Project management finds common application in fields such as engineering, building, and, more recently, healthcare and information technology (IT). These fields involve completing and assembling several interconnected parts in a certain order to produce a usable whole. This article will cover the classification of project management in-depth and provide some examples for your convenience.
In addition, evaluating the feasibility of a project entails investigating the reasons for starting it and finding out if they add up to success. Economic analysis or other forms of decision analysis are common tools for making these comparisons. As part of the same feasibility study, the project team should objectively review all of the key aspects, including the technical, economic, financial, social, etc. This will show how well thought out the project is. Moreover, the goal of any project evaluation should be to ascertain whether or not the project will be profitable for the client.
Top 10 – Classification of Project Management
Coordinating the efforts of many people is essential in managing a project to ensure timely accomplishment of its goals. Therefore, project teams commonly practice specifying and collecting this data at the commencement of a project’s development process, where they will use it throughout. Scope, time, and money are the primary restraints. Also, the second issue is figuring out the best way to put in the effort required to achieve the goals that have already been set. Here is an overview of classification of project management with a detailed explanation for your better understanding.
The agile technique places a premium on being flexible and quick to respond to changes. So, it works well for projects where crucial factors like scope, duration, and budget are all unknown. Software development and other forms of information technology work often make use of agile approaches.
A hybrid strategy combines elements of traditional planning with those of agile planning. This method excels when tasks involve both known and unknown components. The project team may follow the traditional approach during the foreseeable phases of the project and switch to the agile approach during the unforeseeable phases.
It’s common to refer to the traditional method of managing projects as the “Waterfall Method.” This method shines in situations where project scope, duration, and budget are known in advance. This method sees widespread use in the building and manufacturing industries. Although, the classification of project management helps categorize projects based on their nature and complexity.
Applying Project Management Techniques
Project management techniques are methodical ways of handling projects. Popular project management approaches include Agile, Waterfall, Scrum, and Lean. Some tasks are more suited to some approaches than others, and every technique has its own set of pros and cons. In contrast to Waterfall, which is best for programs that can be meticulously planned, Agile is best for projects with many unknowns.
Critical Chain Project Management (CCPM)
Implementing a system for managing a project’s resources and restrictions, such as Critical Chain Project Management (CCPM), is essential. It works best with limited resources and for quick, effective project completion. This method sees widespread use in the building and manufacturing industries.
Earned Value Management (EVM)
Earned Value Management (EVM) is a method for tracking a project’s development that places a premium on accuracy. It works well for projects with well-understood parameters (such as time and money). This method sees widespread use in the building and manufacturing industries. Besides, Classification of project management is crucial for effective project planning and resource allocation.
The lean method is a way of running a business that prioritizes effectiveness and eliminating waste. Also, it works best with limited resources and for quick, effective project completion. This method sees widespread use in the building and manufacturing industries.
Size The scope, time, and expense of a project place it into one of several broad categories. Smaller projects typically have smaller teams and shorter timelines than their larger counterparts. Methods and strategies used on big projects aren’t necessarily applicable to smaller ones, and vice versa.
The Scrum Method
Scrum is a form of Agile that places an emphasis on teamwork, individual accountability, and small, regular releases. It is most effective in situations where the scope, duration, and cost of the project are all highly unpredictable. IT projects, especially those involving the creation of new software, widely use Scrum.
Based on Market Trends
It is also possible to classify projects according to the business sector in which they are carried out. There are norms, requirements, and guidelines specific to every industry.
The requirements and restrictions of a software development project, for instance, differ from those of a building construction project. A software development project’s design and methods may be different from a building project’s. Also, The classification of project management allows organizations to tailor their project methodologies to suit different project types.
How do we Decide what Goes Where?
Cell structure, body architecture, food acquisition, lifestyle, and phylogenetic relationship are the key elements that classify organisms into the five kingdoms. So, this system consists of the Monera, Protista, Fungi, Plantae, and Animalia.
For what Reason Must Initiatives be Categorized?
A project’s classification can identify and highlight its most important aspects, regardless of whether they are quantifiable, labor- or capital-intensive, or how much money is involved.
To what End is Categorization Required?
Grouping living things helps make research more efficient. Knowing the differences between animal species is crucial. It’s useful for figuring out what different kinds of living things are. Knowing where different animal species came from and how they developed over time is informative.
The goals of Lean project management—also known as Lean Six Sigma—are to reduce waste and boost efficiency. It works well for projects with a strong emphasis on client value and a requirement for high productivity. Moreover, projects that involve the creation of goods or the execution of other activities benefit greatly from lean project management. We hope you found this guide, in which we explained classification of project management, informative and useful. Read more about social responsibility of project management to broaden your knowledge base.