Understanding Popular PM Methodologies and Frameworks

Ramkumar is an experienced program manager with12+ years of success in leading all phases of diverse technology IT projects in retail, e-commerce, insurance and pharma market research industries.

Over several decades, projects have been initiated due to market demands, business needs, customer requests, technological advancements and regulatory requirements. As enterprises approach some degree of maturity with managing projects, it becomes necessary to streamline and standardize the way these projects are executed, be it product development or providing services.

Multiple project management methodologies and frameworks have been followed, with newer ones—some facing resistance depending on the degree of cultural challenges—being adopted by organizations. This article will look at some of today’s key project management methodologies and frameworks.

Waterfall
The first formal description of the waterfall model is often cited as early as a 1970 article by Winston W. Royce, although he did not use the term “waterfall” in that article. It was the first process model to be introduced and is simple and easy to understand.

Waterfall has seen abundant usage in projects where the needs or requirements are well understood and don’t change much over time. It follows a linear development by phases with clearly defined stage gates and review processes. Each of the phases are cascaded down and will start when the defined goals are met by the previous phase and signed off on:

  1. Requirement analysis: User requirements are gathered …

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