The efficient use of time, information, and resources for the completion of projects is the main goal of project management. Within project management, there are many important disciplines. Scheduling, risk management, and planning are sub-disciplines that constitute project management.

Project management methodologies aimed at achieving quality project delivery are frequently used in the business world. Project management techniques are continuously utilized in sectors such as software, technology, and automotive.

Various methodologies are used in the business world. In recent years, the Agile Project Management Technique, which has been gaining popularity, is coming to the forefront.

The Agile (Agile) Project Management Methodology emerged from a search undertaken by a group of engineers to resolve their failed projects, based on the ability to respond quickly and effectively under changing conditions.

Agile aims to create a productive project process and is an efficient management practice that divides the project into specific stages. Working in integrated teamwork, leadership psychology, self-organization, and accountability are among the functions of this project management approach. With these functions, companies' primary goals and visions can be coordinated.

Companies that have adopted this methodology, project teams, or startups come together at regular intervals to provide thought practice for being effective and efficient. Behaviors and actions are organized based on the decisions made in these meetings.

Many different characteristics emerge between the traditional project management technique Waterfall and Agile. In the Waterfall Methodology, which has steps like requirements, design, implementation, testing, and live transition, the design is adhered to until the project is completed, and even if the conditions in the production phase change, the decisions made initially are considered valid in accordance with this project management methodology.

On the other hand, Agile can add value at every stage of the project. After finding the fastest solution, progress is made step by step by developing in areas that are lacking.

The 4 Most Commonly Used Project Management Methodologies

Waterfall

The Waterfall methodology is known as the oldest methodology on this list.

It was first organized by Dr. Winston Royce as a response to managing the increasingly complex nature of software development. Since then, it has become one of the most widely adopted methodologies, particularly in the software industry.

The Waterfall methodology is sequential. Additionally, it is heavily needs-driven. It is important to have crystal clear visibility of what the project requires before moving further. There is no scope for correction once the project has started.

The Waterfall method consists of different stages. You start by gathering and analyzing requirements, designing your solution and approach, implementing the solution, and resolving any issues that arise.

Every stage in this process is independent of one another; you complete your current stage before moving to the next.

Advantages
● This model is very easy to understand and use. The distinctions between stages are very intuitive and easier to grasp regardless of prior experiences.
● The rigidity of the Waterfall methodology provides a level of responsibility. The clear boundaries between stages help to organize and segment the work. Since you cannot go back, you are expected to be "perfect" at every stage, and this approach generally yields better results.
● The sharp focus on gathering and understanding requirements makes the Waterfall model heavily reliant on documentation. This facilitates the transfer of new resources and makes it easier to work on the project when needed.

Disadvantages
● The rigidity of this methodology means that if you find an error or need to change something, you essentially have to start the project over from the beginning. This significantly raises the risk of project failure.
● The entire Waterfall approach depends largely on your ability to accurately comprehend and analyze requirements. If you fail to do this, you have to start over. This lack of flexibility makes it a poor choice for long and complex projects.

Agile

Agile, another project management methodology focused on software development, emerged as a response to the failure of the Waterfall method in managing complex projects.

In terms of approach and ideology, Agile is known to be the complete opposite of the Waterfall method.

Advantages
● Since there is no fixed focus on stages or requirements, it allows for much greater freedom to experiment with your resources and make incremental adjustments. This makes it particularly suitable for creative projects.
● With Agile management, you receive regular feedback from stakeholders and adapt accordingly. This significantly reduces the risk of project failure due to stakeholder involvement at every step.

Disadvantages
● The Agile approach emphasizes responding to changes as they occur. The lack of any fixed plan complicates resource management and scheduling. You will need to constantly manage resources by temporarily opening and closing them.
● The absence of a fixed plan means that all departments must work closely to achieve results. This feedback-oriented approach requires stakeholders to be willing and prepared to provide prompt feedback.

Scrum

Scrum does not operate as a fully equipped project management methodology. Instead, it explains the Agile management approach, targeting short “Sprints” and daily stand-up meetings for project teams.

While borrowing principles and processes from Agile, Scrum has its own unique methods and techniques for handling project management.

Advantages
● The Scrum approach predominantly focuses on 30-day Sprints. This is where the project team breaks down the wish list of ultimate goals into smaller pieces and then works on them in 30-day sessions through daily stand-up meetings. This makes it easier to manage large and complex projects.
● The limitation of 30 days and the Sprint approach with daily stand-up meetings strongly supports rapid iteration and development.
● Since the project team is expected to self-manage, Scrum teams can have a clear vision of the project. This also means project leaders can set their own priorities based on their knowledge of their capabilities.

Disadvantages
● Because there is no fixed end date or scheduling, and no project manager for budgeting, Scrum can easily lead to scope creep.
● Since the project team self-manages, if the team is not highly disciplined and motivated, there is a higher risk of failure. If the team lacks sufficient experience, the likelihood of Scrum failing is quite high.
● The focus of the project team means that any disrupted resource can significantly affect the results. This approach may also not be flexible enough for large teams.

Kanban

Kanban is a visual approach to project management. It helps manage the workflow by placing tasks on a Kanban board where the workflow and progress are clear to all participants. Kanban aids in improving inefficiencies and has been used to schedule lean production in Agile projects.

Advantages
● The Kanban system advocates for continuous and sustainable improvements in the company's production systems. Kanban consists of not only manual guidelines or cards but also visualizations of process outputs that facilitate work review. This system can also highlight other potential problematic areas requiring more attention.
● The Kanban system is highly responsive and does not encourage delays or setbacks. Since tasks are continuously moved between the columns of the kanban cards, it automatically highlights areas where limiting factors arise that can be responded to as quickly as possible by shifting and changing resources.

Disadvantages
● As tasks are continuously moved between the columns of the Kanban board, it becomes challenging to predict specific timelines for the completion of tasks or activities. This is primarily because Kanban functions merely as a signal connection point in a pull production system.
● If there are too many activities or tasks related within a system, implementing Kanban will become very challenging. The reason is that such systems increase the likelihood of transitions of materials and expertise between different tasks, thus raising the difficulty in maintaining the pace of all these activities.