Different Methodologies Of Project Management †Free Samples

Question: Discuss about the Different Methodologies Of Project Management. Answer: Introduction For managing a project and to execute it successfullyproject management is an important method. Project management starts with initiation and then the planning is done with respect to the estimation of the requirements (Leach, 2014). There are different methods ofproject management like PMBOK, PRINCE2, SDLC, Waterfall and Agile. Project life cycle is also discussed with respect to one of the methodology and its process. In this report thedefinition of project management and differences between the methodologies are discussed with the project life cycle. The comparison between the PMBOK and the waterfall model is discussed in the following discussion. Definition of project management methodologies Project management methodologies are defined as the procedures of making a project successful by using different processes like defining, planning, launching, managing and closing a project (Kerzner, 2013). List of different methodologies of project management There are various types of project management methodologies and those are Agile, SDLC, Waterfall, PRINCE2 and PMBOK. Familiarisation with different project management methodologies PMBOK refers to Project management body of knowledge and it is a methodology that is used to make a project successful by using project management techniques like initialization, planning, launching, managing and closing a project. PRINCE2 refers to PROMPT II IN the CCTA Environment. It is another method which is used to manage a project in more structured way (Schwalbe, 2015). Various principles of PRINCE2 project management are experience learning, well understood roles and responsibilities, justification of business strategies. The main strategy of this methodology is to focus on products (Fleming Koppelman, 2016). SDLC refers to system development project cycle. In SDLC the also the same procedures are followed in a iterative or recycled manner. The waterfall model is one of the most popular models and it is applied to make the project done in a sequential way (Larson Gray, 2013). In this method progress is considered to flow downward like a waterfall and also consists of the steps like initiation, analysis, design, construction, testing, production or implementation, maintenance and finalisation of the project. The Agile methodology depends more upon the team work and it is the way of incremental, iterative and empirical approach to make a project successfully done. Comparison of PMBOK and Waterfall model Differences between PMBOK and Waterfall model PMBOK WATERFALL 1. This method is not sequential in nature. Different steps of the process can be designed simultaneously also. 1. Waterfall model is a sequential method. The name Waterfall also refers to the flow of difference steps in the process (Larson Gray, 2013). 2. PMBOK refers to the project management Body of Knowledge. It is not actually a method itself. 2. Waterfall refers to a methodology which is followed in case of the designing of the structure of project management. Similarities between PMBOK and WATERFALL model PMBOK WATERFALL 1. PMBOK contains different steps like starting, estimation, execution and finalising (Schwalbe, 2015). 1. Waterfall also contains many steps which are similar to the steps of PMBOK methodology (Kerzner, 2013). 2. Business development and strategic implementation are the fields of applications of the PMBOMK methodology (Fleming Koppelman, 2016). 2. Waterfall model is also used in business development and strategic implementation of different projects. Project life cycle and different methods regarding it Project management life cycle is the process of making the whole design of the project management structure. It starts from initiation and then planning, execution and finally ends by the closure of the project. It is a recycled or iterative process (Fleming Koppelman, 2016). Sometimes the components of the process may be in structure form or in a flowing form (Burke, 2013). The initiation starts the program and the planning is done to make the outline and strategies regarding the project management task. Execution is the step in which all the planning is converted into the work and the process is ended by the finalisation step. Conclusion From the above discussion it is concluded that project management contains of different methodologies and each and every method is important for the different kinds of project implementation. The differences and the comparisons are also discussed between the PMBOK and the waterfall model of project management. All the project management methodologies follow the basic steps like initiation, planning, implementation and closing. The basic difference between the PMBOK and waterfall methodology is that the waterfall method is sequential in nature. References Burke, R. (2013). Project management: planning and control techniques.New Jersey, USA. Fleming, Q. W., Koppelman, J. M. (2016, December). Earned value project management. Project Management Institute. Kerzner, H. (2013).Project management: a systems approach to planning, scheduling, and controlling. John Wiley Sons. Larson, E. W., Gray, C. (2013).Project Management: The Managerial Process with MS Project. McGraw-Hill. Leach, L. P. (2014).Critical chain project management. Artech House. Schwalbe, K. (2015).Information technology project management. Cengage Learning.