What is a Project Management Framework?
The project management framework makes reference to the stages of a project’s cycle and the tools required to execute the created project. Thus, with the help a project framework, you will be able to see each stage of the project in details, plus the tools and strategies needed to complete each stage successfully. These frameworks differ from company to company, according to their goals and desired projects. But, regardless of how the stages of a project look like, it is important to go through each one adequately, in order to ensure the success of the project.
Introduction, Principles & Applications of
6 POPULAR PROJECT MANAGEMENT FRAMEWORK
The Project Management Body of Knowledge or PMBOK is a complex and complete project management guideline that can help in various stages of project management. Thus, starting with financial forecasting and going to budgeting, management science, and other methods that will assist in project management, the PMBOK can help you find the best method to manage every facet of a project. PMI’ project management courses are covered during the project management diploma program of AIMS.
Projects IN Controlled Environments, or Prince2 as it is commonly known, is a very effective method when it comes to managing project. With its help, you can easily divide a project into smaller stages, which are easier to manage. It works by aligning a project to its 7 principles, which are made to ensure the successful management of a project. Also, there are 7 processes that take place when using Prince2, making this project framework not just effective, but highly popular as well.
The name of this project management framework comes from the fact that it is a linear method, which flows the same way as a natural waterfall. Thus, it has a sequential design, which starts with the first stage and gradually moves on to the next stage, and so on until the project is completed. When using this framework, you need to first define the requirements, design the outline, come up with implementation methods, verify and test the methods, and finally maintain the implemented project.
Agile is a project management framework that claims to help a successful project management in a relatively short period. This happens due to the fact that Agile splits the project into small “sprints”, which are short project development stages. So, the project practically leaps from one development stage to another, until all stages are reached and completed. Also, to make sure that everything works out right, Agile has 12 principles that should be respected for a successful project management.
Scrum is a project management methodology that is part of Agile’s family. In fact, it would be better to name Scrum an empirical learning framework, rather than actually calling it a method. This is why Scrum can work so well together with Agile. Practically, with Scrum, you should inspect the loops of a project and adapt them according to the obtained results. Thus, it is based on real facts rather than on speculations of how something might work.
When it comes to project management frameworks, Lean will imply using lean concepts, which pursue delivering a higher degree of value while minimizing loses. This project framework is great for businesses that have to manage a manufacturing process, as Lean is made to reduce wastes to a minimum and increase efficiency. Practically, the value of the end product will take place by the removal of aspects that bring no value.
Our Students Say!
Islamic Finance studies at AIMS remained very beneficial for me in negotiating the best suited Sharia compliant financial products for my company and other financial dealing related to bank. While dealing with Islamic banks, I found that most of the officials even at top level are not fully conversant with the Islamic financial products and Islamic modus operandi of handling the situation. Sometimes they deal this products/situation in purely conventional way. Attaining knowledge through AIMS developed an analytical approach in me to advise the company management for working in Shariah compliant environment.