Project Management

PROJECT
MANAGEMENT

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
1.1 Role of methodology in project management..................................................................1
1.2 Various methodologies and similarities- difference between them.................................2
1.3 Methodology relating to project life cycle.......................................................................2
CONCLUSION................................................................................................................................3
REFERENCES................................................................................................................................4

INTRODUCTION
Project is basically an operation which consists of tasks like designing a unique product
or service. These functions are done by managers who have the duty to bring new and innovative
products in market. Project management can contain procedures, skills, methods and knowledge
to achieve objectives. This report will include methodologies and its role and will also show their
relation to project life cycle.
MAIN BODY
1.1 Role of methodology in project management
Project methodology can be defined as strategic plans which are used for managing and
controlling task. These are the game plans which are used for implications of objectives and
product life cycle. They also act as guidelines or references which are used for managing or
achieving objectives (Fleming and Koppelman, 2016). Methodologies also suggest phases, tool
and techniques for supporting IT projects. These methods are flexible and should be easily
adaptable.
Project methodologies has a keen role in managing tasks easily and effectively. They help
company in managing the work systematically and enable them to face risk which can occur in
an uncertain and dynamic environment. These also provides confidence and motivation to
consumers, business partners, suppliers, and helps company in delivering them a large amount of
profit. Organisation with the support of these models can also deliver products at right place and
time which increases their operational efficiency, helps them in attracting, retaining customers.
Project management also helps in defining risk and issues which can be served in business and
support company in managing communication with stakeholders, investors and funders (Mir and
Pinnington, 2014). They also help in managing the project budget and delivering quality and
unique products to consumer.
1.2 Various methodologies and similarities- difference between them
Project management body of knowledge is intended to be guidelines which helps
company in achieving task with the help of various knowledge areas like integration,
communication, procurement, quality cost and scope management. This methodology includes
five process groups like initiating, planning, executing, monitoring and closing. Project in
controlled environment (Prince2) is a widely utilised method which are used by different
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