Analysis of Principles of Project Management

Running head: ANALYSIS OF PRINCIPLES OF PROJECT MANAGEMENT
ANALYSIS OF PRINCIPLES OF PROJECT MANAGEMENT
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ANALYSIS OF PRINCIPLES OF PROJECT MANAGEMENT
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Table of Contents
1. Identification of best project management methodology.......................................................2
Waterfall method:...................................................................................................................2
Prince2:..................................................................................................................................3
Lean project methodology:....................................................................................................3
2. Analysis of network diagram.................................................................................................4
EST, LST, EFT and LFT for each activity:...........................................................................7
Critical path:.........................................................................................................................10
3. Stakeholder analysis for the project.....................................................................................10
WBS:........................................................................................................................................13
4. Risk analysis for the project.................................................................................................14
References:...............................................................................................................................16

ANALYSIS OF PRINCIPLES OF PROJECT MANAGEMENT
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1. Identification of best project management methodology
When a project is executed, it is required to consider various aspects that are related to the
project. It includes identification of project scope and objectives, identifying project
activities, designing strategies for execution of those activities. Therefore, for implementing a
project, an organized approach is required. Although different projects have different
requirements, but a project methodology is required for implementation of a project
irrespective of type of project (Abylova and Salykova 2019). A project methodology provides
tools and techniques along with principles for managing a project successfully. There are
various project methodologies to choose from and there are set rules for identifying which
project methodology is best. It depends on project requirements and type of project. A project
methodology might be best for certain type of projects, but might not be effective for other
type of projects. Therefore, before, identification of a project methodology for a project, an
analysis on this aspect is of prime importance (Vaníčková 2017). It is an effective approach
to make a comparative analysis between various project methodologies. It will help in
identifying a proper methodology for implementing a project.
In this context three project management methodologies are identified and these
methodologies include waterfall method, Prince2 and lean project methodology. A
comparative analysis between these project methodologies including advantage and
disadvantage of each of these methodologies is provided. This will help in choosing an
effective project management methodology for managing this project according to project
requirements as well.
In order to implement this project, it is important to identify an effective project management
methodology for managing requirements of this project (Abylova and Salykova 2019).

ANALYSIS OF PRINCIPLES OF PROJECT MANAGEMENT
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Waterfall method:
Advantages of waterfall method:
Waterfall is a traditional project management methodologies and some of its advantages are
the followings:
● One of the main benefits of waterfall model is simplicity in application in project
(Karaman and Kurt 2015). Even if project team has lack of experience in this model,
it does not affect quality of project as requirements are easy to analyse and implement
as well
● waterfall model requires to specify project activities in proper sequence and it makes
managing project activities effective and efficient as well (Zavyalova, Sokolov and
Lisovskaya 2020)
● Waterfall model provides extensive documentation of project activities which makes
it easier to manage scope and objectives of project which is important for ensuring
success in project as well
Disadvantages of waterfall model:
● Project activities are organized in sequence and therefore, issue in one activity affects
overall project quality (Vargas 2016)
● If any modification is required in project requirement, then it is not possible to
incorporate those changes in project as modification in project requirement is not
allowed in this project methodology
Prince2:
Projects IN Controlled Environment referred to as PRINCE2 is a popular project
management methodologies often preferred in complex projects (Vaníčková 2017).