What is a Project Management Framework?

Project management framework (PM framework) is a structural demonstration that incorporates the various tasks, processes, resources, tools (such as technology). It is generally used as a tool to plan the various phases of the project through any number of methodologies. 

It is also a tool for presenting the project to the various stakeholders and the project team. 

What are the Most Common Project Management Frameworks?

The most common project management frameworks are:

• Waterfall Project Management - This is a more traditional approach to project management. The project happens in sequences, where one phase is completed before another begins. 
• PRINCE2 - PRINCE2 is a combination of the the original PROMPTII method and IBM's MITP (Managing the Implementation of the Total Project) methodology. This process is focused on product production and places a great deal of emphasis on the planning process and establishing standards and requirements for the project. 
• Agile (Scrum) - Agile project management promotes flexibility in the project to allow for adaptation and change throughout the development process. The method breaks down projects into small pieces that are completed in work sessions from the design to quality assurance (QA) tasks. These sessions are often called “sprints”, which are commonly used in the Agile development method known as Scrum. The scrum the completed tasks are demonstrated to stakeholders at the end of the sprint cycle, testing is done, and a new sprint begins.
• Critical Chain Project Management (CCPM) - Critical chain project management places emphasis on the efficient and effective allocation of resources to specific tasks in the project. The ideas is that this allows the project team to deal with uncertainties inherent in managing projects.
• Lean Project Management - This is a project management framework focusing on the limitation of waste through efficiency (standardization, compatibility, safety, repeatability, interoperability, and quality) in the production process. It often uses the the six sigma methodology of quality improvement. An example of the lean methodology is the Kansan Approach. 
• Extreme Project Management/Megaproject (XPM) - This methodology is used on very complex projects that change rapidly and frequently throughout the project. It focuses on stakeholder expectations.