Definition Of Project Methodology

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Definition Of Project Methodology

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Definition Of Project Methodology

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Question:
Discuss about the Definition of Project Methodology.

Answer:

Definition of Project Methodology
Definition 1:
According to the author, Project methodology is a systematic approach to plan, design and execute a project. It is a set of different practices and methods that help to develop and deliver the project (Kerzner & Kerzner, 2017). Role of project management is to properly estimate the time of the completion of the project. It also specifies the resource requirement and the skills required to finish the project in time.
Definition 2:
As per the author, project methodology is a series of steps, methods, techniques and practices that is implemented so as to plan out the best possible way to obtain the successful execution and termination of the project (Fleming & Koppelman, 2016). Role of project management is to provide deeper insights to each step of the project life cycle such that proper monitoring of task is implemented and no cost or time overrun is encountered.
Definition 3:
Project methodology as defined by the authors, is a combination of latest techniques, procedures and methods such to complete the project that retains quality and its completion does not encounter overheads in terms of cost and time (Svejvig & Andersen, 2015). Role of project management is to assign the proper required resources such that the project gets completed on time and it provides the base on which the entire architecture of the project is established.
Definition 4:
According to the author, project methodology is a set of procedures and rules that must be used so as to effectively complete the project. It defines a set of pathway, techniques and guidelines in which the project should be maintained and managed. Role of project methodology is to specify the procedure in which the project design and execution should progress such that it incorporates maximum benefits (Špundak, 2014).
Definition 5:
According to the author, Project methodology is a combination of rules against which the feasibility of the project is verified and risk identification is implemented (Marcelino-Sádaba et al., 2014). Role of project methodology is to identify and analyse the risk involved in the project. In addition of risk identification at an early stage, the project methodology also helps in searching for alternatives against the risks.
Comparison of Prince2 and PMBOK
There are numerous project management methodologies available namely, PRINCE2, Agile Scrum, Waterfall, Agile XP, Rapid Application Development (RAD), New Product Introduction (NPI) and many more based on the complexity of the project. The PMBOK acronym stands for Project Management Body of Knowledge also contains methods for the project management (Karaman & Kurt, 2015). The key differences between the PRINCE2 and the methodologies mentioned in the PMBOK are described below:

The PRINCE2 project management methodology is a process oriented methodology whereas, the PMBOK is the knowledge oriented project methodology that provides knowledge about the best practices of project management.
The PRINCE2 project methodology provides certification within one week of training while the PMBOK requires a month time or more for the confirmation of the certification.
The PRINCE2 project methodology defines the tasks that should be done as well as also provides information as to when and the procedure in which the process should be carried out, whereas, the PMBOK only describes the process and the techniques that should be implemented such that the appropriate management of the product is carried out (Haddadi, Johansen & Andersen, 2016).
In the PRINCE2 methodology, the project is driven by business case where as in the PMBOK, the project is driven by plan.
The PRINCE2 methodology can be easily applied as it does not require any experience of project management as it is process oriented where as the PMBOK proves an easier approach to learn managerial skill as it is knowledge oriented.
The PRINCE2 methodology provides more power to the team members and the decision making power is provided to the team members where as in PMBOK the project manager acts as the central head and the decision making power lies in the manager’s hand.
The PRINCE2 focuses on product oriented planning and the clarity in the assigned role while the PMBOK stresses primarily on estimation and critical path technique.

Similarities between PMBOK and PRINCE2 methodology
The following point highlights the similarities between PMBOK and the PRINCE2 method of project management.

Both the project management methodology is concerned with time, scope, quality and risk involved in the completion and execution of a project. It also includes the benefits incorporated by the execution of the product.
Both the project management methodologies progresses by assessing the risk and applying the risk management techniques.

PRINCE2 in relation to project life cycle
The project life cycle of the PRINCE2 methodology is shown in the figure below:

Source: Schipper & Silvius, 2017

Project direction: The direction of the project continues from the initiation of the project till the completion and the closure of the project. The Project Board with the help of project reports manages and monitors the progress of the project.
Starting of the Project: This stage in the project life cycle is designed to ensure that all the requirements for the initiation of the project are properly kept in place. This stage is also appoints the project management team.
Project Initiation: This stage is establishes a stable management basis on which the project team would progress. Moreover, this stage is also meant to check whether proper justification is there to proceed with the project.
Managing Stage Boundaries: This stage is meant to take decision and inform the Project board whether the project should be continued or not.

Source: Joslin & Müller, 2016

Controlling stage: This stage basically deals with the work progress controlling activities and co prises of the authorisation of the work done. Project manager also has to review the situation and take necessary corrective actions.
Product Delivery Management: This stage is concerned with ensuring that the product meets the quality criteria and assessment of the progress of the work.
Project closure: This purpose of the process is to execute a controlled close to the project. This stage also makes recommendations on future actions and also deals with the preparation of end project report.

The PRINCE2 methodology is more advantageous the approach follows a step by step methodology and is easier to ensure the quality of the product and the timely delivery. However, this method adds additional overheads and may not prove viable for all size projects. Thus, with the above discussion it is clear that both the processes follow the similar steps in development of the project.

References
Fleming, Q. W., & Koppelman, J. M. (2016, December). Earned value project management. Project Management Institute.
Haddadi, A., Johansen, A., & Andersen, B. (2016). A Conceptual Framework to Enhance Value Creation in Construction Projects. Procedia Computer Science, 100, 565-573.
Joslin, R., & Müller, 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., & Kerzner, H. R. (2017). Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons.
Marcelino-Sádaba, S., Pérez-Ezcurdia, A., Lazcano, A. M. E., & Villanueva, P. (2014). Project risk management methodology for small firms. International journal of project management, 32(2), 327-340.
Schipper, R., & Silvius, G. (2017). The Sustainable Project Management Canvas. The Journal of Modern Project Management, 4(3).
Špundak, M. (2014). Mixed agile/traditional project management methodology–reality or illusion?. Procedia-Social and Behavioral Sciences, 119, 939-948.
Svejvig, P., & Andersen, P. (2015). Rethinking project management: A structured literature review with a critical look at the brave new world. International Journal of Project Management, 33(2), 278-290.

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