Developing a New Project Management Methodology

This assignment analyzes the need for a new project management methodology within a company looking to diversify its industries. It delves into the limitations of the existing 7-year-old methodology and explores various project management frameworks and methodologies like PMBOK, ISO 31000, PRINCE2, Agile, Scrum, and Waterfall. The presentation covers key aspects such as project life cycle stages, policies, procedures, knowledge sharing mechanisms, and responsibilities throughout different project phases. It concludes with recommendations for developing a new PMO structure, utilizing templates, and establishing effective knowledge management practices.

The company wants to diversity into different industries for which it needs to improve its
capability to manage projects. The company had developed a custom project management
methodology 7 years back that is not efficient now so the company needs to develop a new
methodology
Before a new PM can be developed, an analysis has to be done on the existing situation of the
company such that appropriate recommendations can be made accordingly. This presentation
is going to cover these analyses and recommendations.
Project management framework is different from methodology. A framework only provides a
guideline such as given in PMBOK and ISO 31000 framrworks used for project management
and risk management. Methodology gives action steps for execution such as given in
PRINCE 2, CAM2P, Agile, Scrum and Waterfall methdologies
Different project management practices can be used in different phases of a project including
initiation, planning, execution, monitoring & controlling and closing as shown
There are four core project life cycle stages that can be applied to any project irrespective of
the methodology or framework used. These include four key phases – initiation, planning,
executing, and closing. The outputs and milestones of each are shown in the table here
Policies provide guidelines and procedures provide steps for execution. Table shows
examples of policy statements and procedural steps. For instance, policy says that a business
case must be prepared to get approval while procedure says that it must be prepared after
consulting stakeholders
Procedures and policies can be standardizing using certain steps starting from need
identification, research involving identification of policies, documentation of policies, their
submission, approval, communication, implementation and review.
The knowledge generated in an organization can be managed and used with implementation
of an appropriate knowledge sharing mechanism. This includes development of a database
where knowlege is captured and then shared between members
The table shows some knowledge sharing practices that can be used by organizations for
project learning. These practices can be formal such as database development, training and
flagship project development. Informal methods include collocation, creation of matrix
structure allowing knowledge sharing among members through meetings or use of hints given
by top management for problem solving.
At each stage of the project life cycle, responsibilities can be assigned to different people
working on the project as shown in the table. It begins with development of governance
structure and project approval.
Then we move to planning were project plan is prepared
In the execution stage, status reports are prepared and issue logs, risk registered and lessons
learned logs are updated by project manager

At the time of project closure, a closure report is prepared and lessons learned are recorded.
After project is over, post implementation review is conducted by sponsor
Some recommendations can be made to enable improvement in the current practices. First,
the company can create a PMO with team defined along with responsibilities identified as per
project phases. Then templates can be developed as per the needs of each project phase. A
knowledge management practice must be established such that team members can learn from
other team members or from previous projects using different knowledge sharing practices.