Project management is an effort

Project management is an effort, put to create some special product. Knowledge, skills, tools and techniques are applied to create such special products (Marchewka, 2015). Any kind of projects needs investment to be completed.Time, money, resources, human resources are invested by organizations.
At the starting of any project, we need to have right resources. But only resources are not enough if the best process are not choosen. For the successful completion of the projects, they need to be completed by some repetitive process. The repetitive process is known as project methodology ( Kerzner, H., & Kerzner, H. R. 2017). Project methodologies are choosen as per the project type. Project methodology has it’s own positive and negative effects according to their types. What product are going to be created and what methodology suits best for the project type determines the success of the project.
A methodology provides strategic plan, game plan and recommends process, tools, phases, tools and techniques to support project. (Ika, 2009). As it’s the backbone for the success of any project it needs to be flexible. Project methodologies include experiences that are learnt from best practices in the past. ( Kerzner, H., & Kerzner, H. R. 2017).
Methodology provides strategic and operational benefit which helps projects to be completed systematically and benifitially. There are different types of methodologies., which are:
•Project Management Body of Knowledge (PMBOK)
•PRINCE2
•SDLC
•Waterfall
•Agile
•Project Management Body of Knowledge (PMBOK)-
PMBOK is short form of Project Management Body Of Knowledge. It is a set of standard terminologies and guidelines. This set is used for project management. The body of knowledge includes the changes in knowledge which occures in the course of time. It provides critical path method and breakdown structure (Rose, K. H. 2013).
•PRINCE2
The full form of PRINCE is Projects in controlled environment. dividing projects into small or managable and controllable forms to get the planned result is the main feature of PRINCE2. It is based on themes like business case, organization, risk, quality and principles like product focused, lesson learned ( Saad, S., Abdullah, I., Asma, O., Muhammad Saad, K., & Abdul Qadir, A. 2013).
•SDLC
The systems development life cycle is set of phases. These phases include planning, analysis, design, implementation, maintainance and support. These phases help to complete the projects successfully within given time and financial frame (Sabale, R. G., & Dani, A. R. 2012).
•Waterfall
This model consists of six phases in a waterfall model. Those six phases are, define requirements, design, build, test, implement, maintainance. Another phase is started only after one phase completes (Balaji, S., & Murugaiyan, M. S. 2012).
•Agile
Time frame is considered important in this methodology. Users and developers work closely to define projects which include heavy face to face communication. Customer satisfaction is one of the principles of this methodology. (Balaji, S., & Murugaiyan, M. S. 2012).
Waterfall and Agile methodologies
There are some similarities and some similirities between waterfall and agile methodology which are as follows:
? Project manager knows the requirements before the project starts.
? Project phase are completed in a given time frame.
? Both models are not that complicated.
? Changing requirements can be addressed.

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