Project Management and Project Methodology

Running head: PROJECT MANAGEMENT
Project Management
Name of the Student:
Name of the University:

1PROJECT MANAGEMENT
1. Project methodology and its role into project management
Nicholas and Steyn (2017) stated that project methodology is model that the project
manager employs for designing, planning, implementing along with achieving of the objectives
of the project. In order to finish the project work within scheduled time and budget, project
methodologies are used. Rainer, Prince and Watson (2014) mentioned that project methodology
is se of proper repeatable processes which help in introducing of reliability, flexibility as well as
competence which improve the quality to manage the business projects (Turner, 2016). Project
methodologies are used in improving alignment of the projects, increasing the competitive
advantage, producing of better and faster business results, helping to predict requirements of
staffs and improving the management information.
The project methodologies are used into various project management processes designed
for supporting the project manager involved into the business projects. The goal of project
management methodologies is to finish the tasks faster needed for the projects. It also rises of
strategies to handle the project issues (Rosemann & vom Brocke, 2015). There are different
types of project methodologies such as PRINCE2, Agile XP, Waterfall and Agile Scrum. Within
the project management, the role of project methodologies are to specify what tasks are required
to undertaken and when to perform them for maximizing the time along with resources. Day-by-
days, the project management methodologies are become larger as well as more complex. This
methodology is helpful into the project as it helps to tackle the project properly along with
systematically integrate all the project activities (Karaman & Kurt, 2015). At the operational
level, this particular methodology plays a key role into delivering of the organizations empowers

2PROJECT MANAGEMENT
with the project team to do the needful work. This methodology enables the organization to
deliver of cost effective and scheduled solutions to the project manager.
2. Selected methodology: PRINCE2
The selected methodology is PRINCE2 methodology. It is a process based methods for
the project management. Structured project management orders the project into defined steps to
make it logical as well as organized. PRINCE2 provides written description of project
management approach. This particular methodology divides the entire project work into
manageable stages. On the other hand, PMBOK is set of standard and guidelines for the project
management (Spundak, 2014). The strength of PMBOK is to teach knowledge base of project
management profession while PRINCE2 sets out standard approach to run the project.
Similarities between PMBOK and PRINCE2 methods processes
Both PMBOK and PRINCE2 processes are similar in some of the key areas as follows:
1. PMBOK is a standard which is used in the project management and PRINCE2 is a
method which is used in all types of projects. Similarity is that both are used into the
project management.
2. Both are guides on the project management.
3. Both have initiation phase, planning, execution, controlling and closing phase into the
project phases (Joslin & Muller, 2015).
4. Both describes what the project manager knows and should able to do.