Project management entails an important element currently among institutions and organizations, hence there are a number of methodologies developed in order facilitate the flow of a particular project from the inception until the closure. Three institutions that are known for project management methodologies/standards (PMI, IPMA and Prince2), have gained a particular role in this regard. This study at first place will focus on comparing these methodologies, finding advantages and weaknesses of each, as well as understanding the role of project life cycle. On the other hand, a large scale of actors in Kosova are involved in implementation of projects, however there no evidence whether a particular methodology is applied by these actors. Hence, following the comparison of well-known international practices and methodologies another focus of the study will be analysis of the current situation in Kosova in respect to the project management methodology, experience and practices of project life cycle implementation during the projects in government institutions, local NGOs and international institutions in Kosova. The study will be structured in way that, as underlined above, initially well-known international project management methodologies and life cycle will be compared and analyzed accordingly. Following will be presented the findings and results of the interviews conducted with different stakeholders involved in projects in Kosova, this will lead to coming up with conclusions and recommendations for the future work. Overall, the aim of this study is to provide a general picture on current trends in relation to project management methodologies, and while analyzing the current situation in Kosova providing certain recommendation for improving the current situation.