IntroductionIn the assignment 1, I’m going to be discussing and highlighting all of the key elements of the project management area in the IT industry. In this document, it will be looking at the methodologies used to structure projects and the steps that are used throughout projects.InitiationInitiation is the starting point of the project and work and information are given out to people that are working on the project and make sure everyone has an understanding of the projects and their tasks. This where stakeholders, clients, targets audience will be involved so people have a good understanding what happening and what’s going to happen. As well teams and groups will have the job of making charts like Gantt charts and using tools to plan a task that will be used throughout the whole project. As well resources & materials that are going to be used. Cost of resources will be planned here and cost for teams to be used for the project. Budgets will be created within the project to make sure teams and sections projects don’t go over the project budget if people were not to follow budgets it could fail the project. Goals and timescales will be set for the whole project and mini-projects to make sure each part is done before the deadline.PlanningPlanning is the stage where people are given jobs and aims that have been decided and to have furthermore understanding of what-to-do. Planning stage links with the initiation phase as its to do with getting resources and any staff for the project and additional equipment for certain tasks in the project. risk plans will be done at this stage to make sure jobs and tasks are safe but also the area of the project will be risk assessed to cover the project. Also, quality plans will be set for tasks to make sure they meet a certain standard. As well just before the projected is started, documents and staff will be checked to make sure people are ready and the project has the proper equipment.ExecutionThis part of the stage is where jobs and tasks are started and this starts the project off, allowing it to move on from past stages. Time is a big thing project and often kills projects because deadlines are often skipped or missed leading to other problems. While doing tasks, everything will be tracked to make sure it meets deadlines. Risks plans will play a big part at this stage because this will tell people the proper way of doing something to avoid problems and risking anyone’s lives and the project. Communication will be used throughout each stage with other staff and clients to make sure people have a good understanding of what’s happening. Reports will be produced at the end of each task to make sure it covers the insurance of the project and if there were any problems to make sure they get recorded and analysed so the problems don’t have again in the project or future projects.EvaluationsThis stage is about looking for an overall view at all of the documents and the project itself. This stage informs outsiders like clients, stakeholders and users of the project. Leaders can look at the project documents and look at problems that occurred throughout the project and to see if project targets were met correctly. Methods can be looked at to see if they were used correctly and if they were the best way of doing something. Look at any lessons learned and note them down so they can be taken into other projects. As these lessons can help in improving future tasks and projects overall.Prince2Prince2 is a method of starting a project using proper methods to deliver the project. Prince2 is government backed so it’s recognised by other users and organizations around the world. but requires the project manager to be certified in prince2 and requires vendors to use the prince to approach to deliver the projects. Method 123Method 123 is simplified blend between the prince2 and PMI principles. This method uses step by step learning to deliver processes to others. This appears to be a guide for the project manager to help the understand processes and principles as well.AgileAgile works in chunks allowing people to take it step by step and creating a good understanding of the project brief. Usually, it’s taught in 30% chunks.