This article discusses project methodology and its role in project management, the selected methodology PRINCE2, and processes related to the project life cycle (PLC). It also highlights the similarities and differences between PMBOK and PRINCE2 methodologies. The article is based on research studies and academic references.
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Running head: PROJECT MANAGEMENT ‘ Topic- Project Management Name of the Student Name of the University Author’s Note
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1 PROJECT MANAGEMENT 1. Project methodology and its role in project management According to Karaman and Kurt (2015), project methodology is one of the models that are mainly employed by the project manager for planning, designing as well as implementing the objectives as well as goals of the project. It is identified that the project methodologies are mainly utilized in order to complete the entire work of the project within the scheduled budget as well as time. On the other hand, it is opined by Nicholas and Steyn (2017) that project methodology are a proper set of procedures that generally assists in introducing flexibility, competence as well as reliability of the project in order to improve the various work process of the project. In addition to this, project methodologies are quite useful in improving the project alignments, enhancing competitive advantage, producing faster business outcome as well as assists in predicting the various staff requirements. Theprojectmethodologiesaremainlyutilizedintovariousprocessesofproject management in order to support the project manager who is mainly involved within various business projects. The main goal of the project management methodologies is to complete the work activities of the project as required. The project management methodologies are quite helpful in raising number of strategies that are quite advantageous in managing the issues that are associated with project (Rainer Prince & Watson, 2014).It is identified that there are different types of project methodologies that include Agile XP, Waterfall, PRINCE2 as well as Agile Scrum. In addition to this, the project methodologies within the project management helps in specifying the tasks that are mainly undertaken for maximizing the project time with appropriate resources (Rosemann & vom Brocke, 2015).The project management methodologies are quite advantageous in tackling the project the project for properly integrating the activities of the project. At proper operational level, the project management methodology plays an important
2 PROJECT MANAGEMENT role along with the project team for completing the activities of the project properly. This methodology helps in enabling the organization for delivering cost effective as well as scheduled solutions to the project manager. 2. Selected methodology: PRINCE2 The methodology that is selected is PRINCE2. It is one of the procedure based methodology of project management. It is identified that structured project management helps in ordering the project into number of defined steps for making it logical as well as properly organized. PRINCE2 helps in providing written description for the approach of the project management (Spundak, 2014). This methodology mainly helps in dividing the entire work of the project not number of manageable stages. On the other hand, it is identified that PMBOK is one of the standard or guideline that is for project management (Turner, 2016).The PMBOK mainly helps in teaching knowledge base project management profession while PRINCE2 helps in setting out appropriate standard in order to execute the project effectively. Similarities between PMBOK as well as PRINCE2 methodology The similarities include: 1. PRINCE2 is one of the methodologies that is mainly utilized in all types of project while PMBOK is one of the standard that is utilized in project management. The similarity between both the methodologies is that both are utilized in project management. 2. Both the methodologies are quite helpful in guiding the project and assists in executing the project successfully.
3 PROJECT MANAGEMENT 3. It is analyzed that both the project management methodologies have proper planning, initiation, execution, and monitoring as well as closing phase (Joslin & Muller, 2015). 4. Both the PMBOK as well as PRINCE2 methodologies are quite helpful in elaborating knowledge as well as the ability of the project manager. Differences between PMBOK and PRINCE2 methods FeaturesPMBOKPRINCE2 Knowledge and theme areaPMBOKconsistsof10 knowledge area PRINCE2 consists of seven themes Process and activitiesPMBOK consists of 5 process groupsalongwith47 procedures PRINCE2 consists of seven processes with 35 activities TechniquesIt generally helps in covering techniqueofeachofthe process Itmainlyconsistsofonly some specified techniques for PRINCE2 FocusThemainfocusonthe customer requirements It generally focuses on the business case 3. Identification of methodology and processes relate to the project life cycle (PLC) The process of PMBOK as well as methodologies of PRINCE2 is mainly related with the cycle of the project. At first, the project management methodologies mainly help in providing an overview about the entire strategy of the project that is mainly planned. The most important step
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4 PROJECT MANAGEMENT into PLC is planning phase of the project that mainly includes proper method of risk assessment in order to complete the project effectively on proper time and budget the processes and methods related with PLC includes: Initiation:The initiation phase of the project mainly agrees with the project vision in order to provide proper justification about the entire work of the project (Nicholas & Steyn, 2017).The project manager is mainly assigned in this phase in order to manage various activities of the project. Planning:In this phase, proper information about the scope of the project is mainly collected. This phase helps in reviewing all the project indicators for assessing the risks on time before it affects the project. Executing:In the execution phase, a project team is mainly developed and a security plan of the project is reviewed by the team members of the project (Spundak, 2014).It is identified that a quality plan is mainly created for achieving the project quality. Monitoring:In this phase, the entire work of the project is effectively monitored as well as controlled in order to measure the performance of the project. Closing:It is identified that in this phase, all the deliverables as well as costs of the project are summarized in order to complete the project (Nicholas & Steyn,2017).
5 PROJECT MANAGEMENT References Joslin, R., & Muller, R. (2015). Relationships between a project management methodology and project success in different project governance contexts.International Journal of Project Management,33(6), 1377-1392. Karaman, E., & Kurt, M. (2015). Comparison of project management methodologies: prince 2 versusPMBOKforitprojects.Int.JournalofAppliedSciencesandEngineering Research,4(5), 657-664. Nicholas, J. M., & Steyn, H. (2017).Project management forengineering, business and technology. Taylor & Francis. Rainer, R. K., Prince, B., & Watson, H. J. (2014).Management Information Systems. Wiley Publishing. Rosemann,M.,&vomBrocke,J.(2015).Thesixcoreelementsofbusinessprocess management. InHandbook on business process management 1(pp. 105-122). Springer Berlin Heidelberg. Spundak,M.(2014).Mixedagile/traditionalprojectmanagementmethodology–realityor illusion?.Procedia-Social and Behavioral Sciences,119, 939-948. Turner, R. (2016).Gower handbook of project management. Routledge.