Project Management Methodologies PDF

Running head: PROJECT MANAGEMENT METHODOLOGIES
PROJECT MANAGEMENT METHODOLOGIES
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PROJECT MANAGEMENT METHODOLOGIES
Project Methodology
Project methodology is the process, which consists of steps requires to implement the
project successfully. .Project methodology helps to execute the project within the given resources
and time. These logical steps help the project managers to execute the project successfully
without failing to meet any requirements mentioned. There is a guideline called PMBOK which
contains the guideline of project methodology (Jaferi, Parsa & Sajadi, 2016). There can be
different kinds of project methodology. The application of the different types of project
methodology depends on the type of the project (Brioso, 2015). The methodology starts from
defining and initiation of the project and ends with the closure of the project. The project
management methodology needs to be flexible in nature so that it can adopt any changes in the
running project.
Role of methodology in project management
The project methodology helps the project managers to execute the projects within given
resources and time. Adopting a good project methodology in implementing the project will help
the project to finish in time and in some cases it will minimize the producing cost (Baptista et
al.,2016). It helps to determine the relationship of different stakeholders who are involved in the
project.
PRINCE2 Methodology:
PRINCE2 methodology is a methodology based on the controlled environment. It has
seven components. The advantage of PRINCE2 methodology is that it breaks tasks in the
projects in several parts. In those methodologies the role of project manager is clearly defined.
However, using PRINCE2 methodology justifying the area regarding the knowledge is difficult.

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PROJECT MANAGEMENT METHODOLOGIES
The main advantage of PRINCE2 methodology is that it is easy to follow and it is flexible to use.
The seven steps of PRINCE2 methodology are-Accountability, Lessons Learned, Managing the
stage, Adaptability of Project, Focus on the project, Business Case Driven, Manage by Exception
Advantages of PRINCE2:
PRINCE2 has certain advantages. It is a methodology that can be tailored in the running
project, which means it is flexible to change if needed. PRINCE2 defines the role of project
managers along with the other stakeholders who are involving in the project.
PMBOK:
Project Management Body of Knowledge is the guide line of project methodology. The
project managers can use this guideline in order to execute certain projects with the help of any
project methodology. First two chapters of PMBOK consist of the basic details about the project
management. The third chapter of the guideline consists of the basic standard of project
management (Snyder, 2014). The detailed analysis about the tools and the other factors regarding
the project management is discussed from chapter 4 to chapter 12.
There are ten components of PMBOK guide. These includes- integration management,
time management, scope management, quality management, cost management, human resource
management, risk management, stakeholder, communications management, procurement
management,
The PMBOK consists of five stages- Starting of project, Plan, Execute, Monitoring and
closing.