Project Methodologies and Processes

Question: Discuss about the Project Methodologies and Processes. Answer: Introduction: The report discusses on project management methodology and its role in project management. Various methods are also discussed with differences, comparison of PRINCE2 and Agile methods. Further, PRINCE2 process related to the project life cycle (PLC) is also discussed. Methodology and its Role in Project Management Project Management Methodology is a combination of defined methods, practices and the process. It identifies how to plan, build up, control and carry out a project in a best possible manner all the way through the continuous implementation process until the project is not complete and successfully close (Verzuh, 2015). The role of project methodology is to have control over the entire management process by the help of chosen approaches, techniques, processes, technology and methods for successful decision making as well as problem solving (Turner, 2016). Various Methodologies and Comparison, Differences, Similarity Between Prince2and Agile Method Waterfall: It is a traditional approach and simple to understand for managing projects. It is suitable for physical objects projects such as buildings. In this, every step is pre-planned with proper sequence. However, one task must be completed before starting of next task and any changes in needs of the customer will interrupt the tasks chain which is difficult to manage. The Agile Family: Agile methodology core was developed in the year 2001 by 17 people in written form (Karaman Kurt, 2015). In this, project team use to work in iterative cycles and at the end, results are evaluated. Methodology is suitable for the projects that need great quickness in requirements. Key features include short-termed delivery cycles, dynamic team, less project control and communication importance on real-time. PRINCE2: Projects In Controlled Environments method is used by the UK government for managing project and by product-based planning approach it is characterized. It is suitable for resources greater control and lessens risk effectively. It is process-based approach to project management (Hughes, et al., 2016). Systems Development Life Cycle (SDLC): Useful for software development projects conceptual model. Two or more methods of project management can use for best results. Special attention is given by SDLC on documentation uses with strict guidelines. PMBOK Method: In project management, Project Management Body of Knowledge (PMBOK) is various set of conventions as well as standards for managing projects (Conforto Amaral, 2016). In this, project is divided into five steps namely initiating, scheduling, executing, controlling, and termination. Difference between PRINCE2 and Agile method: (Moran, 2015). PRINCE2 Agile Predictive (approach is plan based) Little investment, team members High rigid Revolve around the original business goals and plans Incremental ( no master plan) High investment Less rigid in climate of technology More open to technology change Comparison and Similarity: Prince2 is more preferred by the organisation due to low investment and predictive approach. However, Agile is more successful in large organisation as compared to Prince2 and agile method needs to be promoted more. But, both the methods have significant in different project undertaking. As illustrated, in industry projects such as construction, PRINCE2 methodology is use while Agile is useful for insurance, finance, banking and I.T. industries (Moran, 2015). Further, both the PRINCE2 and Agile can be fit well together as agile is used for framework of agile delivery, with PRINCE2 as framework of project governance. Prince2 Product life cycle There are seven steps involved in the PLC of PRINCE2 as shown below: (Source: Binder, 2016). 1 Project start-up: In this stage, approach of project is decided with business justification documentation and assembles of project team take place. Project initiation: Work for project planning continues. For this various activities take place such as project plan documentation, risk, controlling of project and planning for next stage of project (Binder, 2016). Direction: The project is controlled by the project sponsors. It includes ad-hoc direction giving, authorization and project close up. 4. Controlling a stage: Stages of project are broken down into stages which are controlled separately. Activities in this are assessment of progress assessments, issue management, reviewing status and reporting, corrective actions and complete work package receiving. 5. Stage boundaries management: In this stage, end of current stage activities take place along with next stage planning process. The activities involves stage and project planning, business case and risk log update, report making as well as exception plan creation (Sears, et al., 2015). 6. Product delivery management: Here, management of the implement, delivery and acceptance of project work is done by ensuring expectation of the product for the customer. 7. Closing a Project: Project is terminated by formal de-commission, evaluation of project and follow up actions are identified. Conclusion It can be concluded that various project management methodology is important for project managers as to have blue print of steps taking place in a project. Different industry needs different methods for successful completion of project according to cost and time. References Binder, J. (2016).Global project management: communication, collaboration and management across borders. USA: CRC Press. Conforto, E. C., Amaral, D. C. (2016). Agile project management and stage-gate modelA hybrid framework for technology-based companies. Journal of Engineering and Technology Management,40, 1-14. Hughes, D. L., Dwivedi, Y. K., Simintiras, A. C., Rana, N. P. (2016). Project Management Processes and Practice. InSuccess and Failure of IS/IT Projects, 12 (6),45-55. Karaman, E., Kurt, M. (2015). Comparison of project management methodologies: prince 2 versus PMBOK for it projects.International Journal of Applied Science and Engineering Research,4(4), 572-579. Moran, A. (2015). Agile Project Management. InManaging Agile, 5,71-101. Sears, S. K., Sears, G. A., Clough, R. H., Rounds, J. L., Segner, R. O. (2015).Construction project management. USA: John Wiley Sons. Turner, R. (2016).Gower handbook of project management. UK: Routledge. Verzuh, E. (2015).The fast forward MBA in project management. USA: John Wiley Sons.