![]() ![]() When the result is a product, the company defines and manages projects to optimize production and distribution. ![]() It is a part of the benefits realization management approach. Process and product-based project management: It focuses on outcomes. By identifying the most critical constraints, companies can prepare to avoid project issues. This approach helps companies identify and eliminate tasks that do not bring value to the company and the customer.Ĭritical chain project management: It is based on the theory of constraints (ToC), a management philosophy focusing on restrictions that may jeopardize the success of a project. Lean project management: It uses lean management principles to reduce waste while maintaining a high level of productivity. This approach, also known as agile project management, can be particularly beneficial in software development. This means a deliverable can be reviewed and improved after its initial completion. The iterative and incremental method: It consists of repeated cycles. Project phases can only be managed in a linear sequence, making it difficult to correct errors. The phased approach is a series of distinct steps that depend on the completion of a previous phase. The phased approach: It is also known as waterfall project management. While the five phases stay the same, there are multiple approaches to project management. Any project management software should provide features for all these phases. The phases are: initiating, planning, executing, monitoring and controlling, and closing. According to the Project Management Institute, a project is a “temporary endeavor undertaken to create a unique product, service or result." This includes five phases that need to be completed to achieve the objective. ![]() To understand project management tools, it helps to clearly define what constitutes a project. ![]()
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