Top 5 Project Management Tools To Successfully Manage Projects

Workplace dynamics have changed considerably since the globalization and technological advancements. The organizational requirements have expanded in terms of delivering work, and executive management needs to come up with various strategies to meet the demands of their clientele.

The conventional concept of in-house teams does not apply to every situation anymore. Work is now organized around projects that require different sets of skills this requires a diverse team, brought together based on their specific skills to ensure that the project is delivered on time.

What is Project Management?

It is the process of leading a team to plan a project that needs to be delivered within the limitations of assigned parameters. It involves the use of specific skills, techniques, and in-depth knowledge to complete a value-added project.

The job description of project managers (PMs) comprises of multi-steps like planning, organizing, executing, designating, monitoring, reporting, and closing a project. All this must be done within the scope and budget of the organization.

Top 5 PM Tools

Project management tools enable stakeholders and managers to work in an organized and efficient manner, with fewer manual functions. These tools are dynamic and allow customization, to cater to teams of all sizes to achieve their goals.

These tools need to be equipped with advanced features to see how varying projects interact and integrate and also to monitor the pace at which projects progress.

Following are the top 5 PM tools used and recommended by Monday.com as part of their project management methodologies.

1. Agile

It is a project management methodology whereby projects are managed by breaking them into small phases, which are then prioritized by the teams. The iterative approach combined with flexibility empowers the team to take risks using the trial-and-error method.

This approach allows the teams to learn and adjust during a project, then evaluating and changing strategies until the desired outcome is achieved.

Another useful and widely used tool that falls under the umbrella of Agile is Scrum. As the term itself suggests, it is quite similar to the formation in rugby due to its unique teamwork. This tool focuses on getting double the work done in half the time through constant monitoring, collaboration, evaluation, and implementation.

2. Waterfall

Where Agile was based on cycles, the Waterfall methodology is based on a sequential, linear process. It is a great process for industries and businesses that require a repetition of tasks. It provides little to no space for experimenting or making readjustments to the process.

Each sequential process needs to be completed for the other to begin. If anyone step is missed or delayed the whole process becomes a perfect disaster recipe. Although the approach may seem rigid at first glance, it is ideal for projects that have predictable and fixed timelines.

3. Prince2

Projects In Controlled Environment or Prince2 is a global PM methodology most widely deployed in the UK for handling large-scale projects. It is a process-based method that focuses on business justification and excels at managing business and process risk effectively.

Prince2 provides great project control by defining clear job roles for the team. It is the perfect tool for big companies with massive resources and ample time.

It is an accredited certification that guarantees to make you a project manager capable of handling high-standard projects. It is a highly recommended and valuable qualification in the UK, Australia, and some other parts of the world.

4. PMBOK

Project Management Body of Knowledge or PMBOK is the US version of Prince2 in terms of popularity and certification.

PMBOK is another waterfall methodology that emphasizes given guidelines and conventional standards for project handling that are deemed standard practices by the Project Management Institute.

There are many ways and techniques involved in this method that can be used to evaluate and complete your project. These processes are further classified into five phases namely, initiating, planning, executing, controlling, and closing.

5. Lean

The lean method of project management is a value oriented approach to handling projects where value is added at every step of the way

It aims at providing more value to the customer with efficient procedures and activities that cut down all forms of waste. This improves the quality of work and increases efficiency by delivering more output with less input.

The lean method works from the customer’s perspective, taking into consideration the demands and needs of the customer. Hence, it tries eliminating any activity that does not add value to the final product, be it inventory, transport or defects, etc. It also works at minimizing inconsistency in delivering work due to the added environmental stress.

We have given you an overview of some of the best PM tools available for handling successful projects. It is entirely your decision to employ any of these or any other tools that you think work best for you and your business.

It is always good to know your options to make informed decisions about the nature of your business, its size, your budget resources, and the dynamics of your workforce.

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