Project Management Methodologies Assessment Answer

Evidence:
Throwing light on the above-mentioned discussions some of the examples from the documents that has been submitted in the weekly portfolio for supporting the argument that will completely highlight the reason for using the project management methodologies by the companies. Firstly, the Agile Methodologies are used by a lot of world-renowned companies across the world instead of the waterfall methodologies for performing effective work. The Agile method is mainly communication-oriented, flexible and also people-focused which helps a software industry segment to a great extent it has been already mentioned in my weekly portfolio 2. It has been also discussed in my portfolio 2 that small changes in the planning is possible if an organization is using the agile methodology. One of the main differences of the agile and the waterfall methodology that has been highlighted is the two approaches use different testing and quality approach. The agile process is used by the software companies because it encourages adaptation and inspection and also ensures that the company is having fast delivery with regards to the high-quality software and meeting the needs of the consumers as well as achieving the organizational goals. On the other hand, the Program Evaluation and Review Technique are mostly used with a combination of the Critical Path Methodologies (Kerzner and Kerzner, 2017). It is mainly used by the manufacturing sector. It has proven to be quite successful for the business that plans to expand their roots in the future. It has been noticed that by applying the above-mentioned project management method the project manager can create the timelines that are quite realistic in nature and also budgets.
It has been also mentioned under my portfolio reflection that if a firm uses the agile methodologies then a little change will not have an effect on their end product.

Impact of the Project Management Methodologies upon stakeholders

Summary:
It can be said that the project management methodologies are regarded as one of the vital elements of a project because all the organizations using the project management methodologies not only enjoys an improved project performance but it has the direct impact on their important stakeholders. Hence, it is advised that each and every company should choose the project management methodologies wisely (Meredith and Mantel, 2011). As per the industry, the project management methodologies should be applied that is best suited for them. Stakeholders are also one of the main elements of a company with regards to making their project successful. However, there are different types of stakeholders who get affected by the project management methodologies such as Top management, the project team, managers, internal consumers, resource managers, external consumers, and etcetera.
The PRINCE2 methodologies also have a significant effect on the stakeholders of a company to a great extent. PRINCE2 have served each and every stakeholders of a company in an effective and efficient manner whenever it is adopted by the company (PMI, 2013).  

Evidence:
Some of the famous project management methodologies have been already mentioned in the earlier section that is used by the companies that belong to different industries for enhancing their profitability in the marketplace. As per my portfolio, it has been already mentioned that the satisfaction of a stakeholder is quite vital for a successful project. There are also some of the four effective skills that are strongly needed by the project manager for dealing with their potential stakeholders is: Visibility, Credibility, Accessibility and priority. In portfolio 7 it has been also mentioned that the project management methodology and strategy should be well tailored to suit requirements and prerequisites with regards to the stakeholder. A stakeholder is important part of a project so for instance when a company opts for using the Agile Methodologies in their project the stakeholders also gets affected both positively and negatively (Wysocki, 2011). The main advantage a stakeholder receives when this particular methodology is the response from the company is quite faster, unlike other methodologies. On the contrary, the main disadvantage of this methodology is the main stakeholders who are associated with this project have no idea about the actual cost associated with it that later results in the severe complications.

Major elements of the project management methodologies for meeting the needs of a firm 

Summary:
There are some of the main elements that are present in the project management methodologies for meeting particular needs of an organization. In case of the Agile Methodology, the four vital elements in it are: The interactions and the individual's tools and processes, consumer collaboration over the negotiation of a contract, working software over the inclusive documentation and continuously responding to a change over following a specific plan. The organizations that apply the Agile Methodologies follow a long set of values and philosophies rather than applying monotonous processes to their ongoing project. On the other hand, in case of the Waterfall Methodology, the quality management is said to be one of the vital elements in it.    
The elements of PRINCE2 can be quite useful for achieving successful projects in the long run. Furthermore, the elements of PRINCE2 can be also used for training and mentoring the senior executives of an organization and it will also benefit with regards to the organizations that are completely contemporary based. It can be also said that the generic approach of the PRINCE2 is quite innovative in nature for suiting every kind of project in the industry. The PMBOK, on the other hand is regarded as one of the finest tools with regards to the project management in the recent times. The major elements in the PMBOK guides to the recognized and standardized project management information and practices that needs to be practiced in an organization. There are a lot of guide that has been published with regards to the PMBOK and it has been witnessed that the fourth version of the guide persisted with the PMI practices and tradition of excellence in the project management itself. It has also made a lot more easier for the company to understand and implement the methodologies for each and every kind of project (Kerzner, 2013).  

Evidence: 
The elements that are mentioned in the Agile Methodologies helps an organization to a great extent as the elements in it assume some of the things that can affect the project in future, unlike the other project management methodologies. The organizations get a huge amount of benefits if their environment is dynamic in nature where there is a strong potential for evolving requirements, for instance, software development (Mir and Pinnington, 2014). In case of the waterfall methodology, the elements in it assure an organization that the deliverables will meet the specifications. It has been reflected in my portfolio 2 that is when a firm adopted the waterfall methodology it costed a lot to them when they went back to the previous stage. It has been also noticed that one of the main reasons for project’s failure is because of a lot of cost and money involved in it. Generally, the quality management in the Waterfall Methodology with the resource management fit into the total scheme of the ongoing project process for an organization. 

Discussion and Conclusion 

Throughout 12 weeks of vigorous learning about project management methodologies, I have understood and gathered some amount of fundamental knowledge with regards to project management. Firstly, choosing a right type of project management methodology is an absolute necessity for an organization because project nowadays is getting quite complex and larger. In my portfolios I have also mentioned that a firm must chose wisely whenever they are considering agile or waterfall methodology. However, agile methodology has more positive result than the waterfall methodology. Secondly, the project management methodology also prepares the delivery firm to tackle the projects in a systematic and comprehensive manner. Thirdly, it has been also learned that the project management methodologies also successfully provides confidence to the potential stakeholders of the company that they can manage the large project in an efficient manner and deliver them profitably.

References

Kerzner, H., and Kerzner, H. R. (2017). Project management: a systems approach to planning, scheduling, and controlling. New York: John Wiley & Sons.
Meredith, J. R., and Mantel Jr, S. J. (2011). Project management: a managerial approach. New York: John Wiley & Sons.
Mir, F. A., and Pinnington, A. H. (2014). Exploring the value of project management: linking project management performance and project success. International journal of project management, 32(2), 202-217.
Wysocki, R. K. (2011). Effective project management: traditional, agile, extreme. New York: John Wiley & Sons.
Kerzner, H. (2013). Prescribed Project Management: A Systems Approach to Planning, Scheduling, and Controlling. New Jersey: John Wiley & Sons.
PMI., (2013). Supplementary A Guide to The Project Management Body of Knowledge (PMBOK Guide). Newtown Square.
OGC, AXELOS TSO (2009). Supplementary Directing Successful Projects with PRINCE2. Norwich, UK.