Exploring Current Project Management Methodologies in the Context of their Best Applications

Abstract

The article is devoted to the study of the main project management methodologies, their origins and authorships, advantages and disadvantages in terms of their implementation. The published scientific resources on the project management evolution are processed and analysed. The modern concepts in formulating project objectives towards “faster-efficient-effective” were traced. The three perspectives of evaluating project success which involve project stakeholders, project managers and project end users are introduced. The main categories of the project management methodologies are outlined and diagrammed; the characteristics of every category are specified; the examples of the most established methodologies recognised in the business community are given. Brief conceptual explanation of each methodology is outlined together with its pros and cons and the most suitable areas of implementation are explored. The comparison of CPM and CCM is presented in a graphical manner. The latest statistics on the current trends in the methods’ usage is presented and analysed. It was revealed that there is a strong tendency in preferring and applying hybrid methodologies and a strong decline in consistent usage of traditional methodologies. Scrum as the most popular agile methodology at team level has been identified followed by Kanban and others. The extension of using agile methodologies beyond IT-related and software development applications has been detected. Basic diagrams demonstrating logical structure and principles of some methods are shown. Recommendations for considering specific project features in the context of its scope, collaborating team characteristics, level of certainty and predictability of affecting factors coming from external and internal environments, customer and stakeholder involvement, objectives and project success evaluation criteria are developed.