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Project Management Methodologies
IntroductionIn this present paper, we will discuss the advantages, disadvantages, and area of application ofthe project management methodologies. The methodology is defined as the set of principleswhich can be tailored according to the particular situation. The methodologies of IT projects arecharacterized by the high structured planning, scoping and scheduling in order to deliver the highquality of products and services to its customers. The reasonable project managementtechnologies act as a bridge between the rough project plan and technical matter in detail. Theaim of the successful project management methodologies is to structure the leading process ofthe project to a satisfy end by taken into account logical sequence and a right perspective of theprocess in the project development life cycle. There are two broad categories of projectmethodologies, namely, project management methodologies, and application developmentmethodologies. The methodologies help to deliver the project on time with the respective budgetin order to satisfy all the stakeholders of the project. The component of the project managementmethodologies includes planning, execution, and monitoring of the project which ensure thedelivery 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 asan element in order to deliver the project successfully. It is the process driven projectmanagement technology which mainly focuses on high level activities for examplemanagement, control and others.
AdvantagesThe methodologies help to identify the cost overrun quickly, or the project is not on track whichenables to deliver the project on time successfully. The project management methodologies helpto successfully understand the scope of the project by developing the roadmap to achieve thegoals of the project. It helps to control the cost of the project which enables to build thecompetitive advantage to the company. It defined roles and responsibilities with continues seekand 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 thenew IT projects by 81% in the past few years (Schwalbe et al., 2015). The IT projects are morecomplex than other projects, so the project management technologies help to reduce thecomplexities in the projects.2.Agile project managementIt is the iterative and incremental methodology in which the work is carried out through iterativephases. It helps to get the feedback constantly and refine the needs between two iterations.