The paper “ The Evaluation of Project Management Methodologies” is an excellent example of a term paper on management. The selection of a project management methodology is one of the most challenging and important decisions made before the launch of any project. I discuss two project management methodologies in the essay with a detailed analysis of each. The methodologies under discussion are the PMI and the PRINCE 2 project management methodologies. Afterward, the essay covers the criteria used in the determination of the most suitable methodology for my work. The internal criteria used in the decision-making process is the consideration of factors such as the people involved in the project, the processes through which the project must undergo, the available technologies that enable the project, and the nature and size of the project. 2.0THE PMI METHODOLOGYThe PMI methodology involves the breakdown of a project into five process groups.
The process groups include initiation, planning, execution, controlling, and closing. The method recognizes forty-seven processes that are condensed into the 5 processes as indicated. The implementation of the project processes and logistics follows the five processes where the adherence to the procedures in addition to the training guarantees a smooth flow of operations and the likelihood of high success rates of such a business. The first process is the Initiating group that involves project charter development and stakeholder identification.
This process also involves the control of the type and extent of stakeholder involvement. The other is the planning group that includes all the processes involved in planning such as the creation of the WBS, the definition of the scope, and the determination of the budget. The executing group is involved with the execution of the project plan. It also involves the management of communications, team management, and conducting procurements.
There is the controlling group that tracks the project status and development and tracks it. Issues such as the quality, scope, and cost are taken care of by the controlling group. The closing group is the final phase that is involved in the completion of the project including the closing procurements and logistics.
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