1. Benefits realization approach
The goal of this approach is to manage the strategies and techniques of routine project management to be more outcome focused(shifting the operations of project management to be more focused on the benefits that can be achieved). Now, this particular approach is not overly concerned with the products manufactured or the outputs. It is more concerned with what the benefits will be and what gain is to be actualized. What this does is lower the risk of a concluded project then turning out to be a failure even though the objectives required were actualized but as a result of the failure to deliver the benefits of such project, it ends up as a failure.
This approach is inclined to make sure there is a balance and good connection between the project outcome and strategies of business. This approach focuses on what benefits the project could provide thus greatly enhancing its chances of success.
2. Critical chain approach
This project management approach is a realization of the Theory of constraints(TOC), this theory focuses on project management as well as planning. This particular approach has an ingenious design as it is meant to deal with bottlenecks inherent in project management while considering as well as managing the various resources need for the commencement to completion of projects.
The goal of this approach is to increase the project flow in the organization, this is known as Throughput. This approach is heavily focused on the exploitation of constraints. Thus, the resources needed for the execution of a project as well as the constraints in the system are then identified. Thus the project management assures that the numerous resources needed are planned and geared towards the critical chain objectives as well as tasks. All the resources are geared towards the critical chain objectives.
3. Earned value approach
The Earned value approach is aimed at project monitoring. It tries to use illustrations in supervision of the project. Its chart gives estimations on the actual cost, the various variances which would occur as well as the earned cost of the project. It further plans cost so as to ensure successful project management
4. Incremental and empiric approach
Studies have shown that approaches that are “phased” are not good for larger organizations and companies. Studies further show that the plans made for the project management suffer from high scale uncertainty.
These larger scaled projects are better handled by the incremental and empiric approach which takes a more versatile and explorative approach.
5. Lean approach
This approach stems from the “Lean Manufacturing”. Its major focus is leaned towards high value delivery with reduction of time and waste.
6. Phased project management approach
This approach dissects the work of the project and gives a breakdown of the tasks and steps to be taken to achieve qualitative progress in project management.
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