Project Management Methodology: Organisations Projects Assessment Answer

so provide steps to overcome challenges during the project. Some of these steps are related to budget issues, schedule, over-run and additional potential risk.

Project Methodologies – PMBoK and PRINCE2

PMBOK and PRINCE2 are two of the most important project management methodologies that are used to manage the project. PMBOK stands for project Management Body of Knowledge and Prince2 Stands for project controlled environment. These two have theirdistinguishes sets of methods which help in managing the project task (Rankins, 2009).

The objective that is served by these two methodologies is similar in nature. They are designed and defined to manage the project with all required efforts. It helps in overcoming challenges during the working onthe project. There is a key feature that distinguished them from others. The  veryfirst and the most important  difference between both of them is that PRINCE2 is a methodology based on process. Whereas on the other hand, PMBOK is a knowledge based methodology. The roles are well defined in Prince2 as compare to PMBOK. PMBOK primarily focuses on the project manager’s responsibilities. He is the prime source who takes up all the responsibility of the task that has to be completed on time. He is the one who can lead to take measure when anything is wrong. Project manager is the in charge of risk management while working on a project. These risks are scope-creeps, schedule over-run, changes related to technological advancements, lack of resources etc.  He is held into an account to resolve these obstacles. In PRINCE2 the role of PM is to be a mediator between board of member and the team. This is a cycle of reporting from team to the board members. Further, he discusses the issues and solution that needs to be taken when there is any risk to be faced. PMBOK is said to be more feasible than PRINCE2(Duncan, 2013).

Project life cycle and project methodology

PLC also known as Project Life Cycle includes a step by step presentation of project working from the very beginning and till the completion. Initiation, Planning, Delivering and closing are the stages the is included in the project. PRINCE2 methodologies and their methods are very closely staged with respect to the project life cycle. This cycle, begins with project initiation (Advantagelearning, 2016). This determines the primary objectives of the project coupled with the project briefing and risk estimation. There are stages when one has to adopt measures from a successful project management, which further leads to the timely delivery of project. Resulting into timely closing of the same.

PMBOK also includes different stages of the PLC,however, owns its respective methods. These methods are teemed as Phases. Initiation phase is the first most phase in PMBOK that includes the feasibility in studying project. Second is the phase primarily related to planning that includes the defining scope and activities to plant out the whole project in respect to Budgeting and schedule estimation. Later third comes execution phase involves activities related to the developments of the ongoing projects as per the needs. During these phases, there are number of risks that will come up and this the same has to be handled by methods that are defined in PMBOK. Fourth phase is relatedto the controlling parameters. There might be times when number of changes are required or arises that need to be implemented or resourced. These are managed effectively and controlled in the phase of PMBOK (Collet, 2016).

PMBOK and PRINCE2 are the two distinguished project management methodologies which has their own merits and demerits. These depend on a number of factors that take a selection of particular methodologies during the project. These include Project client, schedule of project, and etc. 

References

Advantagelearning.co.uk. (2016). PRINCE2 2009 Methodology: Principles, Themes and Processes | Advantage Learning. [online] Available at: https://www.advantagelearning.co.uk/prince2/what-is-prince2.html [Accessed 11 Aug. 2016].

Collet, B. (2016). Bruno Collet: Comparing PMBOK and Prince2 in 1000 words. [online] Brunocollet.com. Available at: https://www.brunocollet.com/2013/01/comparing-pmbok-and-prince2-in-1000.html [Accessed 11 Aug. 2016].

Duncan, W. (2013). A Guide to Project management Body of Knowledge. 1st ed. [ebook] USA, pp.22-24. Available at: https://www2.fiit.stuba.sk/~bielik/courses/msi-slov/reporty/pmbok.pdf [Accessed 11 Aug. 2016].

Rankins, G. (2009). Comparing PMBoK and PRINCE2 in 2009. 1st ed. [ebook] Australia, pp.22-26. Available at: https://goalgroup.com.au/SiteFiles/goalgroupcomau//C007_ComparingPMBoKAndPRINCE2In2009.pdf [Accessed 11 Aug. 2016].