Project Management Theories Traditional Theories

Project Management Theories

Traditional theories on project management state that projects should follow a sequence of steps referring to initiation, planning and design, execution and construction, monitoring and controlling, and the completion of the project. However, projects in certain fields cannot follow each of these steps. Therefore, these requirements are modified in accordance with the characteristics and objectives of each project. The traditional approach to project management has determined numerous theories that have been developed in order to satisfy the needs of different projects.

The critical chain project theory refers to the resources required for project management, rather than on its stages. This approach requires the experience of professionals in different fields. This theory is derived from the theory of constraints. In comparison with other project management theories, this theory increases the priority of tasks on the critical chain, in comparison with other activities. However, this technique is considered improper in the case of large projects that usually require additional resources.

The extreme project management theory is based on the PERT method. This theory is developed for large projects that have a low routine level. Such projects are not frequent, and the application of this theory is not useful in the case of smaller projects. The problem with this project management model is that it requires increased costs and allows for little maneuverability for project managers and their teams. Specialists in the field are trying to modify this theory in order to develop simpler project management models.

The event chain methodology is another project management theory that relies on the critical path method and on critical chain project management. This theory is intended to be applied in the case of projects characterized by a higher level of risk. This model is based on quantitative analysis, in comparison with other project management models. In addition to this, the event chain methodology is used in counteracting the effects of different biases. This model also requires the use of Gantt charts.

The thermostat model is a model of management control that is based on performance standards, performance measured at the output, and the difference between standards and measured values is used for correcting the process in order to reach the established standards (Koskela & Howell, 2002). The management as planning theory is represented by the operational level management referring to creation, revision, and implementation of plans. This theory focuses on the relationship between the project's actions and the objectives of the company. The dispatching model refers to the fact that the activities and tasks planned in project management can be performed based on the project manager's approval.

The PRINCE 2 theory is a project management approach based on different methodologies developed by IBM. The objective of this model is represented by developing procedures intended to manage human resources and activities in different projects, supervising the project, and managing different modifications if required. In addition to this, the technique improves communication within the project.