Project Management Methodology Initiating - Executing - Planning - Contr

Question: Discuss about the Project Management Methodology for Initiating, Executing, Planning, Controlling and Closing. Answer: Introduction A project methodology is defined as a discipline of initiating, executing, planning, controlling and closing the function of a team for achieving specific goals and targets. The content of the report comprises of definition of project methodology, role of project methodology and its relationship with project management, comparison and contrast between PRINCE2 and Agile project methodologies. The report also discusses the similarities and difference between two project methodologies and their relation with project life cycle. Definition of Project Methodology Project methodology is defined as a model that is used by project managers in order to design, implement, plan and achieve the objectives of the project. Different type of project methodologies is used for providing benefit to various projects. Role of project methodology and the relationship to project Management The steps or processes that are required in project methodology serves as the assets for the team of project management. The project methodologies provide a similar format in order to evaluate and analyse the goals and objectives of the project. The main methodologies of the project provide several generalized methods and guidelines for planning a project properly. The roper and efficient methodologies helps in correcting the approach towards project management. The project methodologies always act flexibly in order to grab the changes that are related with a project. Comparison and contrast between PRINCE2 and Agile Subjects PRINCE2 Methodology Agile Methodology Definition PRINCE2 (Project IN Controlled Environment) is defined as de facto based method that is used for effective project management. Agile methodology is defined as a process that is incremental and iterative, which helps in designing the activities that are related with the areas of business. Steps The steps of PRINCE2 methodologies include start, initiation, directing, controlling, managing delivery of products and stage boundaries and closing of a project. Small steps for implementing project priorities are the first stage of Agile framework. In the second stage, it provides the developmental views that are related with project. Advantage Saves time Saves money Delivers compliance and quality The methodology is helpful as it helps the project manager to make several changes after the planning. Priority evaluation of the project becomes very easy with the use of agile methodology. Disadvantage The method is very much complex as it cannot be carried out without special training. PRINCE2 find difficulty in catering some specific projects as it does not offer a high level of flexibility The budget of the project becomes high by using the methodology Final step of the project is a difficult task to decide as the steps of the project can be changed in any step. Similarities and Differences between PRINCE2 and Agile Similarities Goals: Both the PRINCE2 and Agile project management methodologies shares same goals. The goals of both the projects provide specific steps that are required for managing the various projects properly. Principles: A PRINCE2 and Agile project methodology follows certain specific principles which include initiation, planning, sequential movements, and reviews from the project members and many more. Differences PRINCE2 Project methodology isolates the management aspects of a project from specialized contribution. The methodology is very much generic and can be integrated in order to provide a secure overall framework of the project. The main disadvantage related with the methodology is that the model does not allow any changes after the initial step of the methodology is complete. On the other hand agile project methodology involves several incremental perspective of the project. The main approach of the methodology is that it can be change in any step. There are no specific steps needed. Methodologies related with project life cycle Figure 1: Phases of PRINCE2 (Source:12) The project life cycle of PRINCE2 include steps such as initiating a project, planning and directing a project, controlling a stage and managing delivery of project, managing stage boundaries and closing a project. Figure 2: Agile project life cycle (Source:14) The project life cycle of Agile methodologies include several steps. The steps include detailed planning, design, analysis, testing, development, release and maintenance. The core a difference between the project life cycle of PRINCE2 and Agile is that agile framework can be changed in any step therefore time required by it is more. On the other hand PRINCE2 project life cycle methodology stages cannot be changed once it is initiated. Conclusion It is concluded that both the project methodologies uses different stages. The steps of PRINCE2 methodologies include start, initiation, directing, controlling, managing delivery of products and stage boundaries and closing of a project. Small steps for implementing project priorities are the first stage of agile framework. In the second stage, it provides the developmental views that are related with project. It is analysed that Agile project method methodology require much time as it can be changed in any of the steps. Bibliography Hanney, Roy, and Maggi Savin-Baden. "The problem of projects: understanding the theoretical underpinnings of project-led PBL."London Review of Education11, no. 1 (2013): 7-19. 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