Methodology is created to standardize the approach of executing a project, a program or a portfolio.
It helps the new project managers, program managers, or portfolio manager to use existing set to processes, policies and templates, instead of creating them from scratch.
It enables the management to take decisions in a more effective way as they follow standard progress reports or dashboards for the different projects, programs and portfolios.
1- Project Management Methodology
Project management methodology is a set of methods and tools used to implement the awarded project. Methods are processes defined to execute specific function in the project execution. Method is the approach or the plan used to execute some project activities.
A process has several components: activities (the tasks to do), techniques (examples of how to do the activity), metrics (how long the activities may take, risk, etc.), inputs and outputs (things needed to do an activity or things the activity should produce), templates (examples of what the inputs/outputs and deliverables look like).
Having a methodology to execute the projects is very essential for any company having many projects to be executed simultaneously. It helps the company to standardize the project execution which is expected to increase the success rate of the projects.
IT helps the project manager to have processes, policies, and templates ready and save his effort and time to develop some of them.
On the other hand, having a methodology should not hinder the project management creativity, the methodology founder should find a way to encourage creativity while requesting the compliance with the methodology.
2- Program Management Methodology
Program management methodology helps the program manager to have processes, policies, and templates ready and save his effort and time to develop some of them.
Program management methodology emphasizes on the program management and will coexist with the project management methodology, which is concentrating on the project level.
3- Portfolio Management Methodology
Portfolio management methodology is a set of methods and tools used to manage the entire portfolio.
Portfolio management methodology emphasizes on the portfolio management and will coexist with the program management methodology and project management methodology.