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Question: Discuss about the Methodologies In Project Management. Answer: Definition of project methodology The term project methodology was first coined in the early 1960s. Project methodology can be defined as the set of measures that is undertaken by the various business organizations for simplifying and organizing their business proceedings. In the present date, this term is further modified with newer definition. Newer elements and functions are added to this term. A number of definitions have been given by various scholars. As per the scholars, project methodology is the combination of set of specified rules, practices and processes which helps to identify the best plan and helps in the development of the project throughout the implementation process until the project is successfully completed (Parker et al., 2013). Other authors states that the project methodology is scientific, disciplined and systematic method for the successful execution of the respective projects. In other words, project methodology can be described as the model, applied by the project manager for the design and implementation to meet the concerned project objectives (Ralf Mller, 2014). There are number ofproject management methodologies available based on the project requirements. Importance of project methodologies in project management Project methodologies ensure comprehensive and systematic delivery of projects. Utilization of project methodologies helps in making the project less susceptible to the risks that the project might encounter. The methodologies also enable the organization to suspect the risks as well as difficulties that the project might get prone to and in the process it also helps in finding the alternatives to minimize the chances of the risk factors. Project methodology also plays an important role in the operational level. It is considered as the key factor with the help of which the project manager assists the project team to opt for appropriate measure for the successful implementation of the project (Nicholas Steyn, 2017). Apart from this, a well structured and well-planned project is sure to provide quality results.Project management methodologies have been very effective in handling complex projects as well. Comparison between PMBOK and PRINCE2 methodology There are number of project management methodologies available based on the complexity of the project. Some of the common project methodologies are Agile, Waterfall, Prince 2 agile scrum and the methodology prescribed in the PMBOK. One has to choose from the methodology based on his/her project requirement criteria. Differences between PMBOK and PRINCE2 methodology The following points will highlight the key differences between PRINCE2 and PMBOK: PRINCE2 is considered to be more perspective compared to that of PMBOK methodology. The PMBOK methodology gives the knowledge about the best practices whereas, PRINCE2 provides proper framework for the methodology. As PMBOK method is based on identifying the best knowledge for the project it is also known to be knowledge-oriented. On the other hand, PRINCE2 is considered to be process-oriented (Snyder, 2014). PMBOK is useful for gaining expertise of projectmanagement skills as it provides knowledge about project management in structured manner whereas, implementation of the project with the PRINCE2 project methodology do not requires prior project management experience as it is outlined with the required processes. As per the PMBOK approach of project management, the project manager plays a crucial role in decision making process and acts as a central of the team. On the other hand, in the PRINCE2 approach of project management, more power lies in the hands of the team members rather than the project manager (Matos Lopes, 2013). PMBOK is plan-driven whereas the PRINCE 2 approach is case-driven. The PMBOK approach considers the project artifacts as a part of the main deliverables whereas; in the PRINCE2 approach the end products are considered as the main deliverables. In the PMBOK approach more stress is given on the estimating, EVM and critical path techniques whereas PRINCE2 mainly focuses on the product oriented planning, clarity in the assigned roles. PRINCE2 also focuses on providing project assurance (Rose, 2013). Similarities between PMBOK and PRINCE2 methodology The following points draw light on the similarities between the PMBOK and PRINCE2 methodologies are as follows: Both PMBOK and PRINCE2 apply similar risk management approach by identifying, assessing and responding to the risk factors. Both the methodologies focus on the analysis of the risk factors (Tomanek Juricek, 2015). Both PMBOK and PRINCE2 are mainly concerned with six essential aspects of project management. The six aspects include cost, time, scope, quality, risk and the gained benefits. PRINCE2 in relation to project life cycle (PLC) The PLC of PRINCE2 constitutes of seven steps. Each of these steps are carried out under the approval of the project board an under the supervision of the project manager. The seven steps can be categorized in the following ways: Starting the project- This stage involves explaining the purpose that the project serves. In this stage the initial planning of the project is done such as how the project can be executed and the resources required for the project. Project initiation- In this stage the project requirements are addressed. The project lead sets the target for time, cost, scope and quality for the project. Project direction- This step involves the overall process of project planning. Activities such as project initiation, setting the boundaries following the direction and project closure are included in this step. Project control- This step includes dividing the project activities into number of manageable activities. As per this step, the project manager is required to report the work progress and address the problems associated with the project plan and the team manager is required to coordinate the team work (Turner, 2016). Managing the delivery- This step mainly consist of three major activities such as accepting, executing and delivering of the work packages. Stage boundaries management- Each of the stages of project planning is reviewed by the board members and the project managers. The continuity of the project is decided by the board members. This stage mainly comprises of the activities of planning the consecutive stages, updating the project as well as the business plan and presenting the execution plan (Jamali Oveisi, 2016). Project closure- This stage includes project decommission, analyzing the project benefits, evaluation of the reviews, free up the unused resources and final handover of the products to the end users. References Jamali, G., Oveisi, M. (2016). A Study on Project Management Based on PMBOK and PRINCE2.Modern Applied Science,10(6), 142. Matos, S., Lopes, E. (2013). Prince2 or PMBOKa question of choice.Procedia Technology,9, 787-794. Nicholas, J. M., Steyn, H. (2017).Project management for engineering, business and technology. Taylor Francis. Parker, D., Charlton, J., Ribeiro, A., D. Pathak, R. (2013). Integration of project-based management and change management: Intervention methodology.International Journal of Productivity and Performance Management,62(5), 534-544. Ralf Mller, D. B. A. (2014). The impact of project methodologies on project success in different contexts. Rose, K. H. (2013). A Guide to the Project Management Body of Knowledge (PMBOK Guide)Fifth Edition.Project management journal,44(3). Snyder, C. S. (2014). A guide to the project management body of knowledge: PMBOK () guide.Project Management Institute: Newtown Square, PA, USA. Tomanek, M., Juricek, J. (2015). Project risk management model based on PRINCE2 and SCRUM frameworks.arXiv preprint arXiv:1502.03595. Turner, R. (2016).Gower handbook of project management. Routledge.