Project Management Methodology Essay Example | Topics and Well Written Essays - 3500 words

Project Management Methodology - Essay Example There are nearly four to five process groups in the project management methodologies. The process group comprises initiation, planning and design, execution, monitoring and controlling and closing (Haughey, 2012). The main objective of the report is to describe the project, which is â€Å"Privatisation of QinetiQ† by focusing upon the characteristics of the project that impact the choice of project management approach. The project will also discuss the use of numerous planning tools as well as techniques such as work breakdown structure, Gantt chart, critical path method as well as PERT approach to scheduling that has been used for this project. The report will proceed by identifying various risks that have been associated with the project and will discuss the utilisation of risk management methodology. The report will conclude by reflecting on what has been researched for this assignment and any implication with regard to bringing in changes for current or future practice as a project manager. QinetiQ is a defence technology business. It has been acknowledged that the privatisation of QinetiQ took place in two phases i.e. sale of 33.8 percent business to the Caryle Group and sale of 3.7 percent of the business to the management as well as employees. The total of 37.5 % of the business was sold in the year 2003. The main motto behind the privatisation was to assist in creating a business ahead of flotation on the London Stock Exchange that happened in the year 2006. The privatisation activity had assisted in gaining approximately  £576 million. It has further been found that Ministry of Defence has a holding of 19 percent in the business valued at  £235 million in the year 2007 (National Audit Office, 2008). QinetiQ possesses a significant role in conducting research and in suggesting the Department on the creation and the procurement of equipment. It also has a role