The article outlines the study of approaches to project management: classical or traditional project management and flexible project management methods. Agile project management is analyzed using the Scrum methodology, which is a variety of Agile approach. The main stages of the above approaches are presented, their features, scope and advantages are revealed. The features of team management in traditional and flexible projects are considered. There has been developed an algorithm for choosing and actualizing a project management approach, which reflects the essence of flexible and traditional project management. At the present stage of development, the external environment is characterized by high variability, so the flexible project management becomes a factor in the competitiveness of the organization. There have been analyzed the competencies of the project manager and team members, which are necessary for efficiency of Agile methodology. It has been defined that the members of the project team must have flexible competencies. Flexible competencies are understood as a set of knowledge, abilities, skills, personal characteristics, motivational and value aspects that contribute to the effective operation of the employee within the flexible project team. The flexible competencies of the team members are: creativity, adaptability, ability to self-government and self-organization, openness to new things, learnability, self-criticism, involvement, tolerance to other positions, broad specialization and versatility, trust and openness, stress resistance, communication skills, etc. The requirements for the head of a flexible project are: T-Shaped competence type (the expert level in one's professional field and the extensive knowledge in the related fields), temporary competence, emotional intelligence, leadership qualities and developed communication skills