Dynamic or Waterfall Project Management?
The speed at which project management has evolved from being one of the many managerial duties to a fully fledged profession of its own, that is catered by dedicated academic curriculum. The success of any project depends on how well four key aspects of business are aligned with the context of the project, also known as the four P's.
Plan: The planning and forecasting activities.
Process: The overall approach to all activities and project governance.
People: Including dynamics of how they collaborate and communicate.
Power: Lines of communication and policies for implementation.
It has been noted in several studies that Waterfall (highly structured) approaches are inefficient for large-scale or multi-company projects with undefined, ambiguous, or fast-changing requirements that may or may not have high degrees of risk, dependency, and fast-changing technologies.
This becomes especially true in software development, social media management and other tech-oriented projects as the realisation of a new or novel product is often the goal.
The struggles involved are better resolved with a more committed and flexible approach such as Dynamic Project Management (also known as Agile Project Management).
Traditionally many tech-related projects would manage their work-load through distinct and precise steps to be completed, which is what we referred to as the Waterfall approach. However, the increasingly sales-driven nature of online operations has led many companies to look to alternative approaches to project management to save resources, improve efficiency and triple revenues.
In addition, the four P's that make up projects can vary in some sectors. Where, for example, the production lines may be completely different (i.e the production is completely technical or mechanised). Now, while the Waterfall approach works well for small and often repetitive projects many companies fail to scale-up projects using the same method. Investing in a competent consultancy that can get in the cracks that data analysis cannot will go a long way in finding the most suitable Project Management approach for you.