Project Management Methodologies: Tech, Construction, Finance

This report provides an analysis of project management methodologies across three different organizations: a technology services company, a construction firm, and a financial services provider. It discusses the application of methodologies such as Waterfall, Critical Path Method (CPM), and PRINCE2 in these diverse contexts. The report details the implementation processes, potential issues, and benefits associated with each methodology. It emphasizes the importance of understanding organizational objectives and tailoring project management approaches accordingly. The study also explores the challenges encountered during implementation and suggests measures to overcome them, highlighting the value of effective project management in achieving business goals. Desklib offers more resources including past papers and solved assignments for students.

Project Management Methodology

Contents
Introduction:....................................................................................................................................3
Main Body:......................................................................................................................................4
Conclusion:......................................................................................................................................9
References:....................................................................................................................................10
Appendix:......................................................................................................................................12

Introduction:
Project management is basically planning and organizing of the resources so that the objectives
and desires of the business can be achieved. The tasks are designed in a way to provide the
experience of applying the methodologies of project management and learn the fundamental
skills that are vital for utilizing the project management methodologies in the context of three
differentorganizations which are working in the technology services, construction,and financial
services. The companies have been working in diverse countries like the USA, Australia,and
France. The objectives of the company will be elaborated in the tasks along with the uses of
project management methodologies.
As a project management consultancy,the best choice of the methodology will be provided for
each organization. The issues that can be encountered at the time of implementing the project
management tactics will be given and the knowledge of difficulties that are faced at the time of
implementing those strategies will be discussed. The profits of utilizing those project
management strategies will be provided in the tasks and the various ways to use the project
management methodologies to gain profits will be also covered up in the assignment.

Main Body:
A project is said as a fleeting responsibility to create a precise product or service and
management of that project incorporates the solicitation of knowledge, skills and the techniques
for the project activities so that all the requirements can be proficient. The methodologies are
furtherly a combination of the process and the tactics that are frequently carried out so that the
projects can be conveyed at the obligatory time. The project management methodologies are said
as the combination of the sensibly related observes and processes so that the plans to develop the
project can be fruitfully carried out are determined. A methodology of project describes the
process for managing the certain projects and describes the team and subordinates about how a
task is to be carried out to complete the project (Kerzner and Kerzner, 2017).
The skills of project management are very much crucial for the staff to that the methods can be
carried out. It assists in minimizing the risks and then planning as well as designing the projects.
The smallest of the methods can also be very much beneficial to carry out the project. Some of
the commonly used project management methodologies incorporate PMBOK, Hybrid, Agile,
Waterfall, Scrum, Critical Path Method (CPM), PRiSM, PRINCE2 and so on. There are certain
steps that are vital to be followed so that the right methodologies can be picked up, few of the
steps are, evaluate the project where the choosing a project management methodology will start
from the ending and the organisation needs to know about the final deliverable of the project, the
basic things to know about the evaluation of project are the project budget, timeline, size and
complexity (Saltz and Crowston, 2017). Evaluating the team is also very much crucial as project
management methodologies are basically a blueprint for the project that is carried out. Few
things for evaluating the team are team experience, training, team readiness and team location.
Evaluation of organization includes in what way the company is organized and all the previous
histories that can possibly have a large influence on the project that is chosen. Things that are
considered at the time of evaluating the organization are of past records culture, organizational
hierarchy and the level of flexibility. At the time of project management methodology
stakeholder involvement and stakeholder requirements are also vital to be considered. Some of
the projects whether in technology services, construction or financial services they entail that the
stakeholders should be involved in each and every stage of the project. The tools that can be used

for evaluation of project management methodologies which are designed in a way so that they
can work decently with the specific methodologies. The tools of software that have an existing
access to the expertise can impact the choices for this it is crucial to make a list of the software’s
that are currently in utilization and list the limitations and the capabilities (Binder, 2016).
The first organisation that has been selected for the project management methodologies is of
technological services, which is an high tech manufacturing organisation having high volume of
memory chips that is also called as wafer manufacturing, the procedure of wafer manufacturing
consists of silicon crystals that are sliced by utilising the diamond tipped saw into the reedy
wafers, it is then sorted by thickness and the wafers that are spoiled are detached at the time of
lapping, the wafers are then further engraved in chemicals so that the remaining crystal damage
can be uninvolved at last the polishing is done to smoothen the uneven surface which is left by
the sawing process. The project management methodology selected for this organization is of
Waterfall which is one of the oldest methodologies for managing the projects. This
methodology is chronological and it is also heavily focused on the requirements, before
foregoing to the methodology the organization must have a clear idea about the demands of the
project as once the project is started there is no point of change in further workings (Kerzner,
2018).
The methodology has been divided into distinct stages, which is started by gathering and then
analyzing the requirements and then further designing the solutions and implementing the
solutions so that the issues can be fixed. The technology services organization that has been
selected has headquarters in the USA and has a chief objective to develop the markets in the
North and South America (Dybå, et. al, 2014). Implementing a project management
methodology is basically considered as a management level activity and the individuals involved
in it are the project manager, staff employees, project planner and other subordinates. The project
management plan incorporates the methodologies that should be executed in its entirety. The
following steps are to be followed for its implementation which starts by gathering all the
documentation where all the data is gathered in a diversity of ways such as interviews,
questionnaire and interactive brainstorming (Kerzner, 2017). The second step for implementing
the plan is of system design which establishes the requirements of the team designs in the system
and coding doesn’t take place at this stage.

The next step is of implementation where coding takes place and the programmers take data
about the product from the past phase. For the implementation plan, next step is of testing where
once coding is done of the technological services testing process is started. The serious issues
can be identified and the project may need to be returned, the next phase is of deployment and
the last is of maintenance where the product or service is delivered to the required person and the
team of this technology service can solve those issues. The barriers or issues that can occur at the
time of implementing the project management plan are of making changes as the method is
based on following a certain set of steps that keeps the members of tea moving steadily. Another
issue that is raised in the waterfall methodology is of delay in testing until after the completion, it
is very much dicey to save the testing phase until the completion of the project (Hornstein,
2015).
The issues like extensive research, difficulty in making changes, and being more expensive to
maintain can be solved by taking few measures like applying the certain measure to make it
easier to be used, customizing the sources and further training the employees more efficiently.
There are various profits and advantages of waterfall project management methodology in the
technology service organization such as longer operational life, meeting the needs and desires of
the users, it is flexible, it requires less need of supporting the systems and provides outstanding
documentation (Martinelli and Milosevic, 2016).
The second organization taken is of construction which basically works in the infrastructure
projects of European government, the organization operates in Paris and France the chief
objective of this organization is to enlarge the number of infrastructure projects that are taken by
the companies in Europe. The project management methodology that has been selected for the
organization is Critical path Method (CPM) which is a step by step process of project
management and the diverse practices for the planning process which is used to define the
critical and non-critical errands has a goal of foiling the issues of time-frame and the process
bottlenecks (Mir and Pinnington, 2014). At the time of implementing the CPM methodology
plan, there are certain steps that should be taken into consideration by the construction company
such as defining the required tasks, creating the flowcharts of the construction projects including
the diagrams for each project in relation to the other project. The next step is to find out the
critical and non-critical paths among the construction projects in Europe. The further step for the

implementation plan is of determining the expected completion of the projects and the final step
is of locating the alternatives for few of the complex process of the projects (Joslin and Müller,
2015).
As per the Project Management Body of Knowledge (PMBOK), the CPM is a tactic to determine
the tasks on the precarious path. Implementing the CPM methodology can be considered as a
management level activity and the project managers and other subordinate staff of the
construction that can assist in the process of managing the projects (Vijayasarathy and Butler,
2016). There are not many issues in the implementation of Critical Path Method but few
concerns raised at the time of implementation was that thousands of activities for the large and
complex problems and another problem was that at the time of executing a plan if there are
certain change then the whole diagram is needed to be redrawn. For the problems mentioned
above, certain steps can be taken such as utilizing software’s to develop an ease to manage the
problems (Turner, 2016).
There are diverse benefits of the Critical Path Method as it assists in identifying the most crucial
tasks where it defines the tasks that are needed to be closely managed, if the task selected starts a
letter or before then the estimated time then it may affect the whole project. Critical Path Method
also assists in reducing the timescale where after the basic analysis it predicts about the time of
task completion, the construction company has very much interest in completing the tasks at a
shorter period of time so that they can take more projects under their name. The timescales are in
the form of Gantt chart and graphs which makes it very much easier to understand the duration
of completing the tasks. Critical Path Method is very much crucial for the construction company
as it makes the assessment of risk very much calmer (Nicholas and Steyn, 2017).
The third organization taken is of financial serviceswhich are a well-established organization
that originated 11 years ago and operating in Australia. The chief objective of the company is to
enhance the project delivering capabilities (Korhonen, 2015). The project management
methodology used for this organization is PRINCE2 which is a project management
methodology which is mostly used in the government projects of the UK but can also be utilized
in this organization providing the financial services. This methodology of managing projects is
based on seven principles, seven themes and on the seven processes which are continued

business justification, learn from experience, defined roles and responsibilities, manage by
stages, manage by expectation, focus on products and alter to suit the environment of the project
(Špundak, 2014).
For the organization providing Financial services, there are different templates provided by this
methodology that can be utilized to carry on their services. For the implementation plan the
seven processes of this methodology are starting up a project where a long term project is
adopted regarding the financial services, the second step is of initiating the project where the
cases of business are completed, directing of the project is done where the indications of ways in
which project board oversees the project is provided, at the controlling stage the dictations of
how all the individuals at various stages are controlled is explained, the phase of managing the
product delivery in the implementation plan has the chief aim of controlling the link between the
ways in which the package works and can authorised as well as distributed, at the phase of
managing stage boundaries it dictates about the transition from certain stage to another and at the
final step it is about closing the project which can cover the formal decommissioning of the
project which is followed by the actions and evaluation is done for the profits (Heldman, 2018).
The project management methodology of PRINCE2 should be implemented in the financial
services organization entirely. Implementing the project management methodology can be
considered as a management level activity as it will be benefiting al the stakeholders of the
organization by its enhancement in the services. The issues that were faced in the PRINCE2 at
the time of implementation are of budgeting and cost management. It is a framed principle of
project management which has an intention to its tender to shield all the kinds of
projects.Anotherissue utilizing this methodology was of adapting the changes for the team of
financial services as the process is unwieldy (Marcelino-Sádaba, 2014). The problems can be
solved by providing proper training to the staff members by enhancing their capabilities to adapt
to the changes more frequently. The chief advantage of this project management methodology is
that it assists in the appraisals and corporate planning’s by its large and widespread
documentation. The risk can also be eradicated with the assistance of this methodology.

Conclusion:
As per the above report, the authors conclude that project management methodologies are very
much crucial for the business organizations so that their business activities can be carried out
with ease. The projects can be large, small or quite complex but they can implement the project
management methodologies so that the projects completed by them can be carried out fruitfully.
In the task above different methodologies of managing the project are explained in the context of
three different organizations working in diverse backgrounds such as financial services,
construction,andtechnology services. The implementation of the projects along with the
implementation plans is given in the task.
The issues that were faced at the time of managing the projects and implementing the project
management plans were provided in the task above, the ways in which those issues can be solved
are also provided. The profits that can be gained after implementing those project management
methodologies to the users, employees and other stakeholders are also given. Each of the
methodologies of project management has its own strengths and weaknesses which should be
properly studied and considered before implementing them so that there is no need of changing
them after the project has been started.

References:
 Binder, J., 2016. Global project management: communication, collaboration and
management across borders. Routledge.
 Dybå, T., Dingsøyr, T. and Moe, N.B., 2014. Agile project management. In Software project
management in a changing world (pp. 277-300). Springer, Berlin, Heidelberg.
 Heldman, K., 2018. PMP: project management professional exam study guide. John Wiley
& Sons.
 Hornstein, H.A., 2015. The integration of project management and organizational change
management is now a necessity. International Journal of Project Management, Vol. 33(2),
pp.291-298.
 Joslin, R. and Müller, R., 2015. Relationships between a project management methodology
and project success in different project governance contexts. International Journal of Project
Management, Vol. 33(6), pp.1377-1392.
 Kerzner, H. and Kerzner, H.R., 2017. Project management: a systems approach to planning,
scheduling, and controlling. John Wiley & Sons.
 Kerzner, H., 2017. Project management metrics, KPIs, and dashboards: a guide to
measuring and monitoring project performance. John Wiley & Sons.
 Kerzner, H., 2018. Project management best practices: Achieving global excellence. John
Wiley & Sons.
 Korhonen, I., 2015. Project management methodologies in SaaS deployment projects.
 Lucidant., 2017. Waterfall project management. Lucidant Chart.
 Marcelino-Sádaba, S., Pérez-Ezcurdia, A., Lazcano, A.M.E. and Villanueva, P., 2014.
Project risk management methodology for small firms. International journal of project
management, Vol. 32(2), pp.327-340.
 Martinelli, R.J. and Milosevic, D.Z., 2016. Project management toolbox: tools and
techniques for the practicing project manager. John Wiley & Sons.
 Mir, F.A. and Pinnington, A.H., 2014. Exploring the value of project management: linking
project management performance and project success. International journal of project
management, 32(2), pp.202-217.

 Nicholas, J.M. and Steyn, H., 2017. Project management for engineering, business and
technology. Taylor & Francis.
 PRINCE2., 2018. PRINCE2. [Online] PRINCE2. Available at:
https://www.prince2.com/eur/prince2-processes [Acessed on: 17.5.208].
 Saltz, J. and Crowston, K., 2017, January. Comparing data science project management
methodologies via a controlled experiment. In Proceedings of the 50th Hawaii International
Conference on System Sciences.
 Smartsheet., 207. Network diagram and critical path. Smartsheet.
 Špundak, M., 2014. Mixed agile/traditional project management methodology–reality or
illusion?. Procedia-Social and Behavioral Sciences, Vol. 119, pp.939-948.
 Turner, R., 2016. Gower handbook of project management. Routledge.
 Vijayasarathy, L.R. and Butler, C.W., 2016. Choice of software development methodologies:
Do organizational, project, and team characteristics matter?. IEEE Software, 33(5), pp.86-94.

Appendix:
(Figure 1: Waterfall project management).
(Source: Lucidant, 2017).