Predictive project management is an approach used to plan, execute, and control projects based on a thorough analysis of historical data and assumptions about the future. It relies heavily on forecasting techniques and assumes that the project’s requirements, scope, and resources can be accurately determined in advance.
Key characteristics of predictive project management include:
- Detailed Planning: Projects are meticulously planned upfront, with extensive documentation of requirements, tasks, timelines, and resources.
- Sequential Process: The project progresses through predefined phases or stages in a sequential manner, with each phase building upon the previous one.
- Fixed Scope and Timeline: The project scope, budget, and timeline are typically defined at the outset and are expected to remain relatively unchanged throughout the project lifecycle.
- Risk Management: Risks are identified and addressed early in the project lifecycle, often through risk mitigation strategies included in the project plan.
- Emphasis on Documentation: Comprehensive documentation is a hallmark of predictive project management, including project plans, requirements specifications, design documents, and progress reports.
- Formal Change Control: Changes to the project scope, schedule, or resources are tightly controlled through formal change management processes.
- Waterfall Methodology: Predictive project management often follows a waterfall methodology, where each phase of the project is completed before moving on to the next phase.
While predictive project management can provide a structured framework for planning and executing projects, it may not be well-suited for projects with high levels of uncertainty or rapidly changing requirements. In such cases, an agile or iterative approach may be more appropriate.
Project management phases
In predictive project management, projects typically progress through a series of sequential phases, often following a structured framework such as the Project Management Institute’s (PMI) Project Management Body of Knowledge (PMBOK) or the PRINCE2 methodology. The specific phases can vary depending on the methodology used, but commonly include:
- Initiation: This phase involves defining the project’s purpose, objectives, and initial scope. Key activities include creating a project charter, identifying stakeholders, and conducting a feasibility study to assess the project’s viability.
- Planning: During this phase, detailed plans are developed to guide project execution. This includes creating a project management plan, defining scope, establishing a work breakdown structure (WBS), developing schedules, allocating resources, and identifying risks.
- Execution: The execution phase involves implementing the plans created during the previous phase. This includes coordinating resources, managing stakeholder expectations, and performing the work outlined in the project plan.
- Monitoring and Controlling: Throughout the project lifecycle, progress is monitored against the project management plan, and adjustments are made as necessary to keep the project on track. This phase involves tracking performance, managing changes, and addressing issues and risks as they arise.
- Closing: The closing phase involves finalizing all project activities and formally closing out the project. This includes obtaining acceptance from the customer or sponsor, completing any remaining deliverables, releasing project resources, and documenting lessons learned for future projects.
These phases provide a structured framework for managing projects from initiation to closure, with each phase building upon the previous one to ensure the successful completion of the project.