(PDF) Methodologies used in Project Management

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Running head: PROJECT METHODOLOGYProject MethodologyName of the Student:Name of the University:Author note
1PROJECT METHODOLOGYDefinition of Project MethodologyDefinition 1:According to the author, Project methodology is a systematic approach to plan, designand execute a project. It is a set of different practices and methods that help to develop anddeliver the project(Kerzner & Kerzner, 2017).Role of project management is to properlyestimate the time of the completion of the project. It also specifies the resource requirementand the skills required to finish the project in time.Definition 2:As per the author, project methodology is a series of steps, methods, techniques andpractices that is implemented so as to plan out the best possible way to obtain the successfulexecution and termination of the project (Fleming & Koppelman, 2016). Role of projectmanagement is to provide deeper insights to each step of the project life cycle such thatproper monitoring of task is implemented and no cost or time overrun is encountered.Definition 3:Project methodology as defined by the authors, is a combination of latest techniques,procedures and methods such to complete the project that retains quality and its completiondoes not encounter overheads in terms of cost and time (Svejvig & Andersen, 2015). Role ofproject management is to assign the proper required resources such that the project getscompleted on time and it provides the base on which the entire architecture of the project isestablished.Definition 4:According to the author, project methodology is a set of procedures and rules thatmust be used so as to effectively complete the project. It defines a set of pathway, techniques
2PROJECT METHODOLOGYand guidelines in which the project should be maintained and managed. Role of projectmethodology is to specify the procedure in which the project design and execution shouldprogress such that it incorporates maximum benefits (Špundak, 2014).Definition 5:According to the author, Project methodology is a combination of rules against whichthe feasibility of the project is verified and risk identification is implemented (Marcelino-Sádaba et al., 2014). Role of project methodology is to identify and analyse the risk involvedin the project. In addition of risk identification at an early stage, the project methodology alsohelps in searching for alternatives against the risks.Comparison of Prince2 and PMBOKThere are numerous project management methodologies available namely, PRINCE2,Agile Scrum, Waterfall, Agile XP, Rapid Application Development (RAD), New ProductIntroduction (NPI) and many more based on the complexity of the project. The PMBOKacronym stands for Project Management Body of Knowledge also contains methods for theproject management (Karaman & Kurt, 2015). The key differences between the PRINCE2and the methodologies mentioned in the PMBOK are described below:1.The PRINCE2 project management methodology is a process oriented methodologywhereas, the PMBOK is the knowledge oriented project methodology that providesknowledge about the best practices of project management.2.The PRINCE2 project methodology provides certification within one week of trainingwhile the PMBOK requires a month time or more for the confirmation of thecertification.3.The PRINCE2 project methodology defines the tasks that should be done as well asalso provides information as to when and the procedure in which the process should
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