Project Methodology and Project Life Cycle

Question: Discuss about the Project Methodology and Project Life Cycle. Answer: Introduction: This report states about the project methodology, role of project methodology, project life cycle, difference and similarities between the PMBOK and PRINCE2. Apart from this, it states that how project methodologies work in at different phases of project life cycle. Introduction to Methodology: Methodology is a systematic process and set of methods that provides idea about how to deliver projects. Along with this, it helps in identifying that what you need to do and how you can manage projects from start to end (Haugan, 2011). Apart from this, it describes the all the steps of project life cycle, which helps in identifying that how and when tasks will be completed. Role of methodology in Project management: Methodology provides a framework to project for the implementing the activities and study. This framework helps management in completing the tasks that required for the facing problem and efficiently completion of project. Along with this, methodology guides in project completion. Apart from this, methodology helps project management in defining the scope of project, time span, and the resources required (Maley, 2012). Methodologies help project management in measuring what task and activity need to be managed and when to maximize the use of resources. Moreover, it minimizes the risks and issues of projects. Project methodology cycle: Every project passes some phase through its life. Therefore, managers need to know about these phases such as are as define, plan, launch, manage, and close (Kounina et al, 2013). Project methodology cycle phases are as follow: Define phase: This phase defines the objective of this project as well as the need of this project (Joslin and Muller 2015). Along with this, feasibility study of the projects is conducted at this phase, which provides the information that the projects are suitable or not. Plan phase: This phase is important as it provide the answer of what, how, when, and where is to do. It determine the activities and tasks, budget for project, process, resources, location, and the starting and ending time for project (Nicholas, 2012). Launch phase: At this phase, the planned activities and tasks are implemented to achieve the objective and goals of the company (Marchewka, 2014). Here, the project is implemented in decided format and according to plan predefined. Manage phase: At this phase, the actual performance of the project is compared with the benchmark decided to determine the deviation. If any deviation is found out then corrective action is taken to get the project on right track (Burnett, 2012). Therefore, prototype, reviews and testing techniques used at this stage. Close phase: At this phase, it is ensured that the project is completed successfully. Apart from this, after ensuring proper documentation of project is prepared for future used and the project is terminated (Joslin and Muller 2015). This documentation may helps in completion of similar projects in future. PMBOK and PRINCE2 Similarities in PMBOK and PRINCE2 methodologies: PMBOK and PRINCE2 is the complementary of each other to implements projects successfully. Both the methodologies are used in the project completion and work simultaneously from starting to end of the project. Along with this, both the methodologies provide international approach, which helps in implementing projects successfully (Lientz, 2012). PMBOK and PRINCE2 methodology describes the set of best practices to fulfill the organizational needs. Differences between PMBOK and PRINCE2 methodologies: Project management body of knowledge (PMBOK) is a book, which includes the different standard terminology and it is a knowledge-based approach. It describes the range of techniques and core practices to manage projects effectively (Roudias, 2015). PRINCE2 methodology is a process-based approach, which defines what, when and how work must be done (Epstein, 2013). Along with this, PRINCE2 method defines the role and responsibility of every one, which are involved in project management team. But PMBOK focus on the role of project manager only. PMBOK method provides an idea and knowledge about project. Along with this, PRINCE2 methodology provides a process about project initiation that what, why, when and how projects must be done. In the planning phase, PMBOK describes the core practices and different techniques for the completion of projects and defines the role and responsibility of the project manager. In this phase, both the methodology measures the risk of projects and provides the suggestions. Along with this, in this phase, PRINCE2 Methodology defines the role and responsibilities of every member, which is involved in project management team (Happy, 2010). At launch phase PMBOK give the knowledge and guide in the project completion while PRINCE2 provide the format and sequence of activities to be performed. Moreover, in manage and control phase both the methods measures that tasks is being done or not according to predetermined framework. Eventually, at closing phase, PMBOK and PRINCE2 ensure that the project is co mpleted according to predetermined framework and guidelines (Khouri, 2015). Therefore, both methodology works simultaneously in the project execution. Conclusion: From above report, it can be summarized that the research methodology plays a vital role in the project completion. 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