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Question: Discuss About The Relations Project Management Methodology? Answer: Introduction This is a report, which will highlight the importance of project management methodologies in organizational context. The report will justify the learning outcomes of this course by providing the reasons for adopting project management methodologies. The report will critically evaluate the impact of project management methodologies on stakeholders. The major elements of project management methodologies will be described to identify the possible methods required to meet the needs of an organization. The report will summarise the overall knowledge gained about the fundamentals of project management technologies. Explain reasons why organisations adopt Project Management Methodologies The success and failure of a project will depend upon the project management methodology. The project management methodology should be well planned and implemented effectively to obtain the desired result. A project can only succeed through the use of effective scoping, good planning, resourcing, and support from the management and having realistic expectations (Kerzner and Kerzner 2017). The adaptation of project management is necessary for complex projects. There are three phases in project management methodologies and they are control, initiation and closing. These methodologies facilitate in overcome all the obstacles in the project by providing effective support and control on the project. Project management methodology will ease the work of the management while executing a new project. The initiation phase aims to communicate the idea for a service or a product through a mandate. This includes developing a business case for the new project by incorporating a structured approach (Joslin and Mller 2015). The report consists of a detailed explanation of the project cost, outcomes and amount of resources used in the project. This will enable the stakeholders to evaluate the feasibility of the project by outlining the project scope, objectives, deliverables, milestones, risks, issues, costs, benefits of the project. The next phase deals with the management and tracking of the project which will determined by the timeline for each of the activity. This assists in evaluating whether the project is proceeding as per the given plan. The closing of the project is crucial as if it is not closed, resources will be wasted unnecessarily. This shows that all the aspect of project management methodology is essential for completing a project as it reduces the complexity and facilitates in better management of resources and organizations capital. Agile project management has been used for software development till now but it has recently gained popularity outside the IT sector. Agile project management is now used in marketing manifesto, organizing editorials and managing financials Even though there were limitations in using agile management in most of the sectors but it has gained popularity (Burger 2017). Most of the industries are preferring to use non traditional project management tools along with the traditional ones. NPD PPM New Product Development Project Portfolio Management software is being used into organizations developing enterprise products. The reputed brands using it are GenSight, Decision Lens, Sopheon, UMT360 and Planview (Burger 2017). Critically analyse the impact of Project Management Methodologies upon stakeholders As stated by Marcelino-Sdaba et al. (2014), success of the project can be evaluated by identifying the realisation of the objectives set by the stakeholders. Stakeholders are actively involved with the various activities of the project. Stakeholders are also the individuals that have invested in the project. There are internal and external stakeholders to a project so they are affected either positively or negatively by the project activities. According to (Kerzner 2017), project manager and the team formed to work in the project are the stakeholders. Similarly, the customers, suppliers and sub contractors are also the stakeholders. The impact on the project stakeholders depends on the success of the project so if the project fails then they are negatively affected and vice versa. During executing of the project there will be difference in opinions among the teams, which is quite natural. Therefore, project management can affect the relationship between the team members negatively or positively. Generally, constructions of highways and buildings have a positive and negative impact of different stakeholders. The construction of the highway will be good for the travellers, bikers and car owners. However, in the process of completing the project there is a negative impact on the nearby residents due to creation of noise and air pollution (pundak 2014). In community based and clinical research project, the project managers have should to include patients and other relevant stakeholders into the project due to their complexities (Pandi-Perumal et al. 2015). Explain and justify the major elements of a Project Management Methodology that might meet the needs of an organisation The major elements of project management methodologies are costs, planning, logistics, requirements, quality, time/schedule, scope, ethics, resources, communications, change control, procurement, risk, integration and governance (Hornstein 2015). Project planning is used to define all the guidelines, templates and standards so that the gathered data can be summarized into the status report. Project scope will define the various activities incorporated into the project. It will provide the list of activities and deliverables for the project. The requirements of the project will have to be tracked into a register for maintaining records. Time schedule will show all the activities and their time span. Thus, time span for each deliverable and milestone can be identified using project management. Moreover, the dependencies of one activity on another will also be evaluated by time schedule. The activities will have their individual cost depending upon the resources used n the study. Resources are to be selected wisely as over allocation of resources may increase the overall budget of the project (Joslin and Mller 2015). Communication plan is one of the most important as it consist of list of meetings and their dates so that all the internal stakeholders could discuss about the progress, issues and deployments. Therefore, the project will run on time. Logistics is crucial as having the right component at the right place at the right time is necessary for maintaining the time span. There are various risk factors in the project, which has to be mitigated while conducting the project. Therefore, developing a risk register and organizing according to priority and level of risk will avoid unnecessary issues. Current trends in the market shows that business agile is being used by companies of all sizes and nature as it improves communication and makes the organization flexible so that they can easily adapt to changes (Burger 2017). Project management and Artificial intelligence are creating symbiosis by automating metrics such as LOE (level of effort) and project management decisions that assigns tasks to persons depending upon their suitability of doing according to the objectivity created by the machine (Burger 2017). Conclusion The conclusion drawn from the above report is that project management has become an integral part of organizations business and most of the organizations are using to ease their level of work. Similarly, the use of non-traditional project management tools have gone up significantly which is expected to increase further in upcoming years. References Burger, R. 2017.The 5 Biggest Project Management Trends Shaping 2018. [online] Blog.capterra.com. Available at: https://blog.capterra.com/the-5-biggest-project-management-trends-shaping-2018/ [Accessed 12 Feb. 2018]. Burger, R. 2017.The 5 Biggest Project Management Trends Shaping 2017 - Capterra Blog. [online] Blog.capterra.com. Available at: https://blog.capterra.com/5-biggest-project-management-trends-shaping-2017/ [Accessed 12 Feb. 2018]. Hornstein, H.A., 2015. The integration of project management and organizational change management is now a necessity.International Journal of Project Management,33(2), pp.291-298. Joslin, R. and Mller, 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. and Kerzner, H.R., 2017.Project management: a systems approach to planning, scheduling, and controlling. John Wiley Sons. Kerzner, H., 2017.Project management metrics, KPIs, and dashboards: a guide to measuring and monitoring project performance. John Wiley Sons. Marcelino-Sdaba, S., Prez-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. Pandi-Perumal, S.R., Akhter, S., Zizi, F., Jean-Louis, G., Ramasubramanian, C., Edward Freeman, R. and Narasimhan, M., 2015. Project stakeholder management in the clinical research environment: How to do it right.Frontiers in psychiatry,6, p.71. pundak, M., 2014. Mixed agile/traditional project management methodologyreality or illusion?.Procedia-Social and Behavioral Sciences,119, pp.939-94