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Project Management Methodologies
IntroductionIn this present paper, we will discuss the advantages, disadvantages, and area of application of the project management methodologies. The methodology is defined as the set of principles which can be tailored according to the particular situation. The methodologies of IT projects are characterized by the high structured planning, scoping and scheduling in order to deliver the highquality of products and services to its customers. The reasonable project management technologies act as a bridge between the rough project plan and technical matter in detail. The aim of the successful project management methodologies is to structure the leading process of the project to a satisfy end by taken into account logical sequence and a right perspective of the process in the project development life cycle. There are two broad categories of project methodologies, namely, project management methodologies, and application development methodologies. The methodologies help to deliver the project on time with the respective budget in order to satisfy all the stakeholders of the project. The component of the project management methodologies includes planning, execution, and monitoring of the project which ensure the delivery of the project on time.Following are three project management methodologies:1.Prince 2It is defined as the structural approach which is majorly used by all the industrial sectors as an element in order to deliver the project successfully. It is the process driven project management technology which mainly focuses on high level activities for example management, control and others.
AdvantagesThe methodologies help to identify the cost overrun quickly, or the project is not on track which enables to deliver the project on time successfully. The project management methodologies help to successfully understand the scope of the project by developing the roadmap to achieve the goals of the project. It helps to control the cost of the project which enables to build the competitive advantage to the company. It defined roles and responsibilities with continues seek and drawn of previous experience. It helps to manage the exception at every stage and tailored tosuit the project environment. DisadvantageThe disadvantages of project management methodologies are categorized into three segments, namely, cost overhead, communication overhead and time overhead (Fewings et al., 2013). Areas of applicationAccording to the KPMG international, the project management techniques are increased in the new IT projects by 81% in the past few years (Schwalbe et al., 2015). The IT projects are more complex than other projects, so the project management technologies help to reduce the complexities in the projects.2.Agile project managementIt is the iterative and incremental methodology in which the work is carried out through iterative phases. It helps to get the feedback constantly and refine the needs between two iterations.
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