Project Management Framework: Types, Key Elements, Best Practices

Have you ever been a part of a project that sustained smooth completion and delivery with great results? then know that the team would have employed the best project management framework. The project management framework is a set of project management processes, templates, and tools that can be utilized to plan, control, and close the project. As more and more businesses realize the demand for project management frameworks, enrolling in Project Management certification classes will equip you with skills and capabilities, giving you the foundation knowledge to succeed in the corporate world.

What are Project Management Frameworks?

Project management frameworks are structured plans that ensure successful completion used to plan, start, control, and finish a project while keeping on track with all the steps. The plan includes a set of standardized templates, activities, processes, tools, and effective strategies to establish a common language for all.

Project Management Framework vs Methodology

Project management framework and methodology are different approaches. In short, a methodology comprises high-qualified ideas and values, while a framework defines the step-by-step process to follow to manage various projects. Here is an overview of project management framework vs. Methodology:

Parameters	Framework	Methodology
How It Works	Explains how guidelines can be incorporated	Explains how rules and practices to complete the project
Usage	Suitable for professional experts	Suitable for beginners
Approach/Process	Can be embedded with other practices and tools	Cannot be collaborated with other practices and tools.
Miscellaneous	PMBOK is a governance framework for project management.	PRINCE2 is the best project management methodology.

Project Management Framework Types

There are a variety of project management framework examples, and each has its unique methodology. By going for a professional course in Project Management, you can learn more about its types and benefits. Below are the major project management framework types and a brief description:

1. Traditional Project Management

Traditional project management offers a comprehensive guide to the users in project management. It is widely used in project management training programs across the corporate arena.

2. Agile 

Agile is one of the effective project management frameworks that ensure collaboration, effectiveness, iterative delivery, data-driven decision making along with value to customers.

3. Lean

Lean is the perfect project management framework that delivers standard service with efficient implementation of resources. It focuses on creating fewer defects and offering quality products.

4. Critical Chain Project Management (CCPM)

CCPM is the framework that focuses on people, resources, and physical space. It is known for helping prompt completion and perfect scheduling of projects. 

5. Critical Path Method (CPM)

CPM helps the project manager find the project's crucial tasks while prioritizing and scheduling them. Small and medium-sized projects make use of it.

6. Event Chain Methodology (ECM)

ECM helps to identify, analyze and manage any risk at the beginning of the project. The objective is to predict the chances of risk and its impact on the project.

7. Project Headway

Project headway has a work breakdown structure designed by the Project Management Institute and is only available with their membership.

8. Integrated Project Method (IPM)

IPM is an adaptive and incremental framework that focuses on six areas: management processes, deliverables, metrics, roles, reviews, and techniques.

9. PRINCE2

PRINCE2 or Projects IN Controlled Environments is a prominent framework created for IT projects. Acquiring skills from PRINCE2 Foundation and Practitioner certification training will help aspirants to apply effective tactics in software development programs.

10. Waterfall Methodology

The waterfall is a well-established project management framework with clear, defined, restricted, and sequential phases.

11. Cynefin

Cynefin is a conceptual framework for project management known as the 'sense-making device. It primarily helps in the decision-making process,

12. Scrum

Scrum, the leading project management framework, involves technology and the fast-changing industry, known for its flexibility and intangible nature.

13. Extreme Programming (XP)

Extreme programming is suitable for fast-paced projects with close deadlines, short development cycles, and many releases for quick turnaround times and more productivity.

14. Feature-driven Development (FDD)

FDD focuses on addressing the complexities of the project by building fast and repeated processes to accomplish in a shorter time.

15. Dynamic Systems Development Method (DSDM)

DSDM is built to descend with the strategic goals of every business while ensuring the delivery of proven benefits from on-time delivery to an interactive development approach.

16. Adaptive Software Development (ASD)

The approach of the ASD framework helps the team to become more agile when there is a need for modifications.

17. Rational Unified Process (RUP)

RUP is used to project development and minimize risk. It has four iterative phases: inception, elaboration, construction, and transition.

18. Six Sigma

Six sigma focuses on enhancing quality management and reducing process wastes and effects while clearly defining the control processes.

19. Customer Experience Management (CEM)

CEM is a framework that involves the collection of processes used to track, oversee and organize every interaction between eh clients and businesses throughout the lifecycle.

20. Information Technology Infrastructure Library (ITIL)

ITIL offers assistance and best practices to effectively manage all the stages of the IT service lifecycle, service transitions, operations, strategies, design, and continual improvement.

21. COBIT PO10.2 (Control Objectives for Information and Related Technology) 

This framework has various elements, including an overall plan, resource assignment plan, defined deliverables, user approval, a test strategy, and a review process for the post-execution stage.

22. Joint Framework - COBIT + ISO17799 / 27001 + ITIL

The joint framework is the perfect blend of ITIL and COBIT with ISO/IEC 2700, which alleviates the data concentrations and provides you with the right support for the project.

23. Kaizen

Kaizen ensures continuous improvement of business practices. It is known to make small and ongoing changes in the project to deliver excellent benefits.

Key Elements of Project Management Framework

1. Lifecycle

The project life cycle depicts an outline of the setup of your project framework. Using this as reference material, you can map out then project management framework.

2. Control Cycle

The part where you monitor and manage your project comes in here. There is an element of risk introduced here as where there are variables, there is risk. The control cycle can be as long as the project cycle.

3. Tools

A network of software designed to assist project teams in planning, tracking, and managing of their projects is called project management tools. Tools enable the team members to collaborate and deliver the requirements seamlessly.

4. Templates

Project management templates aid project managers by documenting relevant data in a way that it it easily accessible to team members. Its subtypes may vary from reporting templates and agenda templates to project planning templates, among others.

Project Lifecycle

The lifecycle is about explaining the stages in the frameworks involved in the projects. This makes it easy for the team to customize the stages and make modifications depending on the size and scope.

Source: business2community.com 

1. Initiation

The motive of project initiation is to define your project in an overview. This process either begins with business case or project charters.

2. Planning

Planning involves the finalization of key decisions. The team will plan the entire project while defining every aspect, including deliverables, schedules, budgets, and more in detail.

3. Execution

Execution is when the actual project work occurs. Here, the team will execute the project according to the finalized plan.

4. Monitoring and Controlling

Monitor and Control are about checking the project's progress and making adjustments to the plan if required whilst managing as a whole.

5. Closure

Closure means the stage when the project comes to termination. In this stage, the team will close the project when the execution and adjustments are completed.

Project Control Cycle

1. Cost Report

Cost report all the metrics of project costs like committed expenditures, consumed budget, and also ratios of actual work v/s planned work of the project. Teams can either go for a daily scrum template, weekly customized templates, or real-time dashboards.

2. Change Management Register

A change management register keeps a tab on the change in scope of projects from initial statement. It takes into account the extra expense on a project and the duration for which it will be delayed due to this extended scope.

3. Risk Register

A document prepared to manage the risks and record contingency dollars related to the determined risks is called a risk register. It is created in the initial stages of a project and functions as a RAID (risk, action, issues, decision) log.

Tools and Templates

As previously mentioned, numerous project management tools and templates online are available to build project management frameworks. While some are designed in a general aspect, others are built from scratch to meet individual needs.

For instance, using Scrum will make it efficient and effective to lead the project, improving communications, removing hindrances and making better decisions. While Agile project planning will speed up the delivery process, aiding to enhance customer satisfaction. You can easily access the templates on the following links:

• Scrum template PDF link
• Agile template PDF link

1. Keep a Controlled Method of Communication 

A clear and controlled method of communication with the internal team and stakeholders or clients will enhance the overall quality of the final product and positive outcomes.

2. Create Templates

Templates for project management frameworks will improve how you plan, schedule, manage, report, and analyze the tasks and the team from start to end.

3. Create a Repository

The best practice project management framework is to create and maintain a detailed repository where every decision and action is explained, emphasizing an actual objective.

How to Choose a Project Management Framework?

The project management framework you use for your organization can significantly impact project outcomes and team performance. Below are critical factors to consider in the best project management framework diagram:

1. Find Key Variables

Each project comes in all sizes and shapes. Hence It is important to have basic knowledge of the scope and key variables of the project to select the apt project management framework.

2. Design a Comparison Chart

Listing out the different types of project management frameworks and their features will help you analyze whether they fit your resources and needs.

Source: wallstreetmojo.com 

3. Weight the Pros and Cons

Besides the charting, gain clear projects on the risks and rewards of each framework to get the best chances of success by buying- in the choice of your team, assuring their decision to embrace the one.

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Purpose of Project Management Framework

A well-structured project management framework document is a systematic approach to defining every step required to plan, initiate, execute, Control, and close the project. But why should you use the framework? Here are the purposes of the framework:

1.  Collaboration: When everyone has greater clarity, it will strengthen the basics, leading to effective collaboration.
2.  Communication: A framework dealt with the issues in communication, despite the different backgrounds and departments in intellectual levels, delivering the desired results.
3.  Capacity: Despite the complications and complex issues, the best project management framework enhances the capability to deliver quality and effective outcomes.

Why is Project Management Framework Important?

Without a solid frame, a building can sustain its weight. The project management frameworks may differ from project to project but hold the same significance in every aspect. Here are some benefits of the project management framework.

1.  Enclasping Clarity: With a well-defined logical framework for project management, there will be a clear description for a project manager to allot roles and responsibilities for every member without confusion.
2.  Clears Communication: A framework designed with outlined meetings will aid the project managers and other colleagues in maintaining effective communication and consistent information flow.
3.  Enables easy Management: The project management frameworks aid in breaking substantial projects into simpler small tasks, making the workload manageable, including allocation of resources, project assessment, and more.

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Conclusion

The verticals of work have changed. Hence, to succeed in today's atmosphere of consistent change, you need to master the basic principles and processes of the software project management framework. With KnowledgeHut Project Management certification classes, you can gain a strong knowledge to effectively implement the principles of project management frameworks, from the beginning to the end, achieving the goals in the long run.