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Project methodology assignment

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Added on  2021-04-24

Project methodology assignment

   Added on 2021-04-24

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Running head: PROJECT METHODOLOGYPROJECT METHODOLOGYName of the Student:Name of the University:Author Note:
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1PROJECT METHODOLOGYProject MethodologyProject methodology is defined as the way or process to be followed in order to execute aproject within the given timeline. The application of project methodology is not applicable to afixed area off study. It can be used by the managers to implement any kind of project (Snyder,2014). There are various types of management methodologies. The application of the type ofproject management methodology depends on the category of the project. The projectmanagement methodology helps project managers to develop each stage of the project frominitiating to closure of the project (Moraes, 2016). It can be termed as a strategic practice whichincludes the game plane for developing the project lifecycle. A good project managementmethodology must be flexible and its steps should include practices, which are learned from theprevious experiences. The project management methodology can be of two types- Traditionaland Agile.DiscussionA Comparative analysis between PMBOK and PRINCE2:PMBOK:Project Management Body of Knowledge is the guideline for the project managementprofessionals in order to implement a project (Jaferi, Parsa & Sajadi, 2016). PMBOK consists ofdifferent guidelines and methods in order to execute a project properly along with meeting itsrequirements.The first two chapters of PMBOK provide the introductions of basic concepts of projectmanagement. The standards regarding the project management is described in the chapter 3 of
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2PROJECT METHODOLOGYthe book (Golini, Kalchschmidt & Landoni, 2015). The detailed guidelines and tools andtechnique regarding the project management are described in chapter 4 to chapter 12.There are10 project management knowledge areas are defined in the PMBOK guide. These are-procurement management , human resource management , scope management, cost management,quality management , risk management, time management, communications management,integration management, stakeholder.There are five PMBOK process management groups- Initialization of project, plan theproject, execution of project, control and monitor the project, and closing of the project.Each process is interconnected to each other.Advantages of PMBOK:PMBOK offers a well defined guideline for the project management.This defines the needs which are needed to be covered in the project management processIt defines the components and stakeholders of the project.PRINCE2:PRINCE2 defines the methodology of project in controlled environment. PRINCE2 hasseven principals. These seven principals are based on the four elements- principals, process,themes and tailoring. The principals of PRINCE2 are- Product Focus, Manage the Stage ,Lessons Learned, Manage by Exception, Business Case Driven, Accountability, Adapt to theProject.In PRINCE2 methodology the role of everyone involving in the project are well define. Thismethodology is perspective but it can be tailored (Baptista et al.,2016). The methodology is easy
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