Introduction If a business wants to create a niche in the market, it needs to be innovative such that is able to survive in the competitive business world. One possibility is adoption of a project management methodology for planning, organizing, managing and controlling work such that the productivity of team is improved and performance of the organization is enhanced. However, one project management methodology may not always fit all companies and thus, decisions are required to be made after studying the organizational structure. Two standard methodologies that are used by organizations worldwide are PMBOK and PRINCE2. In this report, there are 3 organizations including a financial organization, a residential society, and an international IT organization that are in the process of deciding a project management methodology out of the two. This report would explore the three cases from the perspective of project management methodology implementation to understand the likely problems that companies can face such that an appropriate choice can be made. Methodology Organization A Existing Methodology:It is a Financial Services organization that is operating with 80 employeesinAustraliaandNewZealand.ThecompanyusesAustralianPrudential RegulationAuthority–RegulatorPerformanceFrameworkformanagingitsbusiness operations. The project manager can have a direct influence on the senior manager in the company. The management was fast in deciding the project management methodology. ProposedMethodology:Thecompanyneedsprojectmanagementmethodologyfor managing its financial projects that are specialized. PRINCE2 is a methodology that is most suitable for general projects and thus, a PMBOK methodology may be more suitable for the Organization A. Moreover, PMBOK is more focused on the work of project managers as they are given the authority of decision making, the methodology would fit the organizational structure in which project managers are already given priority(Karaman & Kurt, 2015). Organization B Existing Methodology: It is a Building Society that houses 600 people. The society uses AustralianPrudentialRegulationAuthority–RegulatorPerformanceFrameworkfor managing its operations. The company is using a project management methodology that was developed by the company internally. Proposed Methodology:However, the methodology has not been efficient which is why the company want to adapt to a new and more organized methodology. As PMBOK guide provides a very detailed view of projects management processes, it can be chosen for the Organization B(PMI, 2010). Organization C
Existing Methodology: It is an international technological services organization operating with 1200 people worldwide. The company uses Capability Maturity Model Integration (CMMI) for managing its operations and is certified with CMMI. Figure1: PRINCE 2 Methodology for Organization C(Turley, 2012) Proposed Methodology:As the company is already using a standardized methodology for IT project management, what is now needs is a methodology that helps the company explore best practices of the industry. It does not need very detailed process guidance but something that is flexible and can be tailored based on the projects being managed. Thus, PRINCE2 would an appropriate project management methodology which is also popular with IT projects worldwide. The project would be divided into 4 major stages including pre-project, initiation, execution, and closure. In the pre-project stage, all the information that is required to initiate the project is collected and an initial plan is made. During initiation, project is authorized to start and an initiation document called PID is approved. During the stage of execution, project deliveries are managed as per the identified work packages. At this stage, the control measures would be established to manage the stage boundaries and deliverables as per the project plan. The last stage of a project is closure which involves development of the end project report. The IT projects taken by the company would be carried out in four stages including pre- project, initiation, execution and project closure. First the information needed for respective project would be gathered and an initial plan would be made which would be approved by the management for project initiation. The project would then be executed as per the project plan in a controlled environment that ensures taking care of the project boundaries. Once, the entire project activities are finished, project closure report is prepared along with lessons recorded for final sign off.
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