Methodologies used in Project Management

Undoubtedly, a methodology properly defined and strictly followed for project management provides a firm guarantee that the work will be done on time, in budget and according to specifications. A project management methodology in simple terms is a “must-have” to avoid failure and reduce risks, because is one of the critical success factors, such basic skills of the management team. This is the simple way to guide the team through the design and execution phases, processes and tasks throughout the life cycle of project management. Project management methodology is a strictly defined combination on practices regarding logic, methods and processes that determine how best to plan, develop and control a project along the continuous process of its implementation and successful completion. In project management there are various approaches and methods that can be used in different types of project management. All types of project methodologies can be divided into traditional and modern approaches.