The decision on which project methodology your business is to follow is a very important factor on whether your business venture will be successful or a failure. Following one that is not right for the application or industry you are in could spell disaster.
By applying the correct project methodology at your company, the possibility of delivery your projects faster is possible. They will also save you time in money by making your processes more efficient in terms of time management and resources management.
One of the most noticed advantages by the project manager of using the right project methodology will be how much easier it is to produced the required formal documents for the projects under their guidance. By reducing the time required to produce these documents, more time can be spent on progressing the project forward increase the chance of the project becoming a success.
A project methodology that follows the best practice models are the ones that have the products accepted by more regions of the world. These practices include the standards PMBOK and Prince2. With your methodology following these standards, even the most stringent set of regulations will find acceptance of your deliverables if for nothing more than you followed due diligence in complying with worldwide accepted standards.
To assist you in following the project methodology, there are numerous project management templates that will accompany any methodology program. This makes it significantly easier to adhere to the standards in all of your formal documents of the processes in the project. These will then be followed by the project team when the deliverable is being construction in the execution phase of the project lifecycle.
To help follow the meaning behind the project methodology, most programs are companied with numerous examples and samples that can be easily used as reference material. This in itself will save a considerable amount of time by not having to search for information in other places.
The best project methodology to use will always follow the internationally accepted standards and have reference material to make the tasks needing to be completed by your project manager easier. This will allow them more time to manage the project away from all the paperwork that is also required.