include:
During planning and conception, Scrumban facilitates the step-by-step development and continuous optimization of ideas. In the implementation phase, it retains the flexible working method of Kanban, but adds elements such as sprints to set milestones. During the test and validation phase, Scrumban supports quality assurance and problem solving.
During implementation and deployment, it enables iterative improvementsand the Adherence to schedules. Even after the project has been completed, Scrumban is used for the monitoring of the serviceand the continuous improvement by metrics analysis and retrospective meetings . With its hybrid approach, Scrumban offers important functions for managing the flow of work and improving the efficiency of the team.
The table below shows the advantages and disadvantagesof the Scrumban method:
| Advantages of Scrumban | Disadvantages of Scrumban |
|---|---|
| Flexibility and adjustability | Complexity in implementation |
| Optimization of the resource utilization | Overload due to combination of two methods |
| Continuous improvements and identification of bottlenecks | Difficulties in scaling |
8) Agile Project Management
Agile project management is an approach for planning, implementation, and management of projects based on the principles of the agile manifest. In contrast to traditional, sequential approaches, agile project management emphasizes continuous adaptation to changing requirements and close collaboration between the project team and stakeholders.
Agile methods are perfectly suited for projects with high insecurities, complexity, and changhing requirements. They are perfectly suited for phases like requirement analysis and conception, development and realization, testing and quality assurance, implementation and deployment as well as change management and adjustments. Agile project management methods are characterized by the following core elements: iterative development, flexibility, focus on customer requirements, self-organized teams, continuous improvements, high motivation, fast feedback cycles, and transparent communication.
The table below shows the advantages and disadvantages of agile project management methods:
| Advantages of agile project management | Disadvantages of agile project management |
|---|---|
| Flexibility and adjustability | Complexity of implementation |
| Customer-oriented approach and higher customer satisfaction | Challenges in scaling |
| Quick delivery of results | Lack of predictability and control |
9. Lean Method
The Lean method, also known as Lean principles or Lean project management, is an approach to process optimization and value creation that has its roots in production at Toyota. Through lean processes and a continuous improvement culture, lean manages to minimize resource wasting while maximizing the customer value at the same time.
Lean is effective in various phases of project management, such as planning, implementation, monitoring, and conclusion. It helps to analyze the value stream, reduce resource wasting, and make processes more efficient. Key figures allow problems to be identified and improved at an early stage.
After project completion, lean management enables a retrospective evaluation. The methodology focuses on customer-oriented value creation, waste elimination, just-in-time production, lean processes, value stream mapping, continuous improvement and respect for people in the form of appreciation for team members and an open ear for suggestions.
The table below shows the advantages and disadvantages of the Lean method:
| Advantages of the Lean Method | Disadvantages of the Lean Method |
|---|---|
| Elimination of resource wasting | Risk of employee overload |
| Increase in productivity | Risk of neglecting quality |
| Change of culture and promotion of employee involvement | Difficulties of implementation |
10) Stakeholder Analysis
The Stakeholder Analysis is a process in which the relevant interst groups (stakeholders) are identified, analyzed, and evaluated. The aim of the stakeholder analysis is to develop a comprehensive understanding of the interests, needs, expectations, and influences of the stakeholders in order to guarantee effective communication, collaboration, and interaction.
Stakeholder analysis is crucial for various areas of project management. During project initiation it identifies relevant stakeholders and helps to set out clearly defined objectives. In communication management, it enables targeted and open communication, while in risk, change and conflict management it recognizes potential problems at an early stage and develops appropriate strategies. Its core features are the identification of all stakeholders, the analysis of their interests and expectations, the evaluation of their influence, and the development of engagement strategies.
The table below shows the advantages and disadvantages of this project management method:
| Advantages of the Stakeholder Analysis | Nachteile der Stakeholder-Analyse |
|---|---|
| Understanding interests and needs | Complexity and time requirement |
| Identification of opportunities and risks | Subjectivity and insecurity |
| Effective communication and stakeholder management | Overemphasizing or neglecting certain stakeholders |
11) Risk Analysis
Risk Analysisis a process which aims at identifying, evaluating, and prioritizing project risks. The aim of risk analysis is to develop a comprehensive understanding of the nature, scope and impact of risks in order to take appropriate measures to mitigate or manage risks.
Risk analysis is crucial in various phases of project management. During planning, it identifies potential risks using techniques like brainstorming and historical data analysis. Subsequently, an evaluation and prioritization of the risks is carried out to determine their impact and probability of occurrence. During implementation, it monitors and controls changes in the identified risks in order to avoid unexpected problems. Core features include the identification of risks, their assessment and the development of risk management strategies.
The table shows the advantages and disadvantages of the Risk Analysis:
| Advantages of Risk Analysis | Nachteile der Risikoanalyse |
|---|---|
| Early identification of risks | Complexity and resource requirements |
| Well-founded information for decision-making | Misinterpretation of data |
| Enhanced performance and competitiveness | Excessive caution or risk aversion |
12) Make-or-Buy Analysis
A Make-or-Buy Analysis is a strategic instrument which supports companies in their decision whether particular products, services, or components are to be manufactured internally (“make”) or are bought from external suppliers or service providers (“buy”).
The Make-or-Buy Analysis is decisive for procurement, risk, cost, and strategic management in project management. It helps to decide whether certain materials or services should be produced internally or purchased from external suppliers. As a result, factors such as costs, risks, and strategic orientation are evaluated in order to make well-founded decisions and maximize added value.
The table below shows the advantages and disadvantages of this project management method:
| Advantages of the Make-or-Buy Analysis | Disadvantages of the Make-or-Buy Analysis |
|---|---|
| Cost optimization | Complexity and insecurity |
| Focus on core competences and quality enhancement | Loss of control and flexibility |
| Access to external know-how and resources | Long-term impact and dependencies |
13) Critical Path Method
The Critical Path Method (CPM) is a technique in project management which is used to identify the longest path of tasks in a project. It allows project managers to analyze and plan the schedule of a project by taking into account the sequential order of tasks as well as their duration and dependencies.
In project management, the Critical Path Method (CPM) is particularly effective in time planning and control, resource management, and risk management. It identifies the critical path in order to recognize bottlenecks, adjust the schedule, and identify potential risks at an early stage. The CPM is characterized by the identification of the critical path, network diagrams as well as time, resource and risk management and enables efficient project management.
The table below shows the advantages and disadvantages of the Critical Path Method:
| Advantages of the Critical Path Method | Disadvantages of the Critical Path Method |
|---|---|
| Time planning and control | Comprehensive planning and analysis work |
| Resource optimization | Strong sequencing |
| Effective risk management | Limited applicability for complex projects |
14) Six Sigma Technique
Six Sigma is a quality management method which aims at optimizing processes, guaranteeing a maximum of customer satisfaction, and minimizes costs at the same time.
In project management, Six Sigma is an effective method for quality management, process optimization, risk management, project controlling, as well as customer satisfaction and customer relations. It helps to reduce errors, optimize processes and make data-based decisions.
Through the DMAIC methodology and statistical tools like histograms and cause-effect diagrams, Six Sigma identifies problems and develops solutions for improving process performance and customer satisfaction.
The table below shows the advantages and disadvantages of the Six Sigma Technique:
| Advantages of the Six Sigma Technique | Disadvantages of the Six Sigma Technique |
|---|---|
| Improvement of the product and service quality | High costs and resource requirements |
| Cost savings | Complexity and time required |
| Efficiency enhancement | Focus on statistical methods |
15) Critical Chain PM (CCPM)
Critical Chain Project Management (CCPM) is a project management method which improves the efficiency and reliability of project planning and implementation. It was developed by Eliyahu M. Goldratt and is based on the concepts of the Theory of Constraints (TOC).
The Critical Chain Project Management (CCPM) method is suitable for different phases in project management, including planning, implemenentation, monitoring and control, as well as conclusion and follow-up. Its focus lies on the identification of critical resources and paths, it uses floating times to take insecurities into account, and provides information on project progress and resource utilization.
It does not only plan work packages but also the associated resources in order to get a realistic project planning based on the available capacities. Another focus of this method is on avoiding unhelpful multitasking and identifying hidden time reserves in the work packages. CCPM enables realistic plans to be developed and projects to be managed efficiently.
The table below shows the advantages and disadvantages of this project management method:
| Advantages of Critical Chain PM (CCPM) | Disadvantages of Critical Chain PM (CCPM) |
|---|---|
| Efficiency enhancement | Thorough training and induction of project staff |
| Better risk management | Increased administrative effort |
| Flexibility and adjustability | Challenges in the estimation of float times |
Are there other project management methods?
Yes, there are other project management methods like, e.g., Extreme Programming (XP), Prince2, or PMBOK. Extreme Programming is an agile method which focuses on speed and simplicity in short development cycles.
Prince2 is associated with traditional project management and offers a process-oriented approach: a structured method with clear roles and processes for project organization. Although the PMBOK (Project Management Body of Knowledge) is listed as a project management method, it rather constitutes a comprehensive guideline for proven project management procedures (best practices).
What are the criteria for choosing a project management method?
The decision for a project management method depends on different criteria: project type and scope, team size and composition, stakeholder requirements, flexibility, adaptibility and risk management. By considering these factors, project managers can identify the right method and implement it.
The corporate culture should fit the chosen method to guarantee smooth implementation. Depending on the project type and scope, agile agile or traditional methods offer clear advantages. Small projects benefit from agile approaches, while complex projects, such as projects in the automotive industry, can benefit from structured methods such as the waterfall method.
In this respect, the flexibility and adjustability of the respective project management method must be considered. Flexibility describes the ability of the method to adapt to different project environments and requirements. Adaptability refers to how effectively the method and its processes can be further developed and optimized during the course of the project, especially in the event of change requests from stakeholders after the project has started.
Team size and composition is important to ensure that the team has the necessary skills and knowledge to implement the chosen method effectively. An experienced and highly qualified team benefits from more methodical approaches to traditional project management, such as the waterfall model, while a less experienced team without project management experience works more effectively with agile methods.
The selected project management method must comply with the stakeholder requirements. Some customers prefer certain methods or have specific requirements that need to be met. If the customer gives feedback on a regular basis and requests changes, an agile method is the best option.
The risk management is another important aspect. For projects with high levels of uncertainty and risk, flexible methods such as Scrum can be a better choice as they enable a quick response to changes.
The economic sector of the project also influences the choice of the right project management method due to their different characteristics. For example, software development often requires agile methods such as Scrum, while traditional methods such as the waterfall model are common in the construction industry. In event management, a dynamic method such as Kanban is often used, while the application of Lean principles in the automotive industry can help to reduce resource wasting and enhance the efficiency of production.
Conclusion on Project Management Methods
Each of these project management methods comes with its own advantages and disadvantages and is suitable for different types of projects. Whih method is most effective method for a particular project depends on different factors, including the project requirements, the team, and the organizational context.
Choosing the right method is therefore a complex process and requires a thorough analysis and consideration of the various options in order to identify the appropriate method and ensure the success of the project. When using project management software by PLANTA, you do not have to opt for one sole planning method. Depending on the type of project, you can flexibly combine and use several methods. In addition to purely agile or traditional approaches, hybrid project management methods should therefore not be disregarded.
