Project Management Methodologies

Running head: PROJECT MANAGEMENT METHODOLOGIES
PROJECT MANAGEMENT METHODOLOGIES
Name of Student
Name of University
Author’s Note

1PROJECT MANAGEMENT METHODOLOGIES
Definition of Methodology
Methodology can be defined as a system of various broad rules or principles from where
certain procedures or methods might be derived. This is done in order to interrupt as well as
solve various issues within the scope of a specific discipline. Methodology is not considered as
formula similar to an algorithm, inspite it is used as a set of practices. Methodology describes the
procedure using which a specific project is carried out (Kerzner & Kerzner, 2017). It contains
details regarding the collection of data and using is for the purpose of carrying out a research.
Methodologies are concerned regarding the science of procedures and methods.
Role of PM in project management
A well defined as well as very strictly defined methodology in order to manage a specific
project would provide a specific firm guaranteeing that the job would be done within time,
budget as well as considering the specifications of every client (Binder, 2016). Project
management methodology can be used in order to simplify the realization of business benefits as
well as organize the particular work in a unique and structured entity. Project methodologies are
effective with the help of proper communication as well as collaboration. Project methodology
can be defined as a particular combination of practices that are logically related, processes and
methods which determine the ways to plan, control, develop and then deliver project with the
help of continuous implementation process (Hornstein, 2015). This is done till the project is
successfully implemented.
Two processes of PM
There are various processes of project methodology; the two of them that would be
discussed in this assignment are as follows

2PROJECT MANAGEMENT METHODOLOGIES
PRINCE 2: PRINCE 2 can be defined as a structured project management methodology.
PRINCE 2 is usually a method that is process-based in nature; it is utilized for undertaking an
effective project management. This methodology has been widely recognized as well as
practiced in the fields of private sector across the world (Kerzner, 2018). The basic features of
PRINCE 2 focuses on the concept of business justification which defines the structure of a
particular organization for project management team and then uses an approach that is product-
based. PRINCE 2 has been providing good control on the project resources and then excels at the
management of business as well as project risk in an effective manner.
Waterfall: the waterfall methodology can be used in order to implement a specific
project, using this methodology a project is initiated and completed in various stages and moves
step by step towards the release of consumers. The project is executed in a linear manner using
the waterfall methodology (Joslin & Müller, 2015). Waterfall methodology makes the execution
of a project successful using various processes; these processes include extensive documentation,
gaining knowledge by the employees within the organization, team members are allowed to plan
their time in a better way, not receiving any input from the clients, it helps in measuring the
resources, makes designing easier and many more.