By utilizing a project methodology, a business will have a focused path to follow that has predetermined process and goals that have to be obtained. There are many different ones that are available today, the factors that must be considered before you chose is does it fit your business style, goals and resources to make it effective.
There is a project methodology that is very business sector specific. A great example of this is the Agile methodology. This approach to a project was made specifically for the development of software programs. This approach is readily different than any other methodology because of the approach the team members use to complete their tasks; this is nearly totally independent of each other.
For the business that product a real world deliverable, the project methodology that is used most often is the lifecycle methodology. This is a complete methodology that has been used successfully by many different businesses to help them achieve their goal of producing a profitable revenue stream.
This project methodology has an initiation phase followed by a planning phase. The execution and conclusion phase are at the end. Each phase has a set of tasks that must be completed in the correct order so the project can run in the most efficient manner possible. With each phase being dependent on the previous phase, the completion of assigned tasks is a critical function of this approach to building a project.
Incorporated into the lifecycle project methodology is many other methodologies that have useful and beneficial qualities. By removing the tasks that provide little to no benefit or an increase in quality of the deliverable, the project can cuts cost in many areas. This is taken from the lean methodology that was developed in Japan at the end of WWII.
The correct project methodology would be dependent on your processes and field of business. This is not something that can be easily changed once a project is underway. This is the main reason the decision on which methodology should be made at the beginning of the project and stayed with until the project is over.