If you have been following project management lately, you might have come across agile project management methodology. According to Pulse of Profession report, 75% of agile organizations met their business goals. Moreover, 65% projects are completed before the deadline and 67% inside the budget.
On the other hand, companies that did not use agile methodology managed 56% goal achievement rate while 40% finished on time and 45% completed inside the budget. This stat clearly reflects the impact agile project management methodology could make on project success rates. In this article, we highlight some of the reasons why you should use agile project management methodology.
What is Agile Project Management Methodology?
Agile project management is an iterative methodology, which is ideal for dynamic working environments and makes quick delivery of the products possible. Agile project management methodology focuses on bringing continuous improvements, gives flexibility and ensures delivery of high-quality results before the deadline.
Speed and Agility
According to Access Group survey, 62% project managers list time management as their biggest challenge in project management. In today’s dynamic project management environment, there is always a need for speed. That is what agile project management methodology is good at. Not only does agile give you a first mover advantage but also help you maintain your advantage with regular releases thanks to iterative nature of the methodology. You can deliver a prototype and improve on it.
High-Quality Final Product
With testing tightly integrated into the agile methodology, you can be rest assured that the final product you deliver meets the quality standards. More importantly, you can conduct regular inspections, which gives your team members a glimpse into the loopholes so it is easier to correct them before delivery. You can easily get over all the issues that could have a negative impact on the quality of projects.
Flexibility to Change
There is nothing more frustrating for your team members than constantly changing project requirements. You can easily resolve this issue by using agile project management methodology. It gives you the liberty to make changes to the project on the fly. Unlike other project management methodologies, you can adapt according to the changing requirements.
Transparency and Visibility
Another benefit of using agile project management methodology is that all the stakeholders are fully aware of the project progress. With clear visibility, none of the stakeholders are kept in the dark. As a result, clients and other stakeholders know what to expect from the project. This prevents unrealistic expectations issue many project managers have to deal with. It also saves you from rework and making frequent changes.
Easy To Control Costs
Standish Group CHAOS report shows that, 32% projects are completed within the budget and time. If you use the agile methodology as the preferred project management method, then you can easily keep your cost under control. Agile methodology lets you implement new changes at minimal cost. Even if the project scope grows out of proportion, costs remain fixed that is one of the highlights of agile project management methodology.
Better Client Engagement and Satisfaction
What really made agile project management methodology stands out from other project management approachess is client engagement. Active participation of the clients throughout the project is necessary for this process. Collaboration and cooperation between all stakeholders results in effective project management, thanks to this project management methodology. When clients get the product he or she wants, customer satisfaction level increases automatically.
Feedback on Every Iteration
Project managers following other project management approaches struggle when it comes to feedback. This is not the case with project managers using agile. Quick feedback on every iteration is a hallmark of agile project management methodology. It helps your team to bring constant improvements in every phase of the project, resulting in the refined final product. When you deliver a polished final product to the client, their satisfaction level increases manifold.
Proper Risk Management
By following agile project management methodology, you can easily minimize the risk of total project failure. The reason is that you must have a working prototype from the initial phase in agile. You can anticipate risks and take preventive measures to secure your project from any damage. Agile methodology is great when it comes to adjusting according to client’s requirement. Hence, projects following an agile path usually fulfill customer needs.
Enhances Your Productivity
With better collaboration, easy to follow schedules and improved integration, you can easily get the job done before the specified deadline. Agile methodology helps you in efficiently prioritizing tasks. If you have to make few changes, you can do it easily without wasting time due to flexible agile process. All this translates into higher levels of productivity, which will only benefit your project and your company.
Continuous Revenue Generation
Due to incremental nature of the agile model, features are delivered after the completion of each iteration.This opens new revenue streams for the company. Initial stage account for the big percentage of revenues but this iterative-based model ensures continuous cash flow. This is not a possibility with other project management methodologies. At the end of the day, that is what your company really wants.
If you want to reap the aforementioned benefits of agile project management methodology then you will have to learn how to use it effectively. Agile project management helps you to be more flexible, reduce risks, improve productivity, create a revenue stream and reduce costs.
After reading this article, you might think of switching to agile. It will be a wise decision especially in today’s dynamic project management environments that demand quick results. If you think of any other positive of agile project management methodology, feel free to share it with us in the comments section below.