There exist various costs and time methodologies in the project management field, and each of them has its unique and specific merits and demerits which influence the overall outcome, depending on the nature and magnitude of the project. As a good project manager, one has to choose those methods that suit best for the project and ensure maximum output while cutting down on budget and time overruns as much as possible.
One of the best cost and time methodologies is Critical Chain Project Management plan which emphasizes the resources required to carry out the various tasks of the project. The method given employs the theory of constrains and the concept of buffers in ensuring duration of task improvement. The project stands as a good option for project managers, because through resource estimating for the project activities, a critical path can be identified, avoiding resources and time wastage as well. Therefore, this can be done through mechanisms such as work breakdown structures or function points based estimates.
Six Sigma is another preferable project management method which employs unique approach towards project accuracy and accelerated pace of the implementation of the process through wastes and defects elimination and minimization to manageable levels. Statistics indicate that the projects’ products are usually 99.99% free of defects which interpret to 3.4 defects in a million products obtained; it should be noticed that Motorola Company have been using the Six Sigma methodology successfully since 1986.
Another desirable project management method is Adaptive Project Framework, where the scope of the project is variable and the cost and time are perpetually on a constant mode during the execution of the project. The project method comes out strongly in the sense that it takes into account project scope management for maximized output in business value.
In software programming and architecture, Extreme Programming method is ideal and well suited in combating the cost requirement changes. Furthermore, it enhances the smooth and continuous flow of activities and processes by ensuring instant and prompt feedback in project communication. Another key pillar of the project is shared understanding coupled with welfare consideration of the programmers.
The feature driven development (FDD) is another management strategy. A good manager would choose and adopt it, as it focuses on well-defined, simple ,clear and concise processes that save on time and costs due to their short iterative and feature oriented cycles of delivery. The method’s sure fire technique of blending various industrial approved and recognized topnotch practices into compact product unit ensures good quality production. As FDD processes are based on the perspective of client valued functionality, they ensure delivery of tangible and effective software programs which leave the customers satisfied and with creates high chances of repeat purchases thus increased profit margins.
On the other hand, there are a number of project management methodologies that a manager would find unsuitable and cumbersome to work with. One of them is the Agile Software Development which demands extreme agility in resources and has short term cycles of delivery and less restrictive project control. The manager will find the agile requirements so pressing and have limited control of the whole project.
The Crystal Methodology is also undesirable, since it tends to put more focus on team communication and skills of team members, neglecting vital project processes which are given low priority. This factor may bear futile future consequences in the project’s results and end up wasting more resources and expenses.
Another less convenient method is the Joint Application Development (JAD) that involves close client attention from the onset of the project up to the very end of the project . Â The client has to be constantly engaged in JAD sessions in order to be updated on the development of the project and get their opinion and contribution which consequently leads to delayed implementation, as they may not always agree on the way forward.
Manager who is forced to work with JAD in managing a certain project is supposed to be open minded and find ways to work with the undesired method to give best results. He should also be accommodative of the clients’ worries and wishes, offering helpful suggestions instead of arguing. In the same breath the manager should be convincing and firm enough to make sure the clients’ demands and JAD sessions’ outcomes do not waiver the original plans and expectations. The manager should also possess a dynamic and innovative mindset so as to ensure quality of specifications and adjust accordingly.
 In a nutshell, there are various methodologies of project management, and the project manager should work with the most fulfilling method and the one he/she is conversant with. Besides, the manager should always be open minded and updated on various methodologies.