Assignment Analysis On Project Management †Myassignmenthelp.Com

Question: Assignment Analysis On Project Management? Answer: Introduction: The project methodology is the framework which is used by the project manager to design the project activities for achieving the objective of the project. Role of Project methodology in project management: The project management methodology works in the betterment of the following areas: To develop the company strategy to remain ahead of their competitors Estimating the size of the team required for managing the scope of the project Scheduling the priority areas and activities of the project Analysing the critical areas of the project Making the process and procedures flexible according to the requirement of the project Project methodologies: Project Methodologies Description Project management body of knowledge PMBoK is the methodology which is divided into five phases. They are named as initiating, planning, executing, controlling, and closing. The project can be managed by using the set of standards and conventions (Anees Abdullah, 2011). Prince2 Price2 methodology is based on process-oriented framework. It works by dividing the projects into multiple processes. It is the methodology which is used for determining the specific requirements (Munns Bjeirmi, 2012). SDLC System development life cycle is the conceptual model This methodology works by combining the other methodologies to get best output. It strictly maintains the documentation and guidelines of each step for future reference. Waterfall The waterfall project methodology works in the sequential direction. It divides the project into different phases like concept development, planning, development, quality assurance, completion of the project, and maintenance. It is mainly used in the large scale software development projects. Agile It is the flexible project management methodology which can adapt itself according to the changing situation and feedback collected from different sources (Despa, 2014). It is mainly suitable for smaller IT projects The two methodologies which we studied in brief are PRINCE2 and PBMOK. Similarities: There are some characteristics which are similar to both the project management methodologies which are categorised as maturity of the requirement, stability of the developed project, identification and clearance of the risks associated with the project, clearance of the scope of the project, the customers requirements are highly focused, strong communication mechanisms are used for building team relationship, and provides stakeholder integration with the project activities which helps in driving the project in the right direction. The features which are similar to both PRINCE2 and PBMOK are tailoring, closing, quality management, risk management, cost management, and scope management (Chin Spowage, 2015). Differences: The following table shows the comparison between PRINCE2 and PBMOK: Particular PRINCE2 PBMOK Definition Price2 methodology is based on process-oriented framework. The project can be managed by using the set of standards and conventions. Practical or comprehensive Practical. It works on analysing the critical areas Comprehensive Focus It focuses on the business case It focuses on customer requirement Environmental and organizational factors Partly integration Strong integration with Environmental and organizational factors Business case Reviewed periodically Focuses on continuous business case Organization Involvement of stakeholder management and human resource management It includes all the sectors of management Quality - Quality management Plans Planning Management of scope, time, and cost Risk - Management of risks Integration management Partly focused Completely focused Communication management Partly covered Detailed concept of PMBOK Procurement management Not focused Focused Stakeholder management Partly involvement Completely dependent on the communication between stakeholders Processes involved Starting up of the project Direction to the project Initialization of the project Controlling the project activities Managing the delivery of the product Closing of the project Initiating Planning Executing Monitoring Closing Relation of PMBoK and Prince2 with Project Life cycle: The PMBOK defines the project life cycle as the accumulation of phases which is used for representing the concept of the product up to its delivery (Karaman Kurt, 2015). The characteristics which are shown by the phases of the project life cycle is sequential and initiation up to closure of the project. The principles of PMBoK which are used in the project lie cycle can be categorised as risks and uncertainty, influence of the stakeholder, and cost incurred on the required changes. The following graph shows the trends in the project life cycle in compared to time. There are three main parts of the Prince2 when working with project life cycle. The working of prince2 is based on the principle Manage by stages, plans, and initialization of the project. The project life cycle is based on the initiation stage for the execution of the management stages. Proper updating and revision of the plan continues till the end of the project life cycle. Conclusion: On comparing the different methodologies we find that PMBOK is stronger in practising the integration of different processes. The PMBOK is integrated with organizational process assets and the environmental factors. The communication management is strongly implemented in the PMBOK. References: Anees, A., Abdullah, S. (2011). The role and impact of project management in ERP project implementation life cycle.Global Journal Of Computer Science And Technology. Retrieved from https://www.researchgate.net/profile/Anees_Ara/publication/270683882_The_Role_and_Impact_of_Project_Management_in_ERP_project_implementation_life_cycle/links/562c804308ae04c2aeb35cec/The-Role-and-Impact-of-Project-Management-in-ERP-project-implementation-life-cycle.pdf Chin, C., Spowage, A. (2015).Project management methodologies: A comparative analysis. Retrieved from https://cibw117.com/journal/index.php/performance-info-and-value/article/viewFile/75/73 Despa, M. (2014).Comparative analysis of software methodologies. Retrieved from https://www.dbjournal.ro/archive/17/17_4.pdf Karaman, E., Kurt, M. (2015). Comparison of project management methodologies: Prince 2 versus PMBOK for its project.International journal of applied science and engineering research. Retrieved from https://www.ijaser.com/articles/vol4issue42015/vol4issue4/JASER4059.pdf Munns, A., Bjeirmi, B. (2012).The role of project management in achieving project success. Retrieved from https://notendur.hi.is/vio1/The_role_of_project_management_in_achieving_project_success.pdf