University ITC Project Management Methodologies Report Analysis

This report from ITC University examines project management methodologies, defining them as models for project execution. It highlights the role of methodologies in ensuring project success, providing structure, and aiding decision-making. The report details various methodologies, including PRINCE2, SDLC, Waterfall, Agile, Scrum, PRiSM, and Lean, emphasizing the importance of selecting the appropriate approach. It then compares Agile and Waterfall methodologies, discussing their advantages, disadvantages, and suitability for different project types. The report further connects these methodologies with the project life cycle (PLC), emphasizing the integration of methodologies within the stages of initiation, planning, execution, and closing. The report concludes that the PLC must be executed according to any of the suitable methodology and its strictly defined steps.

Name of University
ITC Project Management
Assessment Item 1: Project Management Methodologies
Student’s Name
8/31/2017

Assessment Item 1: Project Management Methodologies
Table of Content
Project Management Methodology..................................................................................................2
Role of Methodology in Project Management.................................................................................2
Different Methodologies available..................................................................................................2
Two Methodologies.........................................................................................................................3
Methodologies and Project Life Cycle (PLC).................................................................................3
References........................................................................................................................................4
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Assessment Item 1: Project Management Methodologies
Project Management Methodology
Project Management methodology is a model or concept or approach which is being adopted by
team members of the project irrespective of type, size and objective of the project
(TutorialsPoint, 2017). It has a set of pre-defined steps or sequences of executing the project,
which are required to be followed by the project manager for the proper success of the project
and prevent it from any delay in time, cost overrun, additional resource requirements along with
proper quality standards.
Role of Methodology in Project Management
Project management is a schedule of activities which are required to be followed for properly
managing the project without affecting any of the three project’s constraints. The methodology is
analytically proven with full success rate (McConnell, 2010). It must be strictly followed by all
the project managers to get a sure success in project management. It helps in taking proper and
quick decisions by the project managers.
The methodology helps in quick realization of the self-responsibilities by the team members. It
provides a common understanding among the team and helps in managing the roles of senior
management and creating effective governance and so the decisions (Naybour, 2016).
Different Methodologies available
There are various different approaches by which the project can be managed. So the project
manager first needs to know all the methodologies for making the perfect choice among many.
The different types of project management methodologies are:
PRINCE2: according to this methodology, the members of board takes lead in project in
place of the project manager, governance is given the higher priority for effective
execution and controlling of the project (Wrike, 2017). The project manager acts as daily
site coordinator.
SDLC: is the traditional methodology of executing any project
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Assessment Item 1: Project Management Methodologies
Waterfall: in this method the activities and the stages within the project are linked with
finish to start relationship, so successor cannot start unless the predecessor activity or
stage has completed fully.
Agile: it depends on the people centric comments or the type of projects like IT or
marketing
Scrum: in this methodology the project management teams always keeps on targeting the
hurdles present in the project and acts for removing them only to facilitate the smooth
execution of the project
PRiSM: is the approach of reducing the environmental footprint while executing the
project activities
Lean: according to this approach, the whole project team acts towards the common aim
of reducing the number of resource utilization
But it is the sole responsibility of the project team and manager to decide which approach is
required to be adopted for the right type of the project, because all methodologies do not suit all
projects.
Two Methodologies
To compare between the two methodologies, let us select the two famous methodologies ‘Agile’
and ‘Waterfall’ for the discussion:
Agile Waterfall
Advantage: for people related project
which is always capable of going under
changes (Palmquist, Lapham, Miller,
Chick, & Ozkaya, 2013)
Advantage: for the projects where the
resources and the cost is limited and need
to be tracked throughout the project
phase
Disadvantage: generally there are chances
of getting cost overrun for the project
Disadvantage: cannot be applied for the
project where the scope is not fixed since
beginning
Useful for: the project like IT and Useful: for the projects where scope is
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Assessment Item 1: Project Management Methodologies
marketing, which requires many
comments from different stakeholders to
develop the final outcome
rigid and confirmed from the beginning
stage itself
Similarity: both the approaches are derived from the same goal of achieving the
quality product within the given time and cost. Both usages the same steps within the
stages. Both has defined time frame to complete the stages or the project. Both the
methodologies uses the approach of finalizing the scope at the very first stage of the
project by conducting multiple levels of reviews.
Methodologies and Project Life Cycle (PLC)
The basic stages involved in the project life cycle are the initiation, planning, execution and
closing and all these stages are well defined in the respective methodologies. The Agile
methodology tells about organizing the high level meetings from the start and the end of each
stages or steps to reorganize the requirement and plan the future execution stages for proper
closing. The stakeholder management by fulfilling all the required expectations is the important
stage in the project management which is being taken care in Agile and Waterfall models by
arranging regular multilevel review meetings. So after all the study it can be concluded that the
PLC must be executed according to any of the suitable methodology and its strictly defined
steps.
References
McConnell, E. (2010, July 22). Project Management Methodology: Definition, Types, Examples.
Retrieved August 30, 2017, from MyManagementGuide.com:
http://www.mymanagementguide.com/basics/project-methodology-definition/
Naybour, P. (2016, May 24). The benefits of following a project management method. Retrieved
August 30, 2017, from www.apm.org.uk: https://www.apm.org.uk/blog/the-benefits-of-
following-a-project-management-method/
Palmquist, M. S., Lapham, M. A., Miller, S., Chick, T., & Ozkaya, I. (2013). Parallel Worlds:
Agile and Waterfall Differences and Similarities. Massachusetts: Carnegie Mellon
University.
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Assessment Item 1: Project Management Methodologies
TutorialsPoint. (2017). Project Management Methodologies. Retrieved August 30, 2017, from
www.tutorialspoint.com:
https://www.tutorialspoint.com/management_concepts/project_management_methodolog
ies.htm
Wrike. (2017). Retrieved from II. Choose Your Project Management Methodology:
https://www.wrike.com/project-management-guide/methodologies/
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