Project Management Methodologies Definition-Myassignmenthelp.Com

Question: Discuss About The Project Management Methodologies Definition? Answer: Introducation Definition of project methodology It is practically a set of well-set procedure or steps or principles which are required to be followed by the project management team to execute ant project with less risk, cost and schedule overrun and gain more stakeholders satisfaction throughout the life cycle of the project management(McConnell, 2010). There are mainly five types of methodologies which are the backbone of the whole project, but the project manager needs to pick the appropriate one as per the projects requirement. Role of project methodology in project management The proper choice of the type of methodology can fulfill all needs of stakeholders, creates a common media of sharing information so that whole team understands their role and projects requirement very well, always the schedule and cost estimates remain within the range. Since the procedure remains common and well known to all members, the conflicts are minimized and moreover the present ones are dealt at the very beginning stage of the project which reduces the rework and increase the productivity along with maintaining the proper quality of the product. Even due to having all pre-set procedures, the faults or lessons learnt are also documented in well manner at every stages of the project for future references and this continual improvement process continues till the end of project management life cycle. So it helps in delivering all kind of projects very effectively irrespective of its size and complexity, this way the methodologies are closely linked with the project management. The Methodologies The project methodologies are in many numbers which can be applied to the particular type of project, but majorly the methodology is divided in two categories traditional and modern techniques or approaches(Katcherovski, 2012). But the two famous and very useful but at the same time different in characteristics or approach of project management are the Waterfall and Agile project management methodology(Marcus, 2014). Waterfall Methodology(CIO, 2011): Approach: it is basically the traditional approach of project management, where all the activities are very minutely planned and are broken down to its maximum level and every stage of activities are sequenced one after another, so unless the predecessor finishes the successor stage or activity cannot start. Useful for the type of project management: this approach of project management technique is used for the projects which has very well defined scope and cost with all the resources aligned and the project team need to only track the activities for its proper completion with all quality features. Advantage: this kind of technique is very much useful as it keeps total control on the scope and the overall cost of the project. No overrun is allowed in the project by checking them at every stages of completion. Limitation: because of its tight binding character it binds the total scope and cost, but is not feasible for the project where the scope is not freeze at the beginning of the project. Agile Methodology: Approach: it is the modern approach of project management in which there is continuous changes and corrections in scope. Useful for the type of project management: it is especially useful in the people-centric projects where continuous feedback is welcomed for the further improvement of product and implementation in the project like in IT and marketing projects. Advantage: this type of approach is very much useful for the business or project which depends on the feedback or comments from experts or users. Limitation: the project where the cost or resource is the limitation this technique cannot be used else the project will fail. Even though having such differences the basic structure or the basic concept of planning and scheduling techniques is same within the stages of the project where each activity are planned according to the estimated duration and sequences. Methodologies related to project life cycle (PLC) Project life cycle has mainly four stages viz. Initiation, Planning, Execution and Closing(TenStepPM, 2017). There are various activities within the stages like developing business case, project charter; appointment of project team comes under the Initiation(Method123, 2017). Source: https://www.method123.com/project-lifecycle.php Then the preparation of various plans falls under the stage of Planning and so on in different stages. And all the stages are inter linked to each other, even they also overlap and the activities or work packages inside each stages are also properly sequenced to produce a well-defined project schedule. The above discussed methodologies can be very well be used to develop these project life cycle. References CIO. (2011, October 4). Project management methodologies: Understanding and experience will influence the method in project management. Retrieved August 9, 2017, from cio.com.au: https://www.cio.com.au/article/402904/project_management_methodologies/ Katcherovski, V. (2012, August 23). 5 Effective Project Management Methodologies and When to Use Them. Retrieved August 9, 2017, from explore.easyprojects.net: https://explore.easyprojects.net/blog/project-management-methodologies Marcus, V. (2014, January 1). Project Management Methodologies: A Beginner's Guide. Retrieved August 9, 2017, from resources.workfront.com: https://resources.workfront.com/project-management-blog/project-management-methodologies-a-beginners-guide McConnell, E. (2010, July 22). Project Management Methodology: Definition, Types, Examples. Retrieved August 9, 2017, from MyManagementGuide.com: https://www.mymanagementguide.com/basics/project-methodology-definition/ Method123. (2017). Project Management Life Cycle. Retrieved August 9, 2017, from method123.com: https://www.method123.com/project-lifecycle.php TenStepPM. (2017). A5.2 Project Management vs. Project Life Cycle. Retrieved August 9, 2017, from tensteppm.com: https://www.tensteppm.com/open/A5.2PMvsPL.html