Project Management - Benefits, Methodologies, and Positive Impact on Product Life Cycle

This article discusses the benefits of methodologies in project management, familiarizes readers with different methodologies, and identifies methodologies that positively affect the product life cycle. It covers topics such as involvement, initial planning, risk mitigation, PMBOK, PRINCE2, SDLC, Waterfall, and Agile methodologies. The article also highlights the similarities and differences between Waterfall and Agile methodologies. The subject is Project Management, and the course code and college/university are not mentioned.

Running Head: PROJECT MANAGEMENT
Project Management
Name of the Student
Name of the University
Author note

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Table of Contents
Question 1...................................................................................................................................................3
Question 2...................................................................................................................................................3
Question 3...................................................................................................................................................4

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Question 1
Benefits of methodologies and the role it plays in project management.
Methodology is a proclaimed tool that is used by project managers for efficiently managing the
task with a proper scheduling of the same. Methodology is the list of activities that are performed by the
project managers during the completion if ten project. Budge and scheduling is performed with the help
of methodology planning that is created by project managers. Methodology is performed due to the
processing of planning of the entire project.
Major advantages that are profound by the methodology implementation are as follows: -
Involvement: Involvement of all employees of the organization leads to the fact that the work that is being
progressed get better with time. This excess involvement of employees of the organization will ensure the
fact that internal bonding of the employees gets better
Initial planning: Initial planning helps in better understanding of work during performing the business
management. Initial planning also helps in understanding amount of raw materials that are required in the
completion of the project (Heagney, 2016).
Risk mitigation: Risk mitigation is one of the major reason that methodology planning will be
required. This involves the fact that during the project management process one can calculate the risk
initially, resulting the fact that risk mitigation theories can be implied in the process of business
management.
Question 2Familiarizing with different methodologies of project management. State the similarity
between 2 of the project methodologies among all the methodologies that are stated
Various methodologies that are used in the project management system are as follows: -
Project Management Body of Knowledge (PMBOK): PMBOK is a book that is considered to be the book
that is considered to be the reference setter for project managers. This book was written and published by

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project management institute. This is often considered to be a guide that helps project managers to
perform the planning
PRINCE2: PRINCE 2 methodology ensures the fact that the data that are gathered from this method are
very efficient in nature. This methodology is generally used in the proprietorship firms as guidelines that
are given in this methodology helps in processing data management.
SDLC: Software Development Life Cycle is mainly concerned with the processing of data management
regarding the life cycle of the product that is under consideration. This strategy is used during the
processing of organization during its initial phase to calculate the closure phase of the same (Harrison &
Lock, 2017).
Waterfall: Waterfall design ensures the fact that data management must be procured with help of linear
management and will ensure the fact that entire process is manipulated in a linier way, leading to the fact
that business management is performed in a structured way (Walker, 2015).
Agile: Agile is one of the most flexible method that helps the organization to complete the processing of
business management with help of the agile methodology.
2 methodologies that I have chosen are waterfall and agile methodologies.
Similarities: both tools are structured in nature and the both are working software that are used for
business planning. Customer negotiation is also done over the contract negotiation for both the cases
(Fleming & Koppelman, 2016).
Differences: in case of waterfall model, entire planning is made with respect to the requirement but in
case of agile methodology, planning is made distinctly as per the processing of the project. Waterfall is
less flexible in nature that agile methodologies.
Question 3
Identification of methodologies that will affect the product life cycle in a positive way
Waterfall methodology is one of the methodology that ensures the fact that data management and
business planning can be done with help of project management planning. Linearity of the methodology
will help in the processing of business management (Kerzner & Kerzner, 2017). Waterfall methodology

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also helps in understanding the lifecycle of the product as it is pre-planned in nature. Again in case of
agile methodology, the methodology is very flexible in nature, leading to the fact that the product life
cycle will be benefitted during the processing of the life cycle of the project. Overall, agile methodology
is considered to be a better tool that emphasizes on the processing of the object and is basically dependent
om the stages of the project.

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References
Fleming, Q. W., & Koppelman, J. M. (2016, December). Earned value project management. Project
Management Institute.
Harrison, F., & Lock, D. (2017). Advanced project management: a structured approach. Routledge.
Heagney, J. (2016). Fundamentals of project management. Amacom.
Kerzner, H., & Kerzner, H. R. (2017). Project management: a systems approach to planning, scheduling,
and controlling. John Wiley & Sons.
Nicholas, J. M., & Steyn, H. (2017). Project management for engineering, business and technology.
Routledge.
Walker, A. (2015). Project management in construction. John Wiley & Sons.

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