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"A project management framework comprises the tasks, tools and procedures utilised to take a project from start to finish. It includes all the essential components needed for managing, planning and supervising the project. The project management framework can further be divided into three parts that are:-\r\n\r\n \tLifecycle Of A Project-This is the process a project goes through from the beginning until the end. It dwells upon five phases, namely - initiation, planning, execution, monitoring &amp; controlling, and closure.\r\n \tControl Cycle Of A Project-The control cycle of a project is the method of controlling and monitoring the project.\r\n \tTemplates And Tools-Project management reports, project plans and risk logs are frequent tools and templates practised in order to manage projects. \r\n\r\nSix Project Management Frameworks\r\n\r\nThere are numerous project management frameworks a professional who has knowledge in the field with the help of project management online programs or even a project management online course from XLRI can opt to use. The most common ones are as follows:-\r\n\r\n \tPRINCE2:This framework is eminently structured with a heavy prominence on upfront planning.\r\n \tCCPM (Critical Chain Project Management): Critical chain concentrates basically on resource allocation across the project.\r\n \tXPM (Extreme Project Management): XPM was structured for composite projects that take place in dynamic environments. Significance is on stakeholder management as schedules and plans are changing quickly.\r\n \tLean: A lean framework targets upon minimising wasted resources and efforts. Procedure enhancement techniques are frequently incorporated into this framework.\r\n \tScrum: This framework was also constructed for industries that undergo dynamic changes. With the help of this framework, projects usually break down and get planned in 2-4 week sprints.\r\n \tWaterfall:This framework is one of the conventional approaches to project management. Waterfall calls for a project to be planned from the beginning to the end, with no phase of a project beginning until the preceding one has ended.\r\n\r\nHow To Opt A Project Management Framework\r\n\r\nOne framework cannot possibly work for all the projects, which is why so many of them have been designed over the years. While deciding which framework is the best suited for your project, consider the following factors:-\r\n\r\n \tIf your industry, product or technology is changing rapidly, a flexible framework such as XPM or scrum will be suggested by your project manager who has undergone intensive training from a project management online course from XLRI or project management online program.\r\n \tIf the project deliverable is not described properly and is intangible in nature, a sprint approach like scrum must work for you.\r\n \tFrameworks may be opted based on what your stakeholders and organisation are aware of. If your organisation has never finished an XPM project before, in that case, introducing a framework may be challenging.\r\n\r\nTo Sum It Up!\r\n\r\nIn the end, it is the priorities of your stakeholders that influence your framework. If waste is a crucial concern, a lean framework is recommended by a professional project manager with required knowledge based on his/her experience from a project management online course from XLRI that he/she must have undertaken. A project management online program provides you with the necessary knowledge and real-life scenario practice that proves to be really advantageous in order to choose the type of framework."
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