Discuss about the Project Management Methodologies for Time and Budget.
Projects are one of the most prominent assignments of an organisation and hence it demands adequate attention. Different researches and assessments have been done to identify the most suitable ways of completing a project within time and budget. The different methodologies were proposed by the scholarly work for managing projects and they were the set of all the methodologies were known as project management methodologies. The discussed methodologies offered a step by step guidance for the successful completion of undergoing projects. The discussed portfolio has offered an insight into the project management methodologies. The portfolio has followed a library structure to discuss the matter of consideration and the learning outcomes has been discussed summarised and cited with evidence. The portfolio has been summarised in the discussion and conclusion to conclude the portfolio.
Project management methodology in a project is included to guide the project development team to attain successful completion of the project while tackling all the hurdles (problems, risks and other) in the way. Successful completion of the projects is of great vitality as it transitions the organisational change to have a positive impact on the organisation. In the adverse scenario, if the organisational projects fail then it will cite negative impact on the organisation’s sustainability. The negative impact will be because of the loss of the organisational resource, time and effort on the project. Hence, it becomes great necessity that the projects are planned at the initial stage and guided until completion and project management methodologies can assist an organisation in mitigating the discussed challenge that are associated with the successful completion of the project. The above discussed fact is the most prominent reason why organisations adopt project management methodologies. The reason for adoption of the project management methodologies in a project is not just limited to successful completion of the project but other benefits are also offered by the discussed measure. The discussed adoption assists in effective planning & control of the project. Adoption of the Project management methodology offers a commonly working ideology of work among the all the stakeholders of the project that includes (customers, suppliers project team and others). It also ensures that the roles of the of all the stakeholders are well-defined. It assists in mitigating the challenges that are associated with the project. The following section has offered an overall summary of the discussed learning outcome.
The discussed learning outcome can be summarised to state that the deemed learning outcome assisted us in understanding the viability of the project management methodology in successful delivery of a project. It also assisted in understanding the perception of the project team that motivates them to adopt the methodology. The reasons that have association are the planning & structuring of the project that ensures that the chance of any issue development is mitigated and the roles of the stakeholders are well-defined. It assists in managing a chaos and conflict free project completion because the structure enables the stakeholders to associate in a common perception of mind.
In the past, I have had the opportunity to gain some experience in a project development scenario. It was carried on by a local neighbour and assisted me to get the job. Just after 2 days of my joining, the project scenario changed with a change of project head. The new project manager had no idea of what need to be done. Additionally, the project was not following any methodology and hence, no draft was present that could have assisted the new manager in understanding the role of different stakeholders. The workload on the employees including me was increased to complete the task in budget in time but it proved to be ineffective because no one was satisfied with the management of the manager. The employee believed that the manager was incapable and so did I. However, after enrolling in the course that I am currently pursuing I understood that the project manager was partially at fault because the earlier manager has taken appropriate consideration of any project methodology and hence, the conflicting situation developed.
For the management of the medium sized companies and the large complex companies the project management techniques become very difficult to handle and hence the project face difficulties in handling complex procedures. Hence there arises a requirement of maintaining a clear focus on the goals and the milestones for the development of the project. In addition to his it is also important that the management of the stakeholders are done efficiently. The ability to carry out efficient analysis on the stakeholders associated with the projects are very important for the project managers. It is important that they identify the stakeholders of the system and identify their association with the system. This helps the project to get executed efficiently and also the functional requirements of the system can be identified easily with the identification of the needs of the stakeholders. The ability to seek an agreement on the goals for the project to be implemented provides a huge boost for the success of the project. The failure in this process might lead to disruptions in the project and have negative financial impacts, and potential damage to the organization’s reputation. The methods by which the project manager generally addresses the stakeholder management for the project are project risk management and project management leadership. When these methods are integrated properly the stakeholder management becomes efficient and work for the overall benefit of the project This effects on the overall moral of the stakeholders that are associated with the system and increase the overall satisfaction level of the stakeholders towards the project.
Summarizing the above section, it can be said that project management techniques involves the inclusion of the stakeholder management within the scope. The project manager has to have a clear idea about the stakeholders involved with the project and perform an efficient stakeholder analysis on for the benefit of the project. Hence it has been described that the stakeholder management process involves two major approach which are the stakeholder management and the risk management principles and project management leadership. On the integration of these procedures the management can be handled properly.
The above discussed case scenario can be taken in consideration to act as evidence for the impact of methodology on the stakeholder. As discussed it was witnessed that absence of methodology can develop chaotic scenario in the project. This is due to lack of structure to pursue with the project. The stakeholders are unaware of the designated role Additionally, due to lack of proper communication, it can be seen that the stakeholders lacked confident in the project manager and it had negative impact on the projects offering. Hence, the above discussed scenario can be taken into witness that lack of project management methodology can create huge chaos and conflict the project development.
The components of a project management methodology are the factors that defines the methodology. The core components of different project management methodologies differ according to the methodology. However, some of the components are common for all the methodologies and they are also the basic components. The discussed generalised key components of project management methodology are the project draft, policies & procedures, schedules, resource plans and the budget. The draft of the methodology defines the objectives, goals, success criterion and other prominent factors that demands discussion before initiation of the project. The policies & procedures also holds a special place in project management methodologies because it defines the approach that would be best suited for the successful delivery of the project. the third component that is primary in the project management methodologies id the schedules which sets a specific lifecycle for different phases of the project. The resource plans as part of the project management methodology has its own significance because it strategizes for the resource allocation and defines how the resources should be used. Finally, one of the most prominent component that is associated with the project management methodologies is the budget planning. The budget includes the cost, time, human and other organisational resources that can be vitalised to determine the success criterion of the project.
The discussion above can be summarised to state that the project management methodologies takes account of some components that are associated with successful delivery of the project. The key factors of the project management methodology enable the understanding of the project and if cited adequately can provide decisive factors that will ensure that the delivery of the subject is adequate and successful.
The resource materials provided by our mentors over the subject can be taken in account to act as witness to the above discussed facts. Additionally, the scholarly articles that has assisted us in completing the paper can also act witness to the above discussed facts. The list of citation for the literary work that inspired us has been attached post conclusion section.
Discussion and Conclusion
The discussed portfolio can be summarised to state that project management methodologies are one of the most prominent factors that defines the success ratio of a project. It was also discussed that how project management methodologies cite impact on the project and the stakeholders that are associated with it. The core components of the project management methodologies have also been taken into consideration and was identified that these factors can have prominent impact on the project and hence should be cited adequate attention. The portfolio discussed the learning outcomes of the lectures that was provided to us by our professors and mentors. Finally, the discussed portfolio can be emphasised to conclude that project management methodologies are a crucial factor that holds capability of defining the success level of a project and hence should be adopted adequately and the implementation should be more precise.
References
Burke, R., 2013. Project management: planning and control techniques. New Jersey, USA.
Joslin, R. and Müller, R., 2015. Relationships between a project management methodology and project success in different project governance contexts. International Journal of Project Management, 33(6), pp.1377-1392.
Kerzner, H., 2017. Project management metrics, KPIs, and dashboards: a guide to measuring and monitoring project performance. John Wiley & Sons.
Marcelino-Sádaba, S., Pérez-Ezcurdia, A., Lazcano, A.M.E. and Villanueva, P., 2014. Project risk management methodology for small firms. International journal of project management, 32(2), pp.327-340.
Muller, R. (2017). Project governance. Routledge.
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