Project Management Methodologies and Theories Assignment Sample
1. Introduction
Project management can be considered as the use of specific knowledge along with specific tools as well as techniques which helps to deliver something valuable in a project. This report estimates the benefit and disadvantage of two selected project management methodology. The chosen project management methodologies are Prince 2 as well as Agile. These two project management methodologies have applications and implications all over the world which will be also discussed in this report (Larsson and Larsson, 2020, p.585). This report will also highlight the importance of project management in a project along with the growth of project management in UK.
2. Background
Project management can be the right procedure for planning and scheduling a project and this procedure provides huge benefits to project managers as well as key consumers. This project management implications in any business help the business to run smoothly, this concept also helps in team work. Perfect choices related to project management methodology can help the team to set their focus on the work without any kinds of distraction. Project management procedure implications help any project manager to save time as well as money. Money is directly proportional with time, if time increases money in project management methodology also gets increased (Pentachora and Naidu, 2021, p.477). Project management procedure helps in proper scheduling of the project which helps in meeting deadlines in every task and as a result this helps to save money. Working in a team is the most important and most difficult task, implications of project management methodology help to maintain transparency as well as it ensures accountability which helps in maintaining good collaboration.
There are several kinds of real examples of project management implications, the most important among them is American Airlines. This company has implemented project management in their operations which was beneficial for this company (Meirelles et al., 2019, p.101). There are few examples such as “the royal bank of Scotland”, engage learning, Flowserve etc.
Figure 1: Agreement related to implication of project management
(Source: Statista.com, 2022)
This figure is based on a survey which aims to identify the agreement related to implications of project management methodology. This survey is collected based on three types of people, project management practitioner, senior executives as well as PMO directors. In case project management practitioners, the yes percentage is 58%, in case of senior executives the yes percentage is 87% and in case of PMO directors the yes percentage is 56%. The figure indicates the relevancies related to implications of project management in any projects.
3. Project 2: PRINCE2 Methodology
The full form of prince-2 is “project in a controlled environment”, this is a process implemented project management method. The main objective of this procedure is to improve the condition of any organization and in this procedure the leader has the control over every phase from beginning till end. The basic difference of this methodology with agile is, agile is an outcome-based procedure which Focuses on the result and this a process-based procedure which emphasizes on planning for developing a project (Shad et al., 2019, p.267). The Origin of this project management methodology is in the UK and till date it has become the most popular project management methodology in the world.
3.1 Pros and cons of the methodology
The pros and cons related to this project management methodology is associated with implications of this methodology based on some basic principles as well as themes. The first principle is associated with business justification related to a project. If any project does not have certain specific goals as well as objectives then prince 2 methodology cannot be implemented. The second principal estimates the continuous learning features associated with this methodology. In this PMM the team members should note all the knowledge that is gathered from the stage while implementing this methodology. This can also help in future implications of this project management methodology (Jovanovic and Beric, 2018, p.1). The third principle is based on the description of individuals’ roles and responsibilities. In this PMM there are clearly defined roles and responsibilities and related to this factor every individual shows their performance since they know what is expected in the team. The fourth principle is based on a phase-wise approach. In this methodology any project is divided into various parts related to this factor after completion of each part, learning outcomes and conclusion are noted.
The fifth principle is associated with management by exception since due to lack of board of directors, in case of any unavoidable risk the performance is met by some baseline requirements which helps in completing the project. The sixth principal estimates the product quality which is maintained in this methodology due to enormous learning factors in each phase. The seventh as well as last project management methodology is associated with custom approach. The benefits of any project can be concluded by resources as well as time available and this is possible while implications of this kind of PMM (Sobieraj et al., 2021, p.67). According to these kinds of principles the pros of this PMM is the achievement of goals and objectives associated with any project. This methodology emphasizes continuous learning and baseline efficiency with limited resources in case of any risk scenario. The main pros of this PMM are associated with maintenance of project quality which is required. The cons associated with this methodology are implications of this project management required maintenance if huge hard copy which is difficult in this period while working in a project.
3.2 Challenges as well as benefits of the chosen methodology
This report estimates the basic requirements associated with implications of two project management methodology and this part of the study is associated with challenges as well as benefits associated with this project management methodology (Esteki et al., 2020, p.1299). These challenges and benefits can be estimated with the advantages as well as disadvantages associated with this prince-2 “project management methodology”. Prince-2 methodology is process based methodology which is based on planning before implementing any project.
Advantages of prince-2 methodology is, the framework of this methodology is flexible enough to be implemented in any kind of project, and implications of this methodology can bring benefits to any project. To ensure better communication, performance of the team along with accountability, prince-2 is the ideal “project management methodology”. It does not focus on the result just like agile it focuses on continuous improvement structure and at the end the results are suitable while implications. The disadvantages associated with this project management is, this project management methodology includes a huge amount of documentation. This documentation load is estimated in every stage after completion of the stage which is another disadvantage (Mousaei and Javdani, 2018, p.4). If the leader associated with the project does not like documentation, then this methodology is not suitable for the projects. In this methodology involvement of the senior manager is low and related to this factor the project slows down.
3.3 KPIs of the methodology that can help is best practice’s
The key performance indicator of any kind of project management methodology can be estimated by the initial and ending process included in the project management methodology. The first step is associated with the starting procedure of the project in this part customer urges for any project implications (Islam and Evans, 2020, p.76). The next part is associated with the direction of the project. This project is provided with perfect direction that the viability of the project is checked. The third step is associated with project initiation, in this part project managers prepare the plan which includes scheduling, cost, risk etc. The fourth stage is associated with control of the project stages, this PMM is subdivided into several stages control of each stage is important (Altahtooh, 2020, p.3). The next stage is associated with product delivery and in this part goals and objectives of the projects are achieved. The sixth stage is management of each stage, in this part the managers and the board of directors will review each part. The last part is associated with closing of the project where every objective is achieved and all the learning outcomes have been noted.
3.4 Analysis
This “project management methodology” is a process-based methodology based on planning. This methodology has applications in retail amazon, healthcare siemens, Triumph group as well as Camden national group (Prince2.com, 2022).
4. Project 2: Waterfall Methodology
The waterfall method is a type of project management methodology that focuses on a traditional approach. In this process the tasks are accomplished in a linear as well as sequential pattern, and it has to be considered that each phase of the project must be finished before starting the next stage or phase. The Waterfall methodology of project management operates in six stage such as, analysis, design, construction, testing, deployment and maintenance (Akhmetshin et al., 2019, p.1).
4.1 Advantages of Waterfall Methodology
It involves the use of a clear structure that includes documentation of the requirements, designing of the system, implementation of the documented plan, testing, delivery, and then finally the maintenance.
One of the advantages of this type of methodology is that it does not require the project managers or the employees to have certifications or training. Furthermore, it enables us to identify and determine the end objective of the project. This helps the team to get a clear idea of the project, so that they can get committed to the end goals or product from the very beginning. It enables the team members to work with a concrete end objective, and clear deadline to accomplish their task.
Another advantage of this type of project management methodology is that it transfers information effectively to all the participants that are involved in the project. It focuses on information that can be easily accessed so that new additions do not cause any hindrance in maintaining the speed of work of the team members (Khoza and Marne wick, 2020, p.43).
4.2 Disadvantages of Waterfall Methodology
One of the major disadvantages of this type of project management methodology is that it makes it difficult to introduce any kind of change in the course of the project. There is hardly any scope for revisions or changes. A sudden change in the project may turn all the effort that has been put into up to a certain point to be futile.
Another disadvantage is that it does not involve the client or the end user in the course of the project. There is no scope for the clients to be involved in the project in case they are willing to add their opinion or make amendments during the usual progress of the project (Andrei et al., 2019, p.125).
One of the cons of this type of methodology is that the testing part is delayed and is performed at the end of the project. It can prove to be very risky, as testing may involve a large number of revisions thereby causing significant delays in the completion of the entire project.
4.3 KPIs that can help enhance best practice
KPI can be introduced for the entire company, however choosing a single metric for the entire company can be challenging and to some extent frightening. However, setting a KPI for the overall company objective may help to address the key points such as the main objectives that the company is trying to achieve, and the parameter that will enable the company to understand whether it has fulfilled its objectives and achieved its goal.
The next step involves the identification of metrics for each department or team of the company, aligning with the overall KPI of the company. This might enable the concerned authorities to determine how the department or team will help the company to achieve the overall KPI. In addition to this, it will help to identify the best metrics that can be applied to know whether the departments have achieved the KPI of the company (Bagiu et al., 2020).
The final step is to determine metrics for each individual, so that the KPI of the individuals can be evaluated to improve and support the team KPI, and ultimately the KPI of the overall company. Individual KPI can be introduced to evaluate the performance of every individual, and their contribution to the company’s achievements. This might help to motivate all the individuals working in the company to achieve the overall goals and objectives (Fagarasan et al., 2021).
4.4 Analysis/discussion
In case of waterfall methodology, the end objective or goal of the chosen project is defined quite clearly, and is not flexible i.e. it does not change. The stakeholders of the project are aware of their goals. In this type of methodology, the project exhibits a sort of consistency, and is predictable in nature. It is applicable in a regulated industry that requires project tracking and documentation. There is a requirement to involve new workforce in the middle of the project, and the new people are needed to cope up with the speed of the project as fast as possible (Kisling, 2019, p.1).
Waterfall project management may be defined as a linear or sequential process of managing a project. It is mostly applied in non-software industries such as construction and manufacturing where the requirement for this type of methodology emerged out of utmost necessity. The requirement of the project needs to be clear, and the people that are involved in the project must be aware of such requirements. The team members have the responsibility to understand their job role in the project, and the demands of the role they are assigned with (Thesing et al., 2021, p.74).
The entire information regarding the project must be documented, and then distributed or provided to the participants of the project. The documentation should clearly state the expected outcome of the project, and must provide a guideline regarding the manufacturing or creation of the product. In addition to this, it should contain certain parameters that can be considered the milestones of the project, so that its progress can be determined. Documentation plays a significant role throughout every phase or stage of the project. Its objective is to ensure that the participants of the project are on the same phase despite the usual sequential progression of the project (Aleinikova et al., 2020).
5. Conclusion
This report was based on the knowledge related with two types of projects management methodology along with their benefits and application. The analysis part in this report estimates the real-life implementation of the project management methodology that have been discussed in the report. The two types of project management methodology that are discussed in this report are agile as well as prince-2. These two project management methods are widely used in the world however these two methods also have certain disadvantages which are clearly described in this report. The background of the report estimates the importance of project management as well as examples of project management implications in the real world.
Reference List
Journals
Akhmetshin, E.M., Romanov, P.Y., Zakieva, R.R., Zhminko, A.E., Aleshko, R.A. and Makarov, A.L., 2019. Modern approaches to innovative project management in entrepreneurship education: A review of methods and applications in education. Journal of Entrepreneurship Education, 22, pp.1-15.
Altahtooh, U., 2020. Why Take PMP Rather than Prince2 in Project Management in Saudi Arabia?. European Journal of Business and Management Research, 5(3).
Andrei, B.A., Casu-Pop, A.C., Gheorghe, S.C. and Boiangiu, C.A., 2019. A study on using waterfall and agile methods in software project management. Journal Of Information Systems & Operations Management, pp.125-135.
Bagiu, N., Avasilcăi, S. and Alexa, L., 2020, July. Exploring the opportunity for a hybrid methodology in project management: a focus group approach. In IOP Conference Series: Materials Science and Engineering (Vol. 898, No. 1, p. 012045). IOP Publishing.
Esteki, M., Gandomani, T.J. and Farsani, H.K., 2020. A risk management framework for distributed scrum using PRINCE2 methodology. Bulletin of Electrical Engineering and Informatics, 9(3), pp.1299-1310.
Fagarasan, C., Popa, O., Pisla, A. and Cristea, C., 2021, August. Agile, waterfall and iterative approach in information technology projects. In IOP Conference Series: Materials Science and Engineering (Vol. 1169, No. 1, p. 012025). IOP Publishing.
Islam, S. and Evans, N., 2020. Key success factors of PRINCE2 project management method in software development project: KSF of PRINCE2 in SDLC. International Journal of Engineering Materials and Manufacture, 5(3), pp.76-84.
Jovanovic, P. and Beric, I., 2018. Analysis of the available project management methodologies. Management: Journal of Sustainable Business and Management Solutions in Emerging Economies, 23(3), pp.1-13.
Khoza, L.T. and Marnewick, C., 2020. Waterfall and Agile information system project success rates-A South African perspective. South African Computer Journal, 32(1), pp.43-73.
Kisling, E., 2019. Transitioning from Waterfall to Agile: Shifting Student Thinking and Doing from Milestones to Sprints. Proceedings of Southern Association for Information Systems, 14, pp.1-2.
Larsson, J. and Larsson, L., 2020. Integration, application and importance of collaboration in sustainable project management. Sustainability, 12(2), p.585.
Meirelles, E.G., Tereso, A. and Santos, C., 2019, April. The importance of project management competences: a case study in public administration. In World Conference on Information Systems and Technologies (pp. 101-111). Springer, Cham.
Mousaei, M. and Javdani, T., 2018. A new project risk management model based on Scrum framework and Prince2 methodology. International Journal of Advanced Computer Science and Applications, 9(4).
Panchatcharam, M. and Naidu, R.J., 2021. Emphasizing the Importance of Project Management in CRO’s to Achieve Better Clinical Study Outcomes. Saudi J Med Pharm Sci, 7(10), pp.477-483.
Shad, F., Shah, F.A., Jan, S. and Ahmad, S., 2019. Importance Of Communication In Project Management: A Case Study Of Communication & Works Department Peshawar. Sarhad Journal of Management Sciences, 5(2), pp.267-280.
Sobieraj, J., Metelski, D. and Nowak, P., 2021. PMBoK vs. PRINCE2 in the context of Polish construction projects: Structural Equation Modelling approach. Archives of Civil Engineering, 67(2).
Thesing, T., Feldmann, C. and Burchardt, M., 2021. Agile versus waterfall project management: decision model for selecting the appropriate approach to a project. Procedia Computer Science, 181, pp.746-756.
Websites
Prince2.com, 2022, About Methodology, viewed on: 16/01/22, viewed from: https://www.prince2.com/eur/prince2-methodology
Statista.com, 2022, Agreement Related To Implication Of Project Management, viewed on: 16/01/22, viewed from: https://www.statista.com/statistics/987367/organization-fully-understands-value-project-management/
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