Project Management

Project management methodologies are the specific rules and procedures that determine how you manage a project. Different project management methodologies are suitable for different situations. Being familiar with the basic differences can help you pick the best one for a project. Although some companies might want you to stick with one approach, knowing about others can give you better context for what you’re doing, and why.

The start of a project—when much of the project is planned—is often critical to its success. And though it might sound simple, there are many moving pieces to think about in the initial phase of a project. Initiating a project includes setting achievable and specific goals, picking a team, determining resources, and holding a kickoff meeting.

Most projects will have budget constraints. Knowing where costs might pile up, and how to prioritize tasks and delegate resources is often an important part of making sure a project doesn’t go over budget.

If you’re working on a large project or for a large company, you might not be the primary person responsible for managing the budget. But it’ll still be good to know what elements can add to a budget, how to decrease costs, and when you need to increase it.

No project comes without potential risks. As a project manager, you’ll want to be able to identify when and how unexpected events that could derail your project might happen, how to decrease the chances of them happening, and how to respond if they do. How much of a time buffer should you add to unpredictable projects or tasks? If something goes awry, how would you adjust your scope or resources? Having an eye for potential risks and how to mitigate them can ensure smoother project delivery.