Project Management Methodologies and Theories

Project Management
Methodologies and
theories

Table of Contents
INTRODUCTION...........................................................................................................................1
Background......................................................................................................................................1
Agile project management methodology.........................................................................................2
Pros/cons.................................................................................................................................2
Challenges/benefits.................................................................................................................3
KPIs that can help enhance best practice...............................................................................3
Analysis/discussion................................................................................................................3
Waterfall project management methodology...................................................................................4
Pros/cons.................................................................................................................................5
Challenges/benefits.................................................................................................................5
KPIs that can help enhance best practice...............................................................................5
Analysis/discussion................................................................................................................6
CONCLUSION................................................................................................................................6
References........................................................................................................................................8

INTRODUCTION
Project management can be defined as the application of the various methods and skills
along with the processes and knowledge in order to achieve the objectives of the project in an
experienced manner. It has some agreed parameters through which the final deliverables and
constrains like timescale and budgets are taken care of for the ultimate accomplishments of the
project. Its purpose is to plan and manage the project completion in a successful manner. It also
involves the identification and management of risks along with the resource management and
clear communication among all the stakeholders of the project. It mainly focuses on the optimum
utilization of the resources in an efficient and effective manner (Nicholas and Steyn, 2020). The
following discussion is based on the project management methodologies and theories. They are
related to the real time projects. So that the recognition can be made that which theory or method
is most best suited or appropriate for the specific project. Moreover, the below information
provides the insight of pros and cons of the project management methodology. Moreover,
challenges and benefits and also the key performance indicators that can help in enhancing the
best practice with analysis and discussions.
Background
Project management methodologies and theories can be defined as the systematic way of
handling the projects. It uses the principles and techniques along with the procedures of the
various methodologies and theories associated with the project management. It helps in
managing the project in organising in a structurized manner. It also requires the several
deliverables and workflows to follow up for an effective and efficient way of monitoring and
administering the projects in a potential manner. Following up the methodologies and theories
requires the expertise and in depth knowledge of application so that project can be successful as
expected. There are several methodologies and theories of project management which are used
by different project managers as per the needs and requirements of the project. Project managers
selects the best suited methodologies for their particular projects in terms of the size or timescale
or budgets and many more. Then they follow up according to the methodologies principles
(Meredith, Shafer, Mantel Jr and Sutton, 2020). For example, the most popular project
management methodologies are agile and scrum along with the kanban and lean which is
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