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Methodologies for Project Management

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Added on  2021-04-21

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COMPARATIVE STUDY BETWEEN PMBOK AND PRINCE2 1 COMPARATIVE STUDY BETWEEN PMBOK AND PRINCE2 COMPARATIVE STUDY BETWEEN PMBOK AND PRINCE2 Author Note: Methodologies for project management Definition: The project methodology is the logical flow of process that defies the stages of compilation of a project. The project management methodology helps the project managers to execute the project in an efficient way with the give deadline and within the allocated cost. Role of project management

Methodologies for Project Management

   Added on 2021-04-21

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Running head: COMPARATIVE STUDY BETWEEN PMBOK AND PRINCE2COMPARATIVE STUDY BETWEEN PMBOK AND PRINCE2Name of the Student:Name of the University:Author Note:
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1COMPARATIVE STUDY BETWEEN PMBOK AND PRINCE2Methodologies for project managementDefinition:The project methodology is the logical flow of process that defies the stages ofcompilation of a project. There are different types of project management methodologies and thechoosing of the methodology depends upon the type of the project (Snyder, 2014). All themethodologies follow a certain guideline. These guidelines are defined in the guidebook calledPMBOK. The project management methodology helps the project managers to execute theproject in an efficient way with the give deadline and within the allocated cost. Managementmethodology starts from the initialization of a project and ends after the evaluation and closingof the project.Role of project management methodology:Project management methodology helps to execute a project within the given timelineand estimated budget. Project managers can plan and execute the project with the help of projectmanagement methodology in such a way that the project meets with the desired requirement andcan meet with the required quality level.PMBOK:Project Management Book of Knowledge is the guidebook for the project management.This guideline provides the required and desirable attributes those are required in the projectmethodology in order to complete the project successfully. The PMBOK guideline is acceptedworldwide. The origin of PMBOK is in United States (Karaman & Kurt, 2015). The main feature
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2COMPARATIVE STUDY BETWEEN PMBOK AND PRINCE2of PMBOK is that the guidelines given in the book focus on the knowledge areas of the projectscopes. It has 10 management knowledge areas. This guideline is non-perspective in nature. Theguideline is divided into several chapters. The first two chapters give the basic ideas about theinitial components of the project management. The detailed discussion about the various toolsand the stages in the project compilation method are discussed from the chapter 4 to chapter 12.Advantages (PMBOK):PMBOK has certain advantages. It defines a clear guideline for the project management,which is general in nature and is accepted worldwide (Jamali & Oveisi, 2016). It covers all theneeds and requirements those are needed in order to execute the project.PRINCE2 Methodology:Project in controlled environment the main feature of PRINCE2 methodology. PRINCE2has four elements-tailoring, themes, principal and process (Hughes et al., 2016). Seven elementsof the PRINCE2 are based on these four elements of this methodology. The main feature of thismethodology is that it is flexible to adopt any changes in the environment of the running project.The PRINCE2 methodology is perspective in nature and the role of everyone involving in theproject is well defined. However, in PRINCE2 methodology the focus on the knowledge isnegligible.Advantages (PRINCE2):The main advantage of PRINCE2 methodology is that it is widely accepted and flexible.This methodology breaks the project into several stages which helps the project managers to
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