Project Management Methodologies: Importance, Impact on Stakeholders, and Elements of Prince2

Running head: PROJECT MANAGEMENT METHODOLOGIES 1
PROJECT MANAGEMENT METHODOLOGIES
PPMP20009
Consolidated Portfolio
STUDENT NAME: <insert>
STUDENT ID: <insert>
LECTURER: <insert>
CAMPUS: <insert>
TERM: 1, 2018

PROJECT MANAGEMENT METHODOLOGIES 2
Table of contents
1 Introduction.........................................................................................................................3
2 Course Learning Outcomes................................................................................................3
2.1 Learning Outcome 1: Explain reasons why organisations adopt Project Management
Methodologies........................................................................................................................3
2.2 Learning Outcome 2: Critically analyse the impact of Project Management
Methodologies upon stakeholders..........................................................................................4
2.3 Learning outcome 3: Explain and justify the major elements of a Project
Management Methodology that might meet the needs of an organisation.............................4
3 Discussion and Conclusion.................................................................................................4
4 References...........................................................................................................................4
5 Appendix.............................................................................................................................4
5.1 Portfolio 1....................................................................................................................5
5.2 Portfolio 2....................................................................................................................5
5.3 Portfolio 3....................................................................................................................5
5.4 Portfolio 4....................................................................................................................5
5.5 Portfolio 5....................................................................................................................5
5.6 Portfolio 6....................................................................................................................5
5.7 Portfolio 7....................................................................................................................5
5.8 Portfolio 8....................................................................................................................5
5.9 Portfolio 9....................................................................................................................5
5.10 Portfolio 10..................................................................................................................5
5.11 Supporting documents.................................................................................................5

PROJECT MANAGEMENT METHODOLOGIES 3
1 INTRODUCTION
The project management institute defines project management as the use of
knowledge and skills together with tools and techniques in performing project activities in
order to attain project requirements. The whole process of managing projects involves a
series of phases namely initiation, planning, execution, monitoring and control, and finally
project closure (Kerzner, 2017). With the growth of the project management field and
increase in complexity of projects, project management methodologies were developed.
Methodologies in project management are basically guidelines and procedures that guide the
processes that are involved in managing projects. The methodologies are tailor made to be
applied in different projects and thus should be chosen carefully and modified to best suit the
project at hand .The major project management methodologies used in different industries
include the Prince2, Agile, Method123, Waterfall, and PMBOK. It was amazing to learn that,
the methodologies and procedures have undergone great evolution since their inception so as
to be able to meet the ever changing project management environment. Having been
following the changes in management of projects in the telecommunication, and construction
industries, I noted that methodologies have been changing with time. This paper analyses the
importance of methodologies, their impact on stakeholders, and elements of the Prince2
project management methodology in line with the course and my personal experiences.

PROJECT MANAGEMENT METHODOLOGIES 4
2 COURSE LEARNING OUTCOMES
2.1 Learning Outcome 1: Explain reasons why organisations adopt Project
Management Methodologies
Organizations have adopted the use of project management methodologies due to the
huge benefits that they bring to project management. In the past project managers used
simple approaches based on their intuition and experience in management. Recently, I have
witnessed the use of the project management systems and methodologies in the construction
and telecommunication industries since project managers are interested in ensuring that
projects meet the scope, time schedule, and cost that had been originally projected. The
methodologies are wisely chosen and modified to meet type of project, organization culture
and also aligned to the company strategy. The agile methodology and other methodologies
aim at delivering value and making management and control of project activities easier and
effective (Kerzner & Kerzner, 2017). The Agile approach is based on the values of enhancing
stakeholder interaction, change management, customer collaboration, and working software
over too much documentation. The Prince2 approach which is mainly used by the United
Kingdom government on the other hand is based on a product- based planning. This
resultantly gives project teams more control over the project resources and enables them put
in place strategies to mitigate risks more successfully.
Project management methodologies provides a structure that ensures that capacity of
the project team is built continuously. Through PM methodologies, the roles of different team
members are defined clearly and the chain of command clearly stated to ensure that everyone
understands his duty. The team is empowered through trainings in order to boost their
proficiency in the current and future projects. The organization also benefits from continuous
improvement of deliverables since continuous learning enables the team to be more proficient