Project Management Assignment :PMBOK

Added on - 24 Apr 2021

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Running head: PROJECT MANAGEMENTProject ManagementName of the StudentName of the UniversityAuthor’s Note:
1PROJECT MANAGEMENTTable of Contents1. Project Methodology Definition............................................................................................22. Similarities and Differences between PMBOK and Waterfall..............................................33. Relating Waterfall with Project Life Cycle............................................................................5References..................................................................................................................................6
2PROJECT MANAGEMENT1. Project Methodology DefinitionThe practical as well as the well defined mixture of various practices, procedures,techniques and methods to check the project quality that is being delivered can be referred toas project management methodology or project methodology in short. As per Walker, 2015,the most significant objective of this project methodology is the proper planning, controlling,developing and finally delivering a project with the help of successful processimplementation. This implementation is extremely important for any project as if there is anyproblem in this implementation, there is a high chance that the project might be a hugefailure. On the other hand, is the process is implemented successfully, the project becomes ahuge success (Fleming & Koppelman, 2016). The project methodology can be termed as thesystematic and disciplined approach for designing and executing a particular project. Projectmethodology is responsible for achieving several objectives like fulfilling stakeholder’srequirements. The stakeholders of an organization mainly include any one related to a projectand these requirements should be fulfilled at any cost (Burke, 2013). Every project has onecommon language that can be easily understood by all the members of the projects forknowing the project requirements perfectly. Moreover, the estimation of project budget orproject cost is done with the help of project methodology; this estimation is absolutelyaccurate and perfect. Another important advantage of project methodology is that it helps toresolve the conflict in projects. Since, it reduces the complexity of the project; there exists noconflict within the project and project members (Schwalbe, 2015). Furthermore, thedeliverables that are solely expected are perfectly produced with the help of projectmethodology.The most popular and utilized project management methodologies are the Waterfall,PRINCE2, PMBOK, Agile XP and Agile Scrum. All these methodologies have significant
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