Discuss the below:
Many organizations invest substantial resources in creating their own project methodologies, which are sets of templates, process maps, and procedures that show the normal flow of a project from start to finish. Other organizations have no formal project management methods, and it is difficult for project managers and team members to be certain about what phase the project is in.
If informal project management can get the job done, why do we need fancy methods and processes and terminology? Have you ever been involved in a project that didn't follow the standard cycle of initiating, planning, executing, and closing? Is it ethical to underplan or overplan a project? Why or why not?
In your comments and responses, please use appropriate PMBOK®Guide terminology when discussing these factors.
Project Management Institute (PMI). (2013). A guide to the project management body of knowledge (PMBOK Guide), (5th ed.) Newtown Square, PA: Author.
Schwalbe, K. (2015). Revised an introduction to project management (5rd ed.) Minneapolis, MN: Kathy Schwalbe, LLC