Comparison of the project management methodologies †Free Samples

Question: Discuss about the Comparison of the project management methodologies. Answer: Project Methodology Project methodology is used for defining the different phase and processes associated with a project from is initiation to completion. Leau et al. (2012), defined project methodology as a strategic level plan that is used for controlling and managing a project. On the other hand, pundak, (2014), defined project management as a standard that defines the different process procedure and techniques of project management. It is basically a plan for implementation of a project or a product. According to Schwalbe, (2015), a project methodology deals with proper application of knowledge and project management techniques so that the project can be implemented according to the plan and can be delivered successfully. Furthermore, a proper project methodology should be flexible enough to implement all the identified requirements in a project. The project management methodology can be traditional such as waterfall or agile such as XPM and SCRUM. Project Methodology has a significant role in project management as it defines different project process, which in turn helps the project managers in managing and controlling different projects. Adoption of proper project methodology ensures faster completion of a project by ensuring proper project control and eliminating the different risks associated with a project (Kerzner Kerzner, 2017). PMBOK VS PRINCE2 Project Management Body of Knowledge (PMBOK) is a global standard that provides guidelines for understanding the different characteristics of a project. PMBOK is very helpful for understanding the nitty gritty techniques of project management and successful implementation of a project methodology for ensuring project success. There are 10 knowledge areas associated with PMBOK. Figure 1: Representing the different knowledge areas of PMBOK (Source: Source: Matos Lopes, 2013) Proper understanding of these knowledge areas is essential for successful project implementation. Apart from this, PMBOK is associated with five process groups such as, initiating, planning, executing, controlling and closing. Figure 2: Representing the five processes of PMBOK (Source: Matos Lopes, 2013) PRINCE2 on the other hand is a project management methodology that deals with implementation of a project in a controlled environment. It is a widely used project management methodology and is accepted worldwide. Even complex projects can be implemented with the help of PRINCE2 methodology as it controls the project execution according to the project plan. The project can be implemented in a controlled environment as the PRINCE2 methodology divides the entire project into small manageable groups. The similarities and differences between PMBOK and PRINCE2 are discussed in the following section. Similarities between PRINCE2 and PMBOK The similarities between PRINCE2 and PMBOK are as follows (Karaman Kurt, 2015)- PMBOK is a project management standard that ensures application of various project management skills in successful implementation of a project. Similarly PRINCE2 methodology deals with implementation of a project in a controlled environment. Therefore, it can be said that both PMBOM and PRINCE2 are processes of ensuring project success. The key knowledge areas associated with PMBOK helps in understanding and identifying the different problems and challenges a project might face while implementation. Therefore, PMBOK helps in proper risk management as well. PRINCE2 methodology guarantees implementation of a particular project in a controlled environment, thus mitigating the different risks associated with a project. Both PMBOK and PRINCE2 can be applied to any type of project associated with any industry. This is possible as these two methods are widely recognized and understood. Both PMBOK and PRINCE2 ensure that effective communication tools are present in the working environment of a project. Presence of an active communication channel ensures proper information flow during the project execution. This is a significant need for successful project implementation as proper information flow and effective communication ensure that the project is being implemented according to the plan. Dissimilarities between PRINCE2 and PMBOK The differences between PRINCE2 and PMBOK are as follows- PRINCE2 is a project management methodology while PMBOK is a standard area of knowledge that gives a clear idea of the different processes and techniques of project management (Tomanek Juricek, 2015). PRINCE2 enables implementation of a project in a controlled environment quite contrast to PMBOK where a project cannot be controlled while its execution. PMBOK is comparatively complex to understand and implement, while PRINCE2 is easier to understand and implement and is therefore adopted for a number of projects worldwide. There are 10 knowledge areas in PMBOK while there are seven processes in PRINCE2 PRINCE2 on PLC PLC or project management life cycle gives an overview of a project from its initiation phase to completion. A project is broadly classified into four major phases in a project life cycle. The phases are initiation, planning, execution and closure. PRINCE2 methodology divides the entire project into seven major processes which are project starting, project initiation, project direction, project control, managing project delivery, managing the stage boundaries and closing the project. Project life cycle in PRINCE2 deals with successful implementation of all these stages in a controlled environment. Proper project supervision is ensured while implementing the project which is one of the major advantages of PRINCE2 approach. PRINCE2 methodology therefore relates completely to the project life cycle in initiation, planning, managing, executing and controlling a project. In PRINCE2 methodology, the project manager takes the responsibility of organizing and closing a project (Saad et al., 2014). The project manager takes necessary decisions related to a project in PRINCE2 project methodology. Therefore, it can be concluded that PRINCE2 is a methodology that can be easily implemented in order to ensure project success. 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., Kerzner, H. R. (2017).Project management: a systems approach to planning, scheduling, and controlling. John Wiley Sons. Leau, Y. B., Loo, W. K., Tham, W. Y., Tan, S. F. (2012). Software development life cycle AGILE vs traditional approaches. InInternational Conference on Information and Network Technology(Vol. 37, No. 1, pp. 162-167). 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). Schwalbe, K. (2015).Information technology project management. Cengage Learning. 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.