Methodologies in Project Management-Free-Samples for Students

Questions: 1.Define what a Methodology is and the role it serves in Project Management. 2.Familiarise yourselves with the various Methodologies in the list below. Choose two Methodologies to Compare and Contrast, analysing the similarities and differences between them both. 3.Finally, identify how your chosen Methodologies and Processes relate to the Project Life Cycle . Answers: Introduction Project management can be explained as the implementation of skills, knowledge, techniques, and tools for performing different activities for ensuring that the requirements of the project are met. It ensures the completion of the project by complying with the needs and requirement of the project. 1.Define what a methodology is and the role it serves in project management. The methodology can be explained as a model which is used by the project manager for the purpose of designing, planning, implementing and achieving the objectives of the project. Project management methodology provides various advantages (Karaman Kurt, 2015). Methodology plays a vital role in the project management. The role of methodology in project management is explained below: Reduction in the efforts and costs Recognizing and correcting the problems Analysis of the risks so as to apply strategies for coping with those risks Ensures right thing is done at right time and in right manner Provides competitive advantage (Singh Lano, 2014). Enhances satisfaction level of stakeholders Generate faster and cost effective results Contributes to the performance of the project team Effective and efficient utilization of the resources Making predictions regarding the staffing needs of the project It helps in the identification of the skill, competence needs and knowledge of project management (Singh Lano, 2014). 2.Familiarise yourselves with the various methodologies in the list below. Choose two methodologies from this list to compare and contrast, analyzing the similarities and differences between them both. There are different methodologies available which can be used for the project management. These methodologies are discussed below: Project Management Body of Knowledge (PMBOK): It can be understood as the complete set of standards which are accepted within the project management industry. It is a complete package of effective practices, processes, terminology, and guidelines which act as standards for the industry (Chin Spowage, 2012). PRINCE2: this methodology has been developed by the UK government as a process based method for the management of the project in an effective manner. SDLC: it is a conceptual model which is used for the management of the project. The purpose of this model is to define the various stages which are a part of the information system development project. The focus of this methodology is on enhancing the quality of the project (Karaman Kurt, 2015). Waterfall: it is a sequential design process which helps in the completion of the project in an effective manner by executing every step and moving towards the next step. This methodology stores records which can be used for future projects. This is a traditional methodology which is being replaced by Agile methodology. Agile: an incremental approach is followed in this type of methodology. The focus of this methodology is on constant improvement by defining the various principles for the development of software (Chin Spowage, 2010). The comparison has been made between PMBOK and PRINCE2 for the analysis of the differences and similarities between both. Differences between PMBOK and PRINCE2 Basis PMBOK PRINCE2 Definition It acts as a standard and guide. It works as a structured methodology for the project management. Number of principles No principles There are 7 principles in PRINCE2. Centre of focus The focus is on the requirements of the customers. The focus is on the business case and product. Themes and knowledge areas covered There are 12 knowledge areas in PMBOK (Business insight, 2013). There are 7 themes in PRINCE2. Number of process and activities included It includes 5 process groups along with 47 processes It includes 7 processes along with 35 activities. Practicality It is considered less practical approach for the small size projects. It is considered more practical approach for small size projects (Bonnie, 2014). Similarities between PMBOK and PRINCE2 Both these methodologies have been considered as proven approaches on an international level for implementation of the project. Both methodologies help in meeting the needs of the organizations at every level. Both approaches help in doing the projects in right way (Chin Spowage, 2010). 3.Finally, identify how your chosen methodologies and processes relate to the project life cycle PMBOK is having five phases through which a project passes through. These five phases include initiation, planning, execution, control, and closure. Every phase focuses on checking the process of the project so as to make sure that the project is completed in a successful manner (Business insight, 2013). Project life cycle in PRINCE2 methodology is divided into 7 phases. These phases include starting the project, providing direction to the project, initiation of the project, execution of control, management of the delivery process of the product, management of the stage boundaries and closure of the project (Bonnie, 2014). Conclusion This assignment has discussed the concept of project management and the role played by the methodology in project management. There are different methodologies available which can be used for project management. References Bonnie, E. (2014). Project Management Basics: PRINCE2 Explained. Wrike. Business insight. (2013). What is the Project Life Cycle ?. Business insight. Chin, C. M. M. Spowage, A. C. (2010). Defining and Classifying Project Management Methodologies. PM World Today, 12(5), 1-9. Waheed, N. (2014). CMMI, PRINCE2 and PMBOK The Big Three. Proc. of the International Confrerence on Advances in Computing and Information Technology, 6-9. DOI: 10.3850/ 978-981-07-8859-9_02 Chin, C. M. M. Spowage, A. C. (2012). Project Management Methodologies: A Comparative Analysis. Journal for the Advancement of Performance Information and Value, 4 (1), 106-118. 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, Vol. 4, Issue 4. Singh, R. Lano, K. (2014). Literature Survey of previous research work in Models and Methodologies in Project Management. International Journal of Advanced Computer Science and Applications, 5 (9), 107-122.