Definition of Project Management Methodology †MyAssignmenthelp.com

Question: Discuss about the Definition of Project Methodology. Answer: Definition of Project Methodology Definition 1: Project methodology is a series of steps, practices, methods, techniques and procedures used by the professional that determines the plan best for the execution and the successful completion of the project. The methodology is continuously implemented till the successful completion and termination of the project. It is a disciplined, systematic and scientifically approved approach to design, execute and terminate the project (Kerzner, 2018). Project methodology is meant to provide a base on which the execution of a project commences and provides a brief overview of each step such that the project managers can plan the work such that it could be completed within the schedule and no cost overrun is incorporated. It is a set of rules and principles that is implemented to control a project that is scheduled with a specific beginning and end. It allows the project manager to select certain way to perform a task. Definition 2: Project methodology is a series of methodologies followed at each step from initiation till the completion of the project. It is a process of adapting the techniques, methods and procedures such as to ensure the effective completion of the project. It is a procedure of initiating, planning, executing, controlling and closure of a project such that it is completed on time and quality product is provided within the estimated cost. It proves useful and handy in the successful completion of the large and complex products (Parker et al., 2013). It provides deeper insights of the activities that need to be carried out in each strep of the project methodology. The steps also identify the risks involved with the risk as well as the methods and techniques to resolve those issues. The deep knowledge of each step provides the project manager to efficiently control the operations leading to successful completion of the project. Comparison between PMBOK and PRINCE2 Theproject management provides various methodologies based on the analysis of the complexity of a project such as Waterfall, PRINCE2, Agile XP, Agile Scrum, and Rapid Application Development (RAD) and many more. The term PMBOK stands forProject Management Body of Knowledge which provides guidelines, terminologies and best practices that are trusted as standard within the industry of project management. The differences between the PMBOK and PRINCE2 method are described below: PRINCE2 method is process oriented and is prescriptive but not tailorable where as the PMBOK is a knowledge oriented approach toproject management and is non-prescriptive (Matos Lopes, 2013). PRINCE2 methodology is a team based approach where the manager is given less powers and focus on the role of team as whole where as PMBOK provides great powers to the project manager (Karaman Kurt, 2015). PRINCE2 method of project management describes what task should be performed. It also describes how and when a particular task should be done whereas, the PMBOK only describes the wide range of techniques that should be implemented to manage the project efficiently. The PRINCE2 method does not require any prior experience as it is based on process where as PMBOK proves to be easy for learning the skills of project management (Jamali Oveisi, 2016). PRINCE2 method of project management considers the product as the deliverables whereas, the PMBOK emphasizes on project artefacts as the deliverables. Similarities between PRINCE2 and PMBOK PRINCE2 and PMBOK share various similarities which is highlighted in the following points: Both the PMBOK and the PRINCE2 method of project management deals with providing quality product and considers the cost, time, scope of the deliverable (Basu, 2014). Both methodologies are concerned about the risks involved in the project and progress by identifying and assessing the risks. Relation of PRINCE2 with Project Life Cycle The PRINCE2 method of project management consists of seven processes as mentioned in the Project Life Cycle as described below: Starting of the project: This stage ensures what information is required by the project team and creation of the next stage plan (Biggins, Trollsund Hiby, 2016). It also deals with the appointment of Project Management Team. Initiation of the Project: The main objectives of this stage is to decide whether the project is feasible or not. It also provides the baseline for the decision making process and ensures acceptance of the foundation of the project before starting the work. Management of Stage Boundaries: This stage ensures that the end product of current stage is completed planned and also provides information to the Project Board to access the project completion. Direction of the Project: This stage is concerned with the overall direction of the project that serves the purpose of managing and monitoring the progress of the project through reports and controlling different activities by taking certain decisions (Joslin Mller, 2016). Stage Controlling: This process describes the ways in which the project manager controls and monitors the work progress. The project manager monitors the work by gathering information about the work and authorising it. Project manager also reviews the work done and also takes decisions that would be necessary for the corrective action. Management of Product Delivery: The main objective of this process is to make sure that the product is developed and delivered within the stipulated time by ensuring that the work fulfils the requirement as mentioned in the package. Project Closure: This stage confirms the successful completion of the project by obtaining the formal acceptance of the product. References Basu, R. (2014). Managing quality in projects: An empirical study.International journal of project management,32(1), 178-187. Biggins, D., Trollsund, F., Hiby, A. L. (2016). Applying a life cycle approach to project management methods. Jamali, G., Oveisi, M. (2016). A Study on Project Management Based on PMBOK and PRINCE2.Modern Applied Science,10(6), 142. Joslin, R., Mller, R. (2016). The impact of project methodologies on project success in different project environments.International Journal of Managing Projects in Business,9(2), 364-388. Karaman, E., Kurt, M. (2015). Comparison of project management methodologies: prince 2 versus PMBOK for it projects.Int. Journal of Applied Sciences and Engineering Research,4(5), 657-664. Kerzner, H. (2018).Project management best practices: Achieving global excellence. John Wiley Sons. Matos, S., Lopes, E. (2013). Prince2 or PMBOKa question of choice.Procedia Technology,9, 787-794. Parker, D., Charlton, J., Ribeiro, A., D. Pathak, R. (2013). Integration of project-based management and change management: Intervention methodology.International Journal of Productivity and Performance Management,62(5), 534-544.