Concept of Project Management Methodology | Assignment

Added on -2020-02-18

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Executive SummaryIn this assignment we are going to discuss about the different methodologies of projectmanagement and how it can be implemented in an organization to achieve the desired results. Inthis project we have given 3 organizations namely; A, B, & C. we have to study in detail whattype of project methodology will work in three of the above mentioned organizations. A is smallscale organization, whereas B and C are mid-scale and large scale firms respectively. The mainpurpose of this assignment is to make us understand the concept of project managementmethodology and how much it is useful for the business organization.IntroductionThis assignment is about the core understanding of project management methodology. Most ofthe people do not know the difference between the project management and management. Projectmanagement is a time bound process, whereas management is an ongoing process, this is a mainfactor that differ the project management from management. Project management is a process ofinitiating, planning, executing and working closely the work of a team to achieve the commonobjectives of the organizations[ CITATION Wik15 \l 1033 ]. A project manager is also different froma routine manager, a project manager can be temporarily appointed to work on a particularproject and as soon as the project is completed, he will get back to his normal or routine position.Now if we talk about project management methodology, these are the designed methods ortechniques to work on time bound projects in order to achieve successful result for theorganization[ CITATION Val14 \l 1033 ]. There are top 5 project management methodologiesnamely; Traditional, Sequential Methodologies, PMBOK method, AGILE family, ChangeManagement method, Process based methodology[ CITATION Ter12 \l 1033 ]. In this assignmentwe are going to study in detail about these methodologies and which suits best to theorganization mentioned in the above paragraph.Critical Analysis In this project we have given three organizations namely; A, B & C. A is a small sizeorganization that is into financial services industry and its location of operations are NewZealand and Australia. A as mentioned is a small scale organization it does not need much timeto implement a project management methodology and the senior managers can influence thehigher authorities to listen to them. On the other hand there is organization B, that is a mediumscale organization and into the business of building societies, it currently have 600 employeesworking and the location of their operations are Australia only. Organization B is in a veryhaphazard state, they are using only one project methodology in all their projects even afterbeing a medium scale organization they are only using single methodology that is affecting their
management. Now if we talk about organization C, it is a large scale firm into technologyindustry with having a number of 1200 employees working for it. Now we have to discussdifferent methodologies that will work best for each of the organization. Below are few mainproject management methodologies that are mostly used by different organizations.Traditional Methodologies Waterfall: This methodology is the most common and a traditional projectmethodologythat works step by step and no step can begin before the current step is completed. Thismethodology is best suited for the organization that are into (Buildings or computers) etc.The pitfall of this methodology is that any demand of change by the customer will makethe methodology difficult to handle. However it is considered to be the simplestmethodology that an organization that is into making of physical objects canopt[ CITATION Lin09 \l 1033 ].Critical Path Method (CPM): Critical path method also works as Waterfall but in CPMmethod only that activity is done which holds more importance than others. It is a methodthat tells the manager about the important and non important steps to perform. So themanager directs his team to work on only important task and leave the non importanttasks for later[ CITATION Mar01 \l 1033 ].Critical Chain Project Management: This method is as same as CPM method; howeverit considers the resources to be used in the tasks. Then in this method the tasks arerescheduled and the task with the most priority is done first with the reservedresources[ CITATION Jam11 \l 1033 ].PMI/ PMBOK MethodMost of the management experts and peoples say that PMI/PMBOK is not a projectmethodology; however we have seen many managers saying that they use PMI/PMBOKmethodology in their organizations. It is the easiest methodology that simply breaks down thetask into 5 simple steps namely; Initiating, planning, executing, controlling and closing[ CITATIONPan01 \l 1033 ]. The task manager initiate, plans, execute, control and close the work of the teamtogether and ensures that everything is working properly, so that the scheduled objective can beachieved in a time bound manner.AGILE MethodIn English Agile means the ability to move quickly and responding to changes swiftly. UnlikeWaterfall and other traditional methodologies, AGILE does not takes much time to finish a

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