Analysis of Project Management Methodologies & Their Applications

This report provides a detailed overview of various project management methodologies, highlighting their roles in project management, categories, and relationships. It begins by defining project methodologies as adaptive frameworks for program execution, emphasizing their importance in planning and achieving project objectives. The report then discusses the role of project methodologies in managing project plans, initialization, and implementation, including the estimation of project closure. Key methodologies such as Agile, Waterfall, Prince2, SDLC, and PMBoK are explored, outlining their principles, processes, and differences. The comparison between Prince2 and PMBoK is presented in a table, detailing their focus areas, knowledge areas, activities, principles, and coverage of organizational and environmental factors. Furthermore, the report examines the relationship between the project life cycle, Prince2, and PMBoK, emphasizing the balance between time, scope, and quality. The conclusion highlights how project methodologies improve decision-making capabilities for project managers and facilitate the deployment of changing stakeholder requirements within the product development life cycle. Desklib offers this report and many other resources for students.

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Assignment on
Project Methodologies
8/11/2017

Project management methodologies
Contents
1. Introduction:..................................................................................................................................2
2. Role of Project methodology in project management:..................................................................2
3. Categories of Project methodologies:............................................................................................2
4. Relation between Project life cycle, Prince2, and PMBoK:............................................................4
5. Conclusion:....................................................................................................................................5
6. References:....................................................................................................................................5
1

Project management methodologies
1. Introduction:
A methodology is used for designing and planning for achieving the objectives of the project.
The project methodologies act as an adaptive framework for program execution. “The plans
are prepared for the accomplishment of goal by using the set of principles of project
methodology” (Matos, 2013). The activities of the project management can be made lighter
and easier by involving the concept of project methodologies.
2. Role of Project methodology in project management:
The project methodologies help the manager for managing plan, initialization, and
implementation of the project. The closure of the project can be estimated by the project
methodologies. The plans and objectives can be easily achieved by using the models of
methodologies. “The project activities can be managed within the project scope and
scheduled time” (Hewagamage, 2011).
3. Categories of Project methodologies:
Agile Methodology:
In this methodology, the active participation of customers and stakeholders involves which
helps in empowering the project team. The focus is given on team management, project
monitoring and controlled system, response given correspondent to the changes required by
the customers, and others.
Waterfall methodology:
This methodology is based on sequential approach which involves the completion of each
phase in serial order. The different phases which are involved in waterfall methodology are
requirement specification plan, design concept, development, integration, testing and
validation, installation and implementation, and maintenance and monitoring. The
requirement should be specified in the initial stage of the project.
Prince2:
“The facts and standards are the basis of prince2 methodologies. It follows the concept of
process based approach” (Ghosh, 2012).
SDLC:
2

Project management methodologies
SDLC is the collection of different methodologies together which are used for completing the
life span of completing the project development cycle. Each phase of SDLC maintains the
documentation for being used in the future.
PMBoK:
PMBoK is based on standard principles for directing the project in the right direction. The
critical path method and work breakdown structure are the basic terminology used in the
PMBoK. The major areas which are covered in PMBoK are financial sector, scope
management, quality management, budgeting, organization behaviour, time management,
human resource management, and many more. The document, plan, and designs are the
major outputs of the PMBoK methodologies. The PMBoK helps in increasing the decision
making capabilities of the project manager.
Similarities:
The Prince2 and PMBOK are the project methodologies which provide the substantial
framework for managing project activities in efficient manner. The focuse of the two
methodologies is to manage activities within the specified scope and time mentioned in the
contract. “The methodologies help in delivering the product to the customers within the
specified time and reduced amount of bugs” (Obrutsky, 2016).
Differences:
Particulars PRINCE2 PMBOK
Define Process based approach Principles and standard based
approach
Critical areas Practically focused Comprehensively focused
Knowledge areas 7 knowledge areas 10 knowledge areas
Activities 35 activities 45 processes and activities
Principles 7 principles -
Interpersonal Skills Not indulged Indulged
Coverage area Processes and activities Active participation of
customers for determining
their requirement
3

Project management methodologies
Organizational and
environmental factors
Partially focused Strongly focused
Quality Partially Focuses on quality
management
Focuses on quality
management
Plan Partially Focuses on scope,
time, and cost
Focuses on scope, time, and
cost
Risks Identification of risk Identification and
management of risks
Change Change can be accepted The modification required
should be specified in the
initial stages of the project
Communication management
plan
Partial participation of
customers and stakeholders
Active participation of
customers and stakeholders
Management of human
resource
Focus on organization theme Focus on PMBOK guide for
reference
Stakeholder management
plan
Partial participation of
customers and stakeholders
Active participation of
customers and stakeholders
4. Relation between Project life cycle, Prince2, and PMBoK:
The PMBoK provides the defined approach for meeting the requirement of the project. The
product specification can be changes according to the change in requirement of the
customers. “The PMBOK helps in managing the balance between time, scope, and quality”
(Rad, 2013). The prince2 gives preferences to the quality of the product. The quality control
and quality assessment programs should be indulged with the activities which help in
satisfying the need of the customers. The diagram below shows the relationship between the
Project life cycle, Prince2, and PMBoK:
4

Project management methodologies
5. Conclusion:
The Project methodologies help in improving the decision making capabilities of the project
manager which results in the betterment of the project. The changing requirement of the
stakeholders can be easily deployed with the product development life cycle by using the
concept of project methodologies.
6. References:
Ghosh, S. (2012). Enhance PMBOK by comparing it with PRINCE2 and P2M standards.
Retrieved from http://pmkb.com.br/uploads/2013/08/95598999-Comparison-of-PM-
Frameworks.pdf
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