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This paper discusses the comparison of diverse project management methodologies being practiced by global organizations as per their nature, size, scope, environment, diversity and the type of projects. An analysis has been made on IT project management focusing quality and risk issues and management. The basic theme is how different companies manage their projects by comparing quality and risk, and to what extent they use similar methodologies. A further ado is the use of traditional methods and heuristics that is supported at governance and policy level.