Generally, a methodology is a set of procedures, techniques and tools designed to bring about a solution to a particular situation. It maybe an approach, method or template used to deliver the project.
A formal project management methodology basically refers to the list of things to do in order to realize a completed project. It provides for the method; it makes you efficient in finishing the project; and it offers a project with better quality.
It is a misconception that project management methodology aims to give you a fast remedy, a temporary solution or even a strict step-by-step solution. Actually, the idea of employing project methodology is to guide you all throughout the process of project completion. During the process you may want to modify the methodology to suit your project. The managers are provided with management templates and framework which may serve as their core guide in pursuing the project.
Project management methodology differs from one company to another and varies from one project to another. Although there is a universal project methodology, this is not always applicable and workable to any situation. The project managers will oftentimes select a particular approach that is applicable to their present situation.
Companies which failed to incorporate methodology on their projects have encountered several losses and problem. In fact, the problems seem to progress as the project improves. But those which used project management methodology have showed proper way to control the problems so as not to distract the project completion.
Using a project methodology will give you a guideline on each procedure; it allots timeframe for each step; it minimizes the possible loss; and prevents further damage to the project. It also gives you set of case studies to see for yourself the problems encountered in using the methodology. This will allow you to avoid that mistake and import a different technique to improve your project.
Project management methodology does not stand in isolation. An ideal methodology is one that is designed in consideration of the sales and marketing, recruitment methodology, technical perspective, and operations and support.
The implementation of methodology is the responsibility of the project manager but all other staffs should work together to achieve a successful project. Note that one of the major reasons for project failure has reference to implementation.