In an organization, various plans, targets, goals are prepared to make the organization competent for long run. If an organization will not achieve or fulfill these goals then it has to be shutdown ultimately. So in order to achieve such objectives the managers of the organizations needs to make a full proof plan i.e. Project Methodology. Project methodology in simpler words is anything that includes every single little detail about the project (what the project is about, what will be its completion time, what materials does it requires, what are its pros & cons etc). Project methodology is an important part to be considered by every manager. A different project has different project methodology for example: A car making company let’s say “BMW” will have a different project methodology than a company that is into Refrigerator making “LG”. So project methodology is anything that holds the project from the starting to the completion of the project. (Elswick & Lomabard, 2013)
In the analysis we will study about project methodologies in detail, What is project methodology? Project Methodology is a defined mixture of reasonable related process, approach and procedure that decides how best to prepare, extend, manage and bring a plan throughout the nonstop execution procedure until successful completion and termination (Charvat, 2013). There are a number of project methodologies available for different project few them are as under:
- Project management body of knowledge
Here we will briefly discuss these methodologies:
- Project management body of knowledge was introduced by is also known as “PMBOK”(Tripathi, 2017). It is a document that has an entire data collected by Project management institute. It includes best methods and practices about how to undertake a project (PMI, 2010).
- Prince2 is another methodology and it is widely used and accepted, it is created by the government of united kingdom in 2001. Prince2 has wide varieties of management solutions for problems, this methodology is used mostly in information technology sectors it comes with various benefits but it has its own limitations.
- Waterfall methodology was introduced by (Dr.winston, 2012). This is more of a staircase like methodology; six steps are to be followed in order to make a successful attempt for project management. In recent time the popularity of waterfall methodology has decreased because of AGILE. Waterfall methodology is more of a traditional approach.
- AGILE was developed by seventeen developers (Sutherland, 2001) , it is now a days much more popular than any other methodology because it allows its users to make changes into the business plans, products etc according to the need of time, it is much more flexible than other methodologies. It is considered as a recent methodology though
it was introduced in 2001 , because of its customer friendly approach it is mostly recommended to the customers. (Fuertes, 2017)
If we have to choose from Agile or Waterfall, we should choose “Agile” as it is much more systematic and well developed methodology. It involves the customers to great extent which let the customers to make the changes to their products as per their demands. Below is a Difference made between Agile and Waterfall. This difference made between these both will help us to understand which one is of more importance and which one we should choose.
· Agile methodology of project is considered to be the most flexible ones as the are adapted to the changes, Agile understand that the business environment is full of uncertainties so it is adaptable to the changes that occurs with the need of time.
· Due to its capacity of adapting the changes AGILE helps the team from the unpredictable circumstances.
· Agile can be called a newer version than waterfall.
· Agile methodology is more customer friendly as most of the time customers valuable feedbacks are involved, they can ask for change according to their needs.
· Under Agile methodology a product is prepared with lots of team efforts. It is a more focused approach we can say, as all the focus of the team is given to the product only.
· Under waterfall methodology once the team is reached to the testing stage then it is very difficult or we can say it is impossible to make changes in the project.
· On the other hand waterfall is considered to not to adaptable to such changes so the team can’t really cope-up with the unpredictable things.
· Whereas waterfall methodology can be called more of a traditional approach.
· Waterfall methodology is not at all customer friendly; customers can view their delivered product at the time of completion only. They can’t make any change to the products delivered.
· On the other hand waterfall methodology doesn’t requires team efforts or in simpler words if a team is formed for a particular project then that team can work on other projects as well.
A PLC is showing below that how AGILE & WATERFALL may work for a management:
So as you can see in every PLC when the product is launched it is known as the initial stage , and when it starts yielding profits that is the maturity stage , but as the competition is throat cutting , under WATERFALL methodology when the product entered into decline stage it started falling continuously as it is not adaptable to changes and if we see in AGILE as soon as the product entered the decline stage it started declining but as it is adaptable to changes , it soon stables the product and starts going upward again. Hence we would choose AGILE methodology over WATERFALL methodology as it flexible and more adaptable to changes (Project Management Institute., 2000).
Charvat, J. (2013). Project Management Methodologies: Selecting, Implementing. London.
Dr.winston. (2012). SDLC.
Elswick, R., & Lomabard, P. (2013). Project Management Essentials: A Quick and Easy Guide. London.
Fuertes, W. (2017). A Guide to the Project Management Body of Knowledge (PMBOK® Guide)—Fifth Edition. Methodology for Management of Information Security in In-dustrial Control Systems: A Proof of Concept aligned with Enterprise Objectives .
INTERNET. (2002). INTERNET.
PMI. (2013). PMBOK.
PMI. (2010). PMBOK 5th edition.
Project Management Institute. (2000). A Guide to the Project Managemnet body of knowledge.
Sutherland, J. (2001). AGILE software developement. ww'c .
Tripathi, A. (2017, Feburary 24). PMBOK® - A Guide to Project Management Body of Knowledge. Retrieved August 9, 2017, from Simplilearn.com: