Before we go into the merits of different approaches we will view the following stages though which every project goes through.
A) Project Formation: 1) Priorities 2) Procedures and 3) Schedules;
B) Buildup Phase: 1) Priorities 2) Schedules and Procedures;
C) Main Program: 1) Schedules 2) Technical and 3) Labor;
D) Phase-out: 1) Schedules 2) Personality and 3) Labor.
Approaches:
Functional:
In this approach the project is assigned to a functional unit having maximum interest in making the project a success or will be keen to implementing it. The functional elements of parent organization are adopted as the basis of administration of the project.
Matrix:
Matrix organization was developed to take advantage of pure project organization with some of the better features of the functional organization. With the result it can take a wide variety of specific forms according to demand of the project
VIRTUAL:
Virtual project management is the system by which virtual teams collaborate for a finite period of time towards a specific goal.