BUS375 Project Management

You have been introduced to various project methodologies and processes.  Demonstrate your knowledge of these.

Ensure you address the following areas:

1.Define what a methodology is and the role it serves in project management.

2.Familiarise yourselves with the various methodologies & processes in the list below. Choose two methodologies / processes from this list to compare and contrast, analysing the similarities and differences between them both.

3.Finally, identify how your chosen methodologies / processes relate to the project life cycle (PLC):

List of project methodologies and processes

•Project Management Body of Knowledge (PMBOK)
•PRINCE2
•SDLC
•Waterfall
•Agile

Answers:

1.Benefits of methodologies and the role it plays in project management. 

Methodology is a proclaimed tool that is used by project managers for efficiently managing the task with a proper scheduling of the same. Methodology is the list of activities that are performed by the project managers during the completion if ten project. Budge and scheduling is performed with the help of methodology planning that is created by project managers. Methodology is performed due to the processing of planning of the entire project.

Major advantages that are profound by the methodology implementation are as follows: -

Involvement: Involvement of all employees of the organization leads to the fact that the work that is being progressed get better with time. This excess involvement of employees of the organization will ensure the fact that internal bonding of the employees gets better

Initial planning: Initial planning helps in better understanding of work during performing the business management. Initial planning also helps in understanding amount of raw materials that are required in the completion of the project (Heagney, 2016).

Risk mitigation: Risk mitigation is one of the major reason that methodology planning will be required. This involves the fact that during the project management process one can calculate the risk initially, resulting the fact that risk mitigation theories can be implied in the process of business management.     

2.Familiarizing with different methodologies of project management. State the similarity between 2 of the project methodologies among all the methodologies that are stated

Various methodologies that are used in the project management system are as follows: -

Project Management Body of Knowledge (PMBOK): PMBOK is a book that is considered to be the book that is considered to be the reference setter for project managers. This book was written and published by project management institute. This is often considered to be a guide that helps project managers to perform the planning  

PRINCE2: PRINCE 2 methodology ensures the fact that the data that are gathered from this method are very efficient in nature. This methodology is generally used in the proprietorship firms as guidelines that are given in this methodology helps in processing data management.  

SDLC: Software Development Life Cycle is mainly concerned with the processing of data management regarding the life cycle of the product that is under consideration. This strategy is used during the processing of organization during its initial phase to calculate the closure phase of the same (Harrison & Lock, 2017).

Waterfall: Waterfall design ensures the fact that data management must be procured with help of linear management and will ensure the fact that entire process is manipulated in a linier way, leading to the fact that business management is performed in a structured way (Walker, 2015).

Agile: Agile is one of the most flexible method that helps the organization to complete the processing of business management with help of the agile methodology.

2 methodologies that I have chosen are waterfall and agile methodologies.  

Similarities: both tools are structured in nature and the both are working software that are used for business planning. Customer negotiation is also done over the contract negotiation for both the cases (Fleming & Koppelman, 2016).

Differences: in case of waterfall model, entire planning is made with respect to the requirement but in case of agile methodology, planning is made distinctly as per the processing of the project. Waterfall is less flexible in nature that agile methodologies.   

3.Identification of methodologies that will affect the product life cycle in a positive way

Waterfall methodology is one of the methodology that ensures the fact that data management and business planning can be done with help of project management planning. Linearity of the methodology will help in the processing of business management (Kerzner & Kerzner, 2017). Waterfall methodology also helps in understanding the lifecycle of the product as it is pre-planned in nature. Again in case of agile methodology, the methodology is very flexible in nature, leading to the fact that the product life cycle will be benefitted during the processing of the life cycle of the project. Overall, agile methodology is considered to be a better tool that emphasizes on the processing of the object and is basically dependent om the stages of the project.

References

Fleming, Q. W., & Koppelman, J. M. (2016, December). Earned value project management. Project Management Institute.

Harrison, F., & Lock, D. (2017). Advanced project management: a structured approach. Routledge.

Heagney, J. (2016). Fundamentals of project management. Amacom.

Kerzner, H., & Kerzner, H. R. (2017). Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons.

Nicholas, J. M., & Steyn, H. (2017). Project management for engineering, business and technology. Routledge.

Walker, A. (2015). Project management in construction. John Wiley & Sons.