PMBOK and PRINCE2 Methodology-.com

Questions: 1.Define what a Project Methodology is giving few definitions from various authors and the role it serves in Project Management. 2.Choose 1 Methodology from this list to compare and contrast with methodology outlined by Project Management Body of Knowledge (PMBOK), analysing the similarities and differences between them both. 3.Identify how your chosen Methodology and Processes relate to the Project life. Answers: 1. Project Methodology Project methodology is a set of standards that describes in detail the processes, techniques and methods that are to be implemented while executing a project. The project management approach that is undertaken in order to implement the project according to the plan in known as project methodology (pundak, 2014). It is a guideline that guides the project from its implementation to the closure. Therefore, project methodology can be defined as a standard process, which is required to successfully implement the project. Project methodology helps in achieving the set objective of the project by implementing the project according to the set objective and the set budget. A project methodology is a model that is generally employed by the project manager for properly designing, planning and implementing the project. There are different project methodologies, out of which a proper project methodology is chosen at the initiation of the project, which is followed throughout the project lifecycle . A project methodology defines the guiding processes that is followed by the entire project team while implementation of the project. The project management methodology provides standard tools for initiating and managing the different phases associated with a project (Smith, 2013). The project manager appointed for a project decides which methodology is to be applied in a particular project (Schwalbe, 2015). The most commonly used project management methodologies include, iterative waterfall model, PRINCE2, XP, agile scrum, agile, PMBOK and so on. Adopting a proper project methodology helps in proper planning and implementation of the project. Developing a proper project plan is important for estimating the resources required for the project, project cost and schedule of the project. PMBOK is a standard that consists of collection of processes and terminologies, which are accepted throughout the project management industry (Kerzner, 2013). The similarities and the differences between the PRINCE2 and PMBOK are elaborated in the following section. 2.PRINCE2 PRINCE2 stands for Projects in a controlled environment. This widely used project management methodology helps in identifying and assigning different roles to project team members. The major advantage of using PRINCE2 is that it deals with the various aspects of the project that is needed to be managed in a project management. The PRINCE2 methodology evaluates seven major principal associated with the project, which is the project progress, business case, project change, risks involved with the project, the project plan, the quality of the project and the organizational benefit. This is a product-based methodology that divides the entire project into different stages that helps in proper management of the project. Dividing the entire project into number of phases enhances the communication process among the project team members and with the stakeholders involved with the project as well. It further ensures that the improvements can be made in the organization while the project is imp lemented (Saad et al., 2014). This is possible as the PRINCE2 method helps in identifying the flaws of the project for improving the process of project implementation. This methodology is widely accepted as it provides the flexibility to customize the project management processes according to the project needs. However, it is somewhat more complex than other project management methodologies such as agile or waterfall. Similarities between PMBOK and PRINCE2 The similarities between the PMBOK and PRINCE2 methodology are as follows- The methods applied for managing the project in PMBOK and PRINCE2 are somewhat similar. It provides a proper guideline, tools and techniques for managing the project (Karaman Kurt, 2015). PRINCE2 and PMBOK identifies and handles the risks associated with the project in a strategic manner that helps in eliminating the project risks and enhance the project management process. Both the methodologies provide a robust business case that defines the team roles. Both the methodologies mainly focus on the project deliverables that helps in tracking the project progress (Sanjuan Froese, 2015). Differences between PMBOK and PRINCE2 The differences between PMBOK and PRINCE2 are as follows- PRINCE2 is methodology framework that is composed of 4 integrated elements, which are project principles, project themes, project processes and tailoring the project on which the entire project is based. This is absent in case of PMBOK. PRINCE2 methodology although complex, but is easier to implement than PMBOK. PMBOK has a stronger communication management mechanism that covers the interpersonal skills of the project team members that is essential for creating an effective environment for the project (Matos Lopes, 2013). PRINCE2 offers a practical approach of project management in comparison to PMBOK. 3.PRINCE2 in Project Life Cycle The PRINCE2 methodology has three main parts, which includes manage by states, planning the theme of the project, and planning the project processes. PRINCE2 is widely adopted in project management as it helps in managing the complex projects by dividing the entire project into number of phases. It provides a flexible and scalable method of managing the projects that is evaluated on basis of the key output of the project. It is a process driven project management approach that evaluates the input and output of the project with the activities that is to be carried out throughout the project. The project is segregated into number of phases and each phase is managed separately. This helps in elimination of any risks associated with the project and thus the project is implemented according to the plan in PRINCE2 methodology (Tomanek Juricek, 2015). References Karaman, E., Kurt, M. (2015). Comparison of project management methodologies: prince 2 versus PMBOK for it projects.Int. Journal of Applied Sciences and Engineering Research,4(5), 657-664. Kerzner, H. (2013).Project management: a systems approach to planning, scheduling, and controlling. John Wiley Sons. Matos, S., Lopes, E. (2013). Prince2 or PMBOKa question of choice.Procedia Technology,9, 787-794. Saad, S., Ibrahim, A., Asma, O., Khan, M. S., Akhter, J. (2014). PRINCE2 MEthodology: AN INNovAtIvE WAy foR IMPRovINg PERfoRMANCE of MAlAysIAN AutoMotIvE INdustRy.The Journal of Technology Management and Technopreneurship (JTMT),1(1). Sanjuan, A. G., Froese, T. (2015). Principles, characteristics, and methodology to develop a project management assessment tool at the construction project level. Schwalbe, K. (2015).Information technology project management. Cengage Learning. Smith, L. T. (2013).Decolonizing methodologies: Research and indigenous peoples. Zed Books Ltd.. pundak, M. (2014). Mixed agile/traditional project management methodologyreality or illusion?.Procedia-Social and Behavioral Sciences,119, 939-948. Tomanek, M., Juricek, J. (2015). Project risk management model based on PRINCE2 and SCRUM frameworks.arXiv preprint arXiv:1502.03595.