International Project Management

Running head: INTERNATIONAL PROJECT MANAGEMENT
International Project Management
Name of the Student
Name of the University
Author Note

1INTERNATIONAL PROJECT MANAGEMENT
Introduction:
In this paper for the perfect monitoring and controlling of the project a methodology
for the cost and schedule tracking will be delivered within the project governance plan.
Following that, within the project governance plan format and the structure of the project
report will be discussed. Also, the frequency of project governance board meeting will be
determined and the key peoples who should attend the meeting will be elaborated. Similarly,
the structure and the format for the CEO and project board will be discussed.
Statement of the Main Problem:
Regarding the present scenario of the project the main problem which is faced by the
project is the managing the project. The biggest question regarding the project is how Kate
will be able to monitor and control the whole project. Also, another problem regarding this
project is that what type of data should be provided by Kate to the CEO and the stakeholders
for assuring that the project will run as per the previous planning. To solve these problems
one solution has been determined which is providing proper project governance plan and in
this paper a proposal for the determined project governance plan will be given.
Methodology for the Cost and the Schedule Tracking:
For proper cost and schedule tracking of the project three best methodologies can be
proposed for the project governance plan (Muller, 2017). These three methodologies are the
Spreadsheets, Project Tracking Applications and the PRINCE2.
From the above three methodologies for the cost and schedule tracking the chosen
methodology for the project governance plan is the PRINCE2 methodology (Saad et al.,
2013). In this case PRINCE2 is selected over the other two methodologies because both the

2INTERNATIONAL PROJECT MANAGEMENT
spreadsheets and the project tracking applications has some inherent disadvantage because of
their reactive nature which is not an issue for the PRINCE2 methodologies.
The PRINCE2 methodology has some of its own advantages also. This methodology
is considered as one of the best methodology for cost and schedule tracking because
PRINCE2 successfully allows to implement the project in a proper structured way within the
specified framework of the project (Matos & Lopes, 2013). Thus it helps by preventing the
matrices digressing and helps to track and rectify the digressions. Also, another crucial
advantage of the PRINCE2 methodology is that it helps the project managers to make instant
decisions and helps to resolve the key issues without any type of further delay. In the case of
the managing the project successfully PRINCE2 has a disadvantage also. The main
disadvantage of this methodology is that when some changes are initiated in this
methodology, it takes a long time to implement the change properly.
Though the other two methodologies were rejected which were the spreadsheets and
the project tracking applications is having some advantages also. The main advantage of the
spreadsheets is that it helps to analyse and visualise the datasets of the project in such an
accessible way so that the cost can be tracked properly with minimal effort (Ragsdale, 2014).
The main advantage provided by the project tracking application is that when same kind of
project tracking applications used in a team it provides the flexibility of collaborating with
the team members in real-time (Kerzner & Kerzner, 2017). Also it is very much helpful in the
process of the document sharing.
The main disadvantage of the spreadsheet is that control is limited on the spreadsheets
and due to that the spreadsheets becomes vulnerable to the frauds. Also, there is no log of the
change is recorded while using the spreadsheets. In the case of the project tracking
applications the main disadvantage is that some of the application can be very much costly to