The right project methodology for your organization to follow can be the deciding factor to just how your project will end up as a success or failure. The modern day use of a methodology in the business world is the same as following a set of detailed instruction on just how to prepare for, execute and conclude a project so the best possibility of it becoming a success is possible.
There is a project methodology for nearly every application and sector of business today. Each one uses a different approach to deriving as a successful conclusion. One of the oldest is the waterfall methodology. This takes a project manager from one step to the next until step until the final result is achieved. In the production world, this was the best there was for many decades, but has now been replaced by most businesses.
For the organizations that are attempting to develop a new device or application, they have begun to use the prototype methodology. This allows for the deliverable to be created and then refined over time until it finally achieves the level of success the stakeholders desire for their deliverable. This project methodology is similar to the cyclic methodology that allows for constant improvements to the process until the end expected results are achieved. This does make it easy to be continuously improving the deliverable. Unfortunately it is also very time consuming if the cycles are repeated too much.
The lifecycle project methodology is one that is similar to the cyclic on a graph, but works very differently. It has a beginning and end with four distinctive phases every project will go thru. Unlike the cyclic, the lifecycle never goes backwards to redo a process or segment. It is continuously moving forward. This is possible because before a project moves out of a phase, all aspects necessary for the progression have already been completed.
The lifecycle project methodology has now become the favorite choice for the manufacturing sector of business because of how efficiently if works in real life conditions. This allows for the deliverables hitting the global market place faster and increasing the percentage of successful project within your organization.