Project management is the application processed to meet project requirements with its knowledge, skills, tools, and techniques. Project management is an approach of incorporating a set of disciplines together to achieve common goals. It is a practice of initiating, planning, executing, controlling and closing the work of a team. The central objective of project management is to achieve all the project goals within the given constraints.

The PRINCE2 methodology: PRINCE2 (PRojects IN Controlled Environments) is a widely practiced methodology of project management. PRINCE2 is a structured project management method which gives emphasis on dividing projects into manageable and controllable stages.

TheProject Management methodology follows four levels:

Corporate management: The level Corporate Management refers to the project’s sponsors. The sponsors are responsible for developing the mandate and ensuring that the project provides the expected benefits. Sponsors also evaluate the controls for the projects.

The project board: Also referred to as the steering committee, in the project board level, discussions engagement-building or stakeholder management takes place. The board responds to the exception reports. Also, the project board provides the resources and funding to the project manager and team. A project board drives the project through risks and challenges which need to be addressed.

The project manager: The project manager level is the most detailed and demanding individual role. Project managers manage the plan, stages, structure and resource usage for the projects. Their responsibility is to ensure that the broad is fully briefed and the project team receives the board’s decisions. They also oversee whether the produced works meet quality level or not. 

The project team: A project team ensures that people in it understand their roles and who they report to. The responsibilities of the project team are to execute and deliver the project within the agreed time, cost and quality constraints. The project team also support administrative and data compiling duties and asset management.

Stakeholder roles: Project management methodology consists stakeholder roles as another core aspect. The roles are as follows:

Business sponsors: Business sponsors ensure the project delivers value for money. 

Users: Users are the beneficiaries of the product, delivered by the project.

Suppliers: Supply resources or skills that are needed to deliver the project.

Project management needs a structured framework. Also, it needs flexibility which allows adapting any challenges. Project management brings focus on the projects shaped by the goals, resources, and schedules.

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