1.What is a project methodology?
2. What are the advantages of using a methodology?
3. Describe the project life cycle (PLC).
4. What are phase exits, stage gates, and kill points? What purpose do they serve?
5. What is fast tracking? When should fast tracking be used? When would fast tracking not be appropriate?
6. Describe the "Define Project Goal" phase of the project life cycle.
7. Describe the "Plan Project" phase of the project life cycle.
8. Describe the "Execute Project Plan" phase of the project life cycle.
9. Describe the "Close and Evaluate" phases of the project life cycle.
10. Although the Guide to the Project Management Body of Knowledge (PMBOK® Guide) describes the generally accepted principles and practices of

1. Let’s suppose that we want to test a scientific hypothesis. What we need to do first is to come up with steps and techniques for testing this hypothesis. This, in a similar way explains what project methodologies are. A project methodology gives us a properly organized way of planning and executing a substantial amount of work that needs to be completed in a given amount of time. Think of it as a game plan that you need to up with to develop a product or an IS.

2. Following a particular methodology comes with its own advantages.

1. It gets you focused on the product you are trying to come up with.
2. So many lessons will be learnt and will be documented as experiences and will be integrated as best practice. In the event that the project is a success, the same methodology can be used once again in the future.
3. Saves time since the same prescription of tools, phases, and techniques used for a particular project can be reused once more to come up with another project.

3. It maps out the existence of a project from start to finish. It is defined within a given methodology. Projects, like humans, have defined life-cycles. The same way we come out of wombs, grow, mature, decline, and then die is the same way a project has a beginning, mid, and end.

4. It does not matter whether a project one is working on is huge or not, they have to be organized into a sequence of phases for manageability. These phases include phase exits, stage gates, and kill points. Having these phases aligned together will give an organization a clear indication of how to evaluate the project’s performance and be able to mitigate problems that arise.

5. Starting the next phase just before the current one ends can sometimes be a good thing since it can reduce the schedule of the project. This is what is known as fast tracking. It is a good idea but introducing one phase before another one ends can cause an overlap and as a result can pose as a risk. Do it if the risks are within scope and can be accepted.

6. An idea that someone comes up with to build a new information system or product can be counted as one of the initiation processes of a PLC. However, the first process is to define the goal of the project. Organizations have put amounts of time and investments into coming up with a project. Therefore, every little aspect of the project should be properly envisioned to meet the business's value. This is phase where we should ask ourselves questions like whether the project is going to be successful and how we will identify its success in correlation to the investments raised by the stakeholders. It is the phase upon which every detail is looked into carefully and goals defined before the project is flagged off.

7. This phase provides the direction and planning for the project. Once the project has been flagged off and is ready to move forward, the team needs to define what the objectives will be, when and what time the project will be completed, and the amount of money that will be required to finish. In addition, things like how many people are we looking at to complete the project and the technology that will be used to build the project are highly considered and looked into in this phase.

8. At this point, the project must be approved first before moving on to this phase. The teams put all efforts of design, development, and delivery of the final product. Whoever has invested on the product will now start to have a clear picture of everything that is going on from the first phase of planning to the actual implementation based on time it has taken to the budget that has been so far.

9. Every beginning must always have an end and this is the phase that ensures a well-defined end. It ensures that the amount of effort and work that the teams have put in developing and implementing the product is complete. This phase also sees the team and stakeholders have meetings to try and consolidate and come into terms of whether or not the goals of the planning phase have been achieved.

10. Because every single project has its own goals and achievements that it wants to meet. Every product is unique in terms of what it wants to achieve and the principles and practices might not work for every project. It is the processes used to come up with the particular project that will play an integral part in the life cycle

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