waterfall edge ah Prince Steve hybrid critical path critical chain management extreme project management what do these seemingly random words have in common they're all project management methodologies yes you heard me they're all methodologies no wonder project management is confusing hi I'm Mona Elbert deputy everything officer at Sodor and in this video we're going to look at project management methodologies what they are when should each one be used as well as some pros and cons of each clicking off this look into methodologies is waterful this is the oldest and probably the most widely known methodology on the list it was first described by Herbert D Bennington at the symposium on advanced programming methods for digital computers from the 29th of June 1956 it's been find and we worked over the years until it became the model we know today just as the name suggests this is a sequential model you work your way from one step to the next and can't start a step until you've finished the preceding one what two followers use practically everywhere I haven't worked in any organization that hasn't used waterfall in one form or another it's great to use if your project is very complicated or needs to follow a specific step-by-step process on the negative site it can be a very rigid methodology and in all honesty it's not really suitable for fast-moving or iterative projects next up is agile which is the antithesis of waterfall it's all premises to be flexible and light touch it emphasizes team collaboration and the idea that everything is a turtle at the end of every cycle or sprint the product is evaluated to its really easy to adapt to changes and it can even be that the final product there's no resemblance to the one that was originally planned our gel is great for companies that are releasing products quickly and regularly that's one of the reasons why it's so popular and software development it's also got strong support and manufacturing and creative industries it's not great for projects that don't meet or want a lot of stakeholder input or if the project is really complicated we then come to Prince - Prince - stands for projects and controlled environments - and it's a structured project management methodology a came out of the UK government and has spread around the world it consists of six tolerances seven principles seven themes and seven processes it also describes 26 management products that should be created this is a great methodology for accidental and incidental project managers as it handholds you through the entire end-to-end process of managing a project as well as giving you templates for each of the key project documents it's used extensively in public sector projects particularly in the UK Australia New Zealand given its complexity I wouldn't use it on smaller projects and it's very prescriptive nature it means it's unlikely to work well and fast-moving project environments we then come to a hybrid project management this is exactly what it says a combination of methodologies it means you get the best of both worlds without the downside of either this won't work if you work in an organization that's wedded to a particular methodology or if the team is unfamiliar with one or other of the methodology is being hybridized of course using more than one methodology at the same time as rescue so I advise using it with caution next on the list is critical path the critical path in golden thread is a way of visualizing your project its premises that there are some tasks that can't be started until something else is completed when you string them all together you get the critical path of your project if you focus all your efforts and resources on achieving this critical path then you get the most important work done and can we prioritize the non-critical path tasks it's great for working out exactly what these losses your needs and when but that very positive also means it's less suited to projects that change quickly to make it work effectively you need to have an extremely detailed work breakdown structure so it's less effective on bigger projects for getting that level of detail can be difficult next up is critical chain management this focuses on the resources that you'll need to complete a project that encompasses equipment people in space the aim is to keep everything balanced and be flexible with start dates and builds buffer time around those activities and it's been credited with delivering projects 10 to 50 percent faster than traditional methods as it's a less technical methodology it can be used pretty much anywhere that runs projects the only downside is that it's a completely new way of working for most people and there might be some adjusting to be done the final methodology on the list is extreme project management it's related to extreme programming and is used on projects where there is a high level of unpredictability where there needs to be huge amounts of flexibility or when a lot of stakeholder engagement is required one of the main differences between this and other project management methodologies is that it demands huge commitment from the project sponsor who needs to be actively involved at all steps of the project this methodology is even more slimmed down in agile typical uses seem to be software of course research and development and surprisingly architecture each stage is used to learn more about the goals of the project and how best to move forwards with the solution with this methodology the project teams have very little guidance and everything is very fluid with minimal documentation it sounds like a project managers idea of heaven the only downside and it's a big one as the project's using this methodology I have a higher than average chance of feeling too bad you can't have everything I hope you found this video useful if you have please give us a like and don't forget to subscribe to our Channel and hit the bell to get Mook to fight as soon as we release new content there are at least 10 other methodologies out there that I know often passing and if you know of any others please list them in the comments and always if you're looking for a great tool to help you manage your projects regardless of your methodology sign up for a free trial of soda at dub dub dub soda Kampf you