The exact type of methodology a company uses is dependent on the sector of business they are operating in. The use and definition of each of the methodologies that are in use are clearly defined. The correct one for your business must take into account what your normal business practices include and the process you have available to utilize.
With so many to choose from the right methodology for your application should be a daunting task, but it’s not. For example in the development of software the Agile methodology is the most popular and wide spread. There are many variations to this including Scrum, but they all basically work the same and only work in the development of software.
In manufacturing there are three basic models that are widely used when approaching a methodology that works best for an organization. These are the waterfall, lean and lifecycle methodology. Each one has specific advantages along with a few distractions.
The lean methodology was first used after World War two in Asia and has grown to be the most widely used of its types in the manufacturing sector for good reason. This approach to completing a project required the manager to do the most with the smallest amount of ingredients. This is accomplished by taking a very careful review of the entire process and all of the components. If a process does not add to the quality or is not beneficial to the final product, it is removed from the process. This reduces waste and costs while still producing a quality deliverable.
The life cycle methodology is also widely used since it has built into is a mechanism that allows for refinement of not only the process but the deliverable itself. If there is a problem noticed in the execution phase of the project, it can be redirected back to the planning phase for refinement. This allows for a project to continue until a quality deliverable is produced without any waste occurring.
The waterfall methodology is the oldest one in use but allows for no mistakes or refinements to be made in the process or the deliverable. This path is only suitable for processes that are well defined and a known result is produced every time.