The Project Management Methodology

Published Date: 02 Nov 2017

A project is a temporary undertaking to create a particular product, service, or result. The temporary project indicates the beginning and the closing of the project.

Project Management:-

Project management is the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements.

Methodology:-

A methodology is a combination of methods, processes and practices that are repeatedly carried out to deliver projects.

Project Management Methodology:-

Project management methodology is defined combination of logically related practices, methods and processes that determine to make best plan development, perfect control and deliver a project throughout the continuous implementation process.

Explanation:-

A project Methodology gives a clear process for managing the projects. And tell your team what has to be done to complete your project, how it should be done, in which order and by when. As project management skills are very important for project staff, because its methods and tools are best for everyone. By using a methodology we can create a project roadmap which means there are some processes to complete the project. By using methodology we can monitor the time, cost factor and quality of project. We can easily handle changing in the project because it tells the scope of project and minimize the risks. It also helps to manage the staff and suppliers of project. And it is very useful in its planning, designing and ending. Even the smallest method can benefit by use of a best chosen project management technique or tool, especially in the planning stage of project. Project management methods and tools can be different like construction a house has different methodology as compare to planning a wedding. So we can say that project management methodology is useful for any tasks in which different problems are possible ,where risks of problems are occur and failures exist then by using best project management methodology we can get a outclass output. Project management methodology is not only for project managers but also for everyone which are involved in project. We can easily check the activities against the plan and then manage, inform, encourage and enable the project team because a talented team with have a best methodology will provide a best outcome.

Project Management consists of following processes:-

Initialization:-

When project is in initial stage first define the project. After defining the project we have know about the project parameters. And also make planning of project framework.

Planning of Project:-

Develop the schedule of each and every which involve in the project. Analysis the resources which are best for project. Develop the risk management plans to minimize the risk.

Design and Manage the Project:-

Take adaptive action to complete the project and then execute and control.

Closing of Project:-

Get the desirable output.

Project Management Information System (PMIS)

Definition:-

It’s a tool or a system of information required for the organization to run the project successfully.

Explanation:-

PIMS is used to make schedules, funds and execute work at in time. It is also used to inform to everyone about each activity, manage materials, collection of financial data, and keep a record of purposes. This system is different in scope, design and features depend upon organization what they want. Information is very important for the designing and execution of project and also for management decisions which are related to resources in a project which come from project must be based on in time and relevant information. To motivate the project management and to charge all team associated with the project require information which makes the best decision. In project making, implementation of decisions depends on the character of the information which available to the decision makers (project management). So PMIS is a system to collecting and distributing information which are needed for the organization for each project. The project management information system have some information that is needed for the projects, but there is a must need of PMIS for best results. PMIS provide well-developed method for understanding and managing the project. Similarly stakeholders have various information but they should also needs to know about PMIS.

Based on the above requirements five modules are given for project management to efficient the quality of the information used in management planning, control and reporting.

Project Performance Indicator Tracking System (PPITS)

Procurement Planning and Monitoring System (PPMS)

Disbursement Planning and Tracking System (DPTS)

Procurement Activity Tracking System (PATS)

Project Planning and Scheduling System (PP&SS)

Project Selection Methods

Definition:-

In project selection method we choose the best choice from different proposal which is cost benefit analysis.

Explanation:-

Projects are choosing according to different reasons. When the project proposal is prepared there should be different factors in mind before a final decision. Before the selection of project think about these things:-

Who is responsible for the selection and review of projects?

How can we make sure that we are doing the right projects?

Because each project should have clear methods which have their own value. The most important thing to choose any project is that we should keep it minds the goals and requirements of organization. Now the thing is that how we can decide whether a project is perfect. Second thing is that how we can decide the project which we select either it has any value or not in the market. Choose the project by using the right method which is very important. Thinking is that how we can select the right project for organization. It should need careful guidance in the project selection a small mistake can convert a good project into bad project.

Selection Methods:

There are different project selection methods. These methods have different features and characteristics. Therefore each selection method is best for different organization for different purpose.

Methods for the selection of projects:

Cost Benefit Analysis

Risk Analysis

Decision Making

Net Present Value (NPV)

Internal Rate of Return (IRR)

Opportunity Cost (OC)

Implementation of the Chosen Method:-

It is very important that the method which is selected should have various combinations. That’s why it is the best method to try out the different methods. So we should give our hundred percent considerations to each project.

There are five typical steps in project selection process

A need is identified

Building of a successful financial plan

Planning begins

Project development

Construction