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Although you might think that there are only two or three methods for project management, in fact, industry experts have devised dozens of methods over the years.

Many of these models stem from the need for flexibility in software development, but the principles and practices of these methods can be applied to a range of fields.

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Two core organizational concepts drive all project management methods: waterfall (or linear) and agile (or iterative).

The waterfall model is a traditional linear project management method developed in the 1950s. The model usually consists of five or six independent stages, each of which depends on the deliverables of the previous stage. You need to complete each one before you can move on to the next one.

Advantages: The waterfall model includes a clear plan from start to finish. Defining requirements early in the process can save time later. Regardless of who works in which stage of the project, the documentation supports continuity at each stage.

Disadvantages: This method does not consider factors that are unknown early in the process and known later. When new requirements or constraints become known, the linear process leaves no room for iteration. If you have to start over, this may result in reduced design efficiency or reduced process efficiency.

Best for: Customers who know exactly what they want from the product can clearly define it and know that it will not change.

This often cited framework was developed by the Project Management Institute (PMI) as an improvement of the waterfall, including these five stages of project management, which are similar to the waterfall stage:

PMBOK is not a methodology in itself, but a set of principles and project management skills included in the PMI certification, which is used as the basis for many project management methodology.

Lean project management, originally developed by Toyota for automobile manufacturing, focuses on providing value and eliminating waste. It divides it into three categories based on Japanese names:

Kanban is a lean project management method that provides a visual overview of the process from start to finish. It helps manage the workflow by showing exactly who is doing what and where resources are most needed.

The core component of the Kanban method is Kanban, which is usually a digital project management tool, which includes a column of steps in the workflow and a "card" for each item in the workflow.

Agile project management methods were developed in response to the rigidity of the waterfall model and inspired by the speed and flexibility of lean methods. They consciously iterate and collaborate, and emphasize creating good products for customers.

Agile itself is not a methodology, but a set of principles. These principles are the basis of several methodologies based on the need for adaptive project management. As stated in the Agile Manifesto written by a group of rebellious software developers in 2001, the core Agile principles include:

Advantages: Fast iteration improves productivity and efficiency because it allows changing requirements throughout the project life cycle.

Disadvantages: Elimination of documentation and reliance on personal interaction hinders scalability and continuity and can lead to team isolation, especially in large organizations.

Best for: Small teams in agile organizations, where developers and stakeholders reach a consensus on business needs and restrictions.

The following are popular agile methodologies.

The Scrum framework is designed for small teams to guide the simple process of communication, planning, execution, and feedback.

The Scrum team works in a "sprint" of two to four weeks. The team plans the goals of the sprint and agrees on the deliverables to be completed during this period. The team meets every day for a 15-minute "scrum" or "stand up", and each team member shares the progress and obstacles to achieving the goal.

At the end of each sprint, the team will hold a longer sprint review meeting to showcase the work that has been done and to obtain feedback and suggestions for future work.

Scrumban is a hybrid of Scrum and Kanban methods. It follows the Scrum workflow and visualizes work on a Kanban board with three columns: To Do, Doing, and Done. To avoid being overwhelmed, team members will extract tasks from the to-do list when bandwidth is available, instead of assigning them to a backlog of tasks.

XP project management focuses on software development, emphasizing communication and simplicity. It relies on a "feedback loop" in which coding continues—without waiting for a comprehensive design or pre-planning—and iteratively follows the feedback of the test.

This method is most suitable for teams where programmers and stakeholders are in sync, because the lack of formal management and documentation increases the risk of miscommunication and never-ending changes.

Crystal is an agile approach focused on one core value: personal and interaction trumps processes and tools. It allows the team to optimize their workflow and make adjustments for each project.

The Crystal framework emphasizes communication and autonomy within the team, but in large organizations, lack of guidance and documentation may hinder continuity and communication outside the team.

The hybrid approach takes full advantage of the waterfall and agile concepts to create a structured but flexible workflow.

Hybrid methods usually include recording requirements and possibly specifying constraints in advance, similar to waterfalls. Then they adopt agile methods for workflow, including rapid implementation, feedback, and iteration.

Pros: Pre-documenting the plan prevents scope creep—that is, endless changes or additions to the project—and keeps all developers and stakeholders on the same page. Allowing rapid iteration prevents wasting time and resources.

Disadvantages: Just like a waterfall, pre-recording requirements can be challenging for customers who cannot clarify what the product should do before seeing the product in action. However, incorporating iterations into the workflow should make room for new requirements.

Best for: Large teams that need clear documentation and communication but need flexible changes throughout the life cycle of the project.

DSDM is the most structured agile method and an example of a hybrid method. It was developed to add discipline to unstructured methods while retaining the adaptability of agile.

Like the waterfall model, DSDM sets constraints on demand, cost, and time at the beginning of the project. Like agile, it then uses a time box, like a Scrum sprint, to gradually complete the project through regular feedback and iteration.

Since the mid to late 1990s, agile development has developed many unique methods for software development and other industries, including:

Each of these includes adjustments to popular methods to adopt their own agile model methods, and they tend to attract specific industries or types of teams.

When choosing a strategy, your biggest decision is between waterfall and agile, or a hybrid approach. In each method, you can choose a method to provide the functionality your project or team needs.

To choose a project management method that suits any team or project, consider:

The project management method is a set of principles, values, and processes used to determine how the team will complete the project. It determines factors such as planning, design, and documentation level; the way of communication inside and outside the project team; the timeline; and the way of evaluation.

Which model and method is best for you depends on the unique characteristics of your team and project. Consider the typical methods of your industry, the capabilities of your team, and the complexity of the project to choose the best method.

The life cycle of a project is the complete span of each stage of the project from planning to delivery. The project life cycle model is a variety of project planning methods that specify what happens at each stage and how the team completes the project throughout the process.

Dana Sitar is a Certified Personal Finance (CEPF) educator and has been writing and editing since 2011, covering personal finance, career and digital media. She has written articles about work and money for the columns of The New York Times, CNBC, The Motley Fool, The Penny Hoarder, Inc., etc. Dana teaches journalists, writers and editors how to write for the Internet through Utah Valley University, Kingston Queen’s University, ACES: Editors’ Association, National Association of Independent Writers and Editors, online courses and private training. Find her on danasitar.com.

Adam Hardy is a former assistant editor of Forbes Advisor, covering small businesses and technology. Before that, he was a full-time writer at The Penny Hoarder, specializing in gig economy and entrepreneurship. His work has appeared in Asia Times, Business Insider, Creative Wandering, Tampa Bay Times, Yahoo! Financial and other publications.