Project Methodology

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Project Methodology
DEFINITION
The term project methodology means a model which is used by project managers for designing, planning, and implementing a project. It can be defined as:
“A methodology is a system of practices, techniques, procedures and rules used by those who work in a discipline. Lean practices, Kanban and Six Sigma are examples of methodologies.” [1]
By this definition we can understand that methodology provides you a guideline of how you can manage your project. Methodology uses divide and conquer rule, which means that the bigger project is divided into smaller and easy to manage phases. Each phase follows a logical sequence and output of one phase is input of other phase. Project methodology can be defined in various ways.
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The project methodologies are flexible and adaptive in…show more content…
The methodology provides the guidelines which can be followed while managing the whole project. Methodologies helps maintaining balance between cost, quality, time and scope. There are different methodologies available and the choice is dependent on nature of the project and delivery time. So methodology is the path which we are going to follow to complete our projects in given time and ensuring the maximum output. By this we can say that methodology is the key factor of success of a project.

DIFFERENCES OF PRINCE2 AND PMBOK [5]
FEATURE PMBOK PRINCE2
Acronym Project Management Body Of Knowledge Projects in Controlled Environment
Definition A set of standard rules, guidelines and terminologies for project management A structured project management method
Approach A knowledge based approach to project management (comprehensive approach) A process based approach to project management (practical approach)
Purpose PMBOK is a process based guide and it describes project work in many phases/processes. Focuses only on project manager. It is not a methodology. PRINCE2 provides a clearly defined framework and describes how people will coordinate and perform/execute activities in project. It is a methodology.
Processes PMBOK has five process groups:
• Initializing
• Planning
• Execution
• Monitoring
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