Life Cycle Of Project Management Essay

Questions:

1.Define what a Methodology is and the role it serves in Project Management.
2.Familiarise yourselves with the various Methodologies. Choose two Methodologies from this list 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 (PLC).

Answers:

1.Methodology & its role in Project Management

Methodology is a set of principles and processes which makes the execution of project easier with less risk of schedule and cost overrun. Project management methodology helps in improving the consistency of project, provide flexibility to its processes, producing better results and predict the risks well in advance. The pre-set methodologies help in providing clear and well-set information regarding roles and responsibilities to the team members and in turn it provides satisfaction to stakeholders for all the projects (Goff, 2013).

It is an approach of repeated use of various proven processes in project management (PM). Project management can get better results by having the flexibility of taking decisions among the few proven methods, improving the governance of the project, increasing the success chances, eliminating the chances of getting failure, reducing the rework and increasing the productivity and all these requirements could be made available by the use of PM Mythologies (Victoria, 2013).

2.Methodologies

There are various kinds of approaches or techniques or methodologies of conducting the project management activities by its team members which can make the project processes more convenient, economical and beneficial. Various methodologies are ‘Waterfall’, it is the traditional form of project management where the stages or the activities involved are tightly interlinked that any successor cannot start until the finish of the predecessor stages of activity, the ‘Agile’ is the approach where continuous teamwork and its inputs are required for the project execution (Wrike, 2017). Other methodologies are ‘SDLC’ are the traditional approaches which were being adopted for execution of the project (Thomas, 2007), ‘PRINCE2’, where the assessment is done at every stages and the project board members takes the driver seat and manager acts for the daily coordination, ‘Six Sigma’, where all the deliverables are produced with a target of 99.99966% defect free, ‘Scrum’, where the removing the barriers of the project remains the main target of members, ‘PRiSM’, is the approach of executing the project efficiently and reducing the environment footprint due to the project activities, ‘Lean’, where the main target of the members are to analyze and find the way of executing the project in easiest way without wasting many resources, ‘Critical Path Method’ where the shortest period of executing the project is the main approach by assigning extra resources wherever needed and many more such approaches are developed, but the choice of particular type is the main role of the Project Manager because each methodology is useful for particular type of project only.


Now let us discuss the similarities, differences between ‘Waterfall’ and ‘Agile’ models of PM Methodologies:

Waterfall:

Useful for the projects where scope is very clear from the beginning of the project stages

Advantageous for the projects with limited resources and financial large sized

Disadvantageous for the projects where its scope change is dynamic

Agile:

Useful for the projects where scope is not clear and is always allowed going under changes

Advantageous for the projects depends on people’s feedback like marketing, IT etc.

Disadvantageous for the projects with limited financial arrangements and time

The major similarity is that both the models act with the approach to deliver the best quality product in very effective and efficient manner.

3.Methodologies related to project life cycle

Project life cycle is consisting of four stages which are sequential and inter linked to each other to complete the whole project. The four phases are ‘Initiation’, ‘Planning’, ‘Execution’ and ‘Closeout’ (University, 2015). The methodology brings the stakeholders expectation in same direction so the stakeholder management system becomes easier, recruiting the desired competency level of people becomes simpler due to pre-set criteria in the methodologies and in this manner the PM Methodologies becomes the main part of ‘Initiation’ process (Tech., 2013). Next stage is ‘Planning’ where the activities like development of scope of project with less available information, assessing the project risk more accurately, developing activity planning more accurately, developing the project budget with very limited variations, preparation of communication plan etc. can be made easier using PM Methodologies, likewise the activities of ‘Execution’, development of teams by providing proper training, conducting vendor selection for procurement are again can be done very much effectively by using the PM Methodologies. Even in ‘Closing’ stage too the activities like acceptance of deliverables, document lessons learnt in proper format are the task could be made accurate by using PM Methodologies. So the PM Methodologies are very much important to be followed throughout the project life cycle to make it easier, profitable and satisfy all stakeholders’ expectations.

References

Goff, S. (2013). What Is a PM Methology? Retrieved August 10, 2017, from International Project Management Association:

Tech., V. (2013). Project Management Methodology / Life Cycle Overview. Retrieved August 10, 2017, from itplanning.org.vt.edu:

Thomas, F. (2007). Integration of the project management life cycle (PMLC) and the systems development life cycle (SDLC) in accelerated project efforts. Retrieved August 10, 2017, from pmi.org:

University, B. S. (2015, February 5). Project Management Office. Retrieved August 10, 2017, from bridgew.edu:

Victoria, S. G. (2013, July 1). Selecting a project management methodology. Retrieved August 10, 2017, from enterprisesolutions.vic.gov.au: management-methodology-selection-guideline.pdf

Wrike. (2017). The Beginner’s Guide to Project Management Methodologies. Retrieved August 10, 2017, from Wrike:

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