Methods of Project Management: Agile, Six Sigma, Prince 2

PROJECT MANAGEMENT

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
1. Critically analysing 3 methods of project management..........................................................3
TASK 2............................................................................................................................................6
TASK 3............................................................................................................................................9
Stakeholder Analysis...................................................................................................................9
TASK 4..........................................................................................................................................10
Risk Analysis.............................................................................................................................10
CONCLUSION..............................................................................................................................11
REFERENCES................................................................................................................................1

INTRODUCTION
Project management may be defined as a practice which in turn associated with the
accomplishment of assignment within the specific time period. It includes mainly fives phases
namely initiating, planning, executing, controlling, and closing which lays focus on achieving
goals within constraints. This report will provide deeper insight about methods related to project
management. Further, it will develop understanding about the concepts related to gantt chart,
network diagram, risk and stakeholders analysis.
MAIN BODY
1. Critically analysing 3 methods of project management
Agile- It referred as an incremental and the iterative approach of the software
development in which small incremental builds are presented in the multiple iterations to end
user and the other stakeholders in terms of their feedback (Advantages and Disadvantages of
Agile Project Management, 2017). On the basis of the feedback, changes are been incorporated
in coming iterations of build based on their priority. In this methodology, different types of
cross-functional organizational group works together within several iterations of build with
focusing on more of the direct interactions and very less formal documentation.
Advantages Disadvantage
It is the project methodology that is suitable for
the projects where the needs and an end
product seems to be unclear.
It promotes for the customer satisfaction as the
changes and the feedback are embraced.
This method reduces the risk factors as the
early deliverables are been made visible to
ultimate users.
Exhaustive planning is not needed at starting of
a development process under this
methodology.
Agile provides an easy approach in managing
with the minimal rules and with more
As this method is considered as customer
centric, so it poses a problem at the time when
a customer do not having a clear understanding
about the product and the procedures.
Lack or shortage of the formal documentation
and the designing results to high level of
dependency on an individual for the task and
the training purposes.
In respect of the complex projects, effort and
the resources needs are said as difficult in
estimating.
Due to an ever-evolving attributes, there
present risk of the ever-lasting projects.

flexibility.
It helps in dividing a project into the
incremental deliverable process that in turn
leads to more emphasize on quality product.
Six sigma- It is the tool that offers structured and the disciplined procedure for resolving
the business problems. This term was originally been used by the Motorola in early 1980s for
describing entire management approach in a particular project. This method is used by several
organizations involving Boeing, Toshiba, Seagate and general electric. It has become a main
force in driving strategy for most of the leading organizations. The main purpose of six sigma
methodology is improving the an entity's product, processes and the services around several
disciplines involving every business unit that is finance, production, administration etc.
Advantages Disadvantage
 The foremost advantage of this method
is focusing mainly on customer and
aims for achieving maximum
satisfaction of the customers and in
reducing the defects.
 Execution of this methodology results
in rise of profitability and the reduction
in the cost. Hence, improvements
achieved directly relates to the financial
results.
 It is successfully implemented in the
virtual world where every category of
business includes return on the sales,
employment growth, growth in stock
value and ROI.
 This method target changes in
processes and emphasize on
 Application of this method is been
argued by the six sigma critics. They
opinion that quality standards must be
in accordance with the particular task.
 It is counted as rigid approach because
it focuses on rigidity of processes that
basically contradicts creativity and
innovation (Pros and cons of six sigma,
2018). This approach results in
deviation in the unusual solutions and
production etc.
 Implementing this method requires
skilled workforce which is hard to
establish and includes high training
cost.