Comparative Analysis: Project Management Methodologies Report

This report provides a comprehensive overview of project management methodologies, focusing on a comparative study between PRINCE2 and the Waterfall model. It begins by defining project management methodologies and their crucial role in project compilation, emphasizing the importance of selecting the right methodology for project success. The report then delves into a detailed comparison of PRINCE2 and Waterfall, highlighting their advantages, disadvantages, and specific applications. It explores the key differences, such as flexibility versus rigidity and the presence or absence of feedback paths. The report also identifies the stages of the project life cycle where each methodology is typically applied, including initialization, planning, execution, monitoring, and closing. The report references sources to support its claims, offering a well-structured analysis of these project management methodologies.

Running head: PROJECT MANAGEMENT METHODOLOGY
PROJECT MANAGEMENT METHODOLOGY
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Table of Contents
Definition of the methodology:..................................................................................................2
Role of the methodology for the compilation of the project:.....................................................2
Comparative study between two selected project management methodologies:.......................2
Comparison between PRINCE2 and Waterfall model:..............................................................3
Similarities between PRINCE2 and Waterfall model:...............................................................4
Identification of the PRINCE2 methodology in the project life cycle:......................................4
Identification of the waterfall model in the project life cycle:...................................................5
References..................................................................................................................................6

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Definition of the methodology:
For the compilation of project in a proper technique selection of the right management
methodology is important. Project management methodology defines the series of processes
needed for the project to deliver the proper outcome (Model, 2015). The processes of the
project management methodology has certain steps those are followed by PMBOK.
Role of the methodology for the compilation of the project:
Methodology helps project to identify requirements needed for execution of the
project. Selection of management methodology is dependent on type and role of the project
(Krysiński & Miller, 2016). Apart from that the proper selection of project management
methodology is helpful managing resources of project in a proper way.
Comparative study between two selected methodologies:
Selected management methodologies in this paper are- PRINCE2 and Waterfall
method.
Waterfall:
Waterfall methodology is considered as the oldest methodology. At the initial stage
the main objective of the waterfall methodology was to manage the increasing complexity of
the project. The main advantage of the waterfall model is its simple approach. The whole
methodology is divided into discreet stages. At the initial stage the gathering of the
requirement is needed to be done. After the gathering of the requirement analysis on those
requirements is done. The designing is the blueprint for the execution which is based on the
gathered requirement. The implementation is done on the basis of the design (Scheingross et
al.,2017). After the execution the testing and maintenance is done. Each of the steps is needed

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to be completed before going to the next step. The main issue with the waterfall model is that
no backtracking is possible in this methodology.
Advantage of waterfall model:
The main advantage of waterfall model is that this methodology is simple and easy to
update. Apart from that this methodology can be managed easily (Vaníčková, 2017). All the
processes are completed at one time and this methodology is suitable for the development of
the small projects. All the milestones are well defined and requirements are well documented.
PRINCE2:
PRINCE2 is defined as the Project In Controlled Environment. PRINCE2 was
developed by the UK government. PRINCE2 has seven elements those are dependent on the
four factors of this methodology (Scheingross, & Lamb, 2017). These four factors are-
process, themes, tailoring and principals. One of the attributes of this methodology is that it is
flexible to adopt any changes in the project environment. The application of this type of
methodology is widely used in the construction project. The role of the stakeholders involved
in this project is well defined. However. On this methodology the focus based on the
knowledge is not concerned in a proper way.
Advantage of PRINCE2 methodology:
The main advantage of PRINCE2 methodology is that this is a flexible methodology
that can adopt the changes in the situation. Apart from that the role of the stakeholders
involved in this project is well defined (Cooke, 2016). This methodology breaks the entire
project into several parts so that the managing of the functionalities of the project can be
achieved.

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Comparison between PRINCE2 and Waterfall model:
PRINCE2 Waterfall Model
Based on the seven principals. There are certain steps for the compilation
of the project.
The methodology is flexible. This methodology is rigid.
There is feedback path present in the
methodology.
No feedback path is present.
Suitable for the construction project. Suitable for the small projects.
Needed experts to understand the process of
the methodology.
Any novice can understand the processes of
this methodology.
Similarities between PRINCE2 and Waterfall model:
Both these methodologies are used for the management of the project. Both these
methodologies are effective on certain kind of project. In both cases, the steps mentioned in
the methodologies can be mapped into the steps mentioned in PMBOK.
Identification of the PRINCE2 methodology in the project life cycle:
PRINCE2 PLC
Definition of the project goal Initializing the project objective.
Initialization of project Planning of the project
Execution Managing the control stage and delivery of
the products.
Closing the project Project closes
Evaluation Monitoring and control of the project.

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Identification of the waterfall model in the project life cycle:
Waterfall model PLC
Initialization Staring of the project, gathering
requirements.
planning Documentation of the requirements
Design and execution Execution phase
testing Monitoring and control of the project
closing Closing of the project.

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References
Cooke, J. L. (2016). PRINCE2 Agile An Implementation Pocket Guide: Step-by-step advice
for every project type. IT Governance Ltd.
Krysiński, M., & Miller, P. (2016). The Role of Conflict in Project Management in the
PRINCE2 Methodology. Ekonomika i Organizacja Przedsiębiorstwa, (6), 3-12.
Model, W. (2015). Waterfall model. Luettavissa: http://www. waterfall-model. com/.
Luettu, 3.
Scheingross, J. S., & Lamb, M. P. (2017). A mechanistic model of waterfall plunge pool
erosion into bedrock. Journal of Geophysical Research: Earth Surface, 122(11),
2079-2104.
Scheingross, J. S., Lo, D. Y., & Lamb, M. P. (2017). Self‐formed waterfall plunge pools in
homogeneous rock. Geophysical Research Letters, 44(1), 200-208.
Vaníčková, R. (2017). Application of PRINCE2 Project Management Methodology. Studia
Commercialia Bratislavensia, 10(38), 227-238.