Predictive project management also known as traditional project management / waterfall model, is an approach used to plan, execute, monitor&control and close projects whose scope is well defined upfront, technology used is familiar to the team and making changes late in the project is difficult and expensive. Most of the construction projects fall into this category. Predictive project management is also known as traditional project management or waterfall model. Predictive projects passes through logical phases of conceptualisation, high level design, low level design, construction and closure. Each pase is dependent on the successful completion of the previous phase, hence the name waterfall.
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 life cycle
Project lifecycle comprises of the phases in which the deliverables of the project is really built. For example, in a project work progresses through the phases of;
- Conceptualisation
- High level design
- Detailed design
- Construction
- Testing
- Acceptance
- Handover
- Asset management
Project management life cycle
In predictive project management, project management typically progress through a series of sequential phases;
- 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.