Project Methodology: Definition, Role, Differences, Similarities, and Project Lifecycle

This document provides an overview of project methodology, including its definition and role. It discusses the differences and similarities between PRINCE2 and Waterfall methodologies. It also explores the project lifecycles of both methodologies. The document is a valuable resource for students studying project management.

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Table of Contents
Task 1...................................................................................................................................................3
a. Definition......................................................................................................................................3
b. Role...............................................................................................................................................3
Task 2...................................................................................................................................................3
a. Differences....................................................................................................................................3
b. Similarities...................................................................................................................................4
Task 3...................................................................................................................................................4
References............................................................................................................................................6

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Task 1
a. Definition
A particular set of activity and a particular sequence of activity in the project by following
which the project can get certain benefits and improve the probability of getting success by
reducing risk factors are called the methodologies to manage a project (VisualParadigm,
2019). For different categories of project, the sequence of activities is different, and so the
project manager should select the one with utmost care.
b. Role
i. The right choice of project management methodology can help in reducing the risk
present in the project due to having prior information regarding the probable issues
(Alexander, 2018).
ii. It can help in developing a better collaboration among the team members due to the
presence of well-defined roles and responsibilities.
iii. It can be useful for the appropriate recruitment planning by Human Resource
Department because of the knowledge regarding the requirement of particular skilled
manpower during the project lifecycle.
iv. It can be useful to identify the wastages present in the project so that they can be
reduced to improve the quality of the product and reduce the cost of implementation.
v. It can be useful for delivering critical projects as the project management team can get
time to reduce the criticality rather than getting involved into the complex
communication during project management as it is well defined since the beginning of
the project itself.
Task 2
a. Differences
The difference between two famous methodologies are discussed below (Viergever, 2015):
PRINCE2 Sl. No. Waterfall
The main driver of the project is business
case and its requirements
1 The main driver of the project is the
overall budget planned in the initial
stage
The project is thought to be driven in the
controlled environment condition.
2 The project is given with constraints
of cost and duration and so is
controlled accordingly.

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The main focal point is the quality of
product
3 The focal point is towards
maintaining the efficiency of
resources
Somehow or other PRINCE2 can support
the Agile methodology
4 It is something which is not agile
and is fixed right from the beginning
itself
The roles and responsibilities of this
project are shared by the business
executive, senior user, and the senior
supplier
5 The roles and responsibility are
limited to the steering committee
with very lean manpower
b. Similarities
Similarities between PRINCE2 and Waterfall methodology are as explained below
(Prince2, 2017):
Sl. No. Similarities
1 In both the cases, the documentation requirement is very high because a lot of
initial planning is required to be performed in both the methodologies.
2 The waterfall methodology follows very rigid path of activities with no gap
between the two phases and the same is followed in the PRINCE2 methodology
too.
3 The waterfall methodology can be used with the PRINCE2 methodology because
in both the cases, the sequential flow of work takes place.
4 The idea of both the methodologies are to provide a good amount of profit in the
business and the good quality of the product (Deneir, 2015).
5 The focus of both the methodologies is to maintain equilibrium between the
triple constraint in every project that is time, cost, and scope.
Task 3
Waterfall Methodology Project Lifecycle:
The lifecycle right from the start till the end of this methodology is divided into 6 major
stages. The stage starts from the identification of the requirement in which the stakeholders

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meet together to finalize the requirement from the product. After the requirement is finalised,
the
Figure: PLC of Waterfall Methodology
Source: (Sharma, 2016)
system design is developed so that in the 3rd stage it can be implemented as per the system
design. In fourth stage, the integration of the developed software and their testing are
performed to understand the quality of the product. In the fifth stage, the system is deployed
under the customer's area of operation so that the modification and the installation with the
system can be performed to provide maximum satisfaction to the customers.
PRINCE2 Project Life Cycle:
This methodology has a total seven process groups out of which all the process flows from
the starting to the closeout in a sequential manner. Accept the "directing a project" all other
processes starts and gets ends in between (MaxWideman, 2002). The "directing a project"
process starts from the initiation stage and completes at the final delivery of the product to the

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customer. Other six stages start and ends at their particular stage like the "starting a project"
starts and ends during the pre-project phase itself and "closing a project" starts and ends at the
final delivery stage.
Figure: PLC of PRINCE2 Methodology
Source: (Eid, 2010)
References
Alexander, M. (2018, July 24). How to pick the best project management methodology for
success. Retrieved March 22, 2019, from www.cio.com:
https://www.cio.com/article/2950579/methodology-frameworks/how-to-pick-a-
project-management-methodology.amp.html
Deneir, S. (2015, July 9). The top myths about PRINCE2® and agile methods. Retrieved
March 22, 2019, from www.axelos.com: https://www.axelos.com/news/blogs/july-
2015/top-myths-about-prince2-and-agile-methods
Eid, M. (2010, September 19). PRINCE2 Methodology. Retrieved March 22, 2019, from
www.slideshare.net: https://www.slideshare.net/moniefeied/prince2-methodology
MaxWideman. (2002). Project Life Cycle and Major Processes. Retrieved March 22, 2019,
from http://www.maxwideman.com:
http://www.maxwideman.com/papers/comparing/lifecycle.htm
Prince2. (2017). Is PRINCE2 a Waterfall method. Retrieved March 22, 2019, from
www.prince2.ca: https://www.prince2.ca/blog/our-blog-1/post/is-prince2-a-waterfall-
method-394
Sharma, L. (2016, April 17). WaterFall Model. Retrieved March 22, 2019, from
www.toolsqa.com: https://www.toolsqa.com/software-testing/waterfall-model/

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Viergever, N. (2015). PRINCE2 and Waterfall. Nederland: NVi Project Management.
VisualParadigm. (2019). What is Project Management Methodologies? Retrieved March 22,
2019, from www.visual-paradigm.com:
https://www.visual-paradigm.com/guide/project-management/what-is-project-
management-methodologies/