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Assessment 2 -Individual Report: PMBOK versus Prince2 or Agile in Contemporary Projects Assigmnet Sample

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Introduction: Individual Report: PMBOK versus Prince2 or Agile in Contemporary Projects

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Background

Project management is recognised as an ever-growing aspect that plays a vital role in global management and developing processes through contracting and designing environments and surroundings with modern concepts. PRINCE2 refers to a structured methodology for project management that contribute to signifying and guiding project planer through providing proper technique, principles and process for managing project effectively. On the other hand, As cited by Angarita & Gallardo (2018), PMBOK defines it as a guide in the project management process that delivers knowledge regarding different project management methodologies to make the project management process successful. 

Historic context

PMBOK Guide is associated with a set of documents for delivering standard knowledge, terminology, and guidelines for conducting a project management process with a proper process and reaching a remarkable outcome. PMBOK Guide describes management methodology that acts as a standard guidebook for project management because “American National Standards Institute” approved it in 1998. Today, the sixth edition of PMBOK Guide has come with a weight of 756 pages. In another word, as argued by Esteki et al. (2020), the PRINCE2 manual was published in 1996 by the UK government, and the sixth edition of PRINCE2 was published in 2017. PRINCE2 methodology in project management process is mainly based on an earlier incarnation regarding “Projects IN Controlled Environments" and is used widely by different businesses in UK. 

Similarities and differences

PMBOK and PRINCE2 emphases to provide proper guidance in the project management process that includes defining, technique principles for managing each step in the project management process. In this context, PMBOK Guide provides information regarding project integration management that includes themes of PRINCE2 methodology business case, progress and change. Knowledge area of project scope management in PMBOK Guide is similar to themes of PRINCE2 including Plans, and progress. Knowledge area in quality and resources management in PMBOK Guide is similar to themes of PRINCE2 methodology ly quality and planes (Sobieraj et al 2021). PMBOK Guide and PRINCE2 can be differentiated based on principles and guide processes that are associated with PRINCE2 define deliverables, roles and responsibilities in project management process whereas, PMBOK Guide is recognised as a collection of good techniques, PM principles, and guidelines for improving knowledge area. PMBOK acts as a guide for delivering procedures, tools, processes, and approaches in project management (Frederico, 2021). In contrast, PRINCE2 works as a guide for decision-making and identifying processes in project management (Islam & Evans, 2020). PMBOK is concerned with developing knowledge areas with more detailed information that is complex to follow. On the other hand, PRINCE2 is comparatively easier to follow and understand.

Risk

PRINCE2 has defined different risk factors in the project management process that occurs due to arising uncertain event or set of events (Mousaei & Gandomani, 2018). Occurring uncertain events during project management process are responsible for affecting whole management process and possibility of achieving project objectives. In a PRINCE2 methodology, project risk involves a combination of probability and uncertainty that is associated with analysing the possibility of perceived threats and opportunities in the project management process (McGrath & Whitty, 2020). Following PRINCE2 in the project management process, managers have to define significant scope, deliverables, and requirements with a strategic management process and budget plan otherwise its leads to occur impact on reaching the project objectives. On the other hand, PMBOK Guide defines risk factors in project management process as an uncertain event and sudden change of condition that is associated with positive or negative effects on decided goals and objectives (Rustamova, 2021). Risk assessment practice regarding PMBOK Guide is concerned with following proper techniques, principles and guidelines that are important for minimising the possibility of uncertain events and recovering probable factors with preparedness.

Project context

PRINCE2 methodology is used in the different project management process that is associated with Public Sectors, Banking, Construction Industry, Engineering, IT, Operations Management as well as Marketing. In the IT sector utilisation of PRINCE2, methodology involved developing business management and marketing processes as well as communication processes in IBM, BAE, HP, and Getronics. PRINCE2 is used for integrating products and services in the IT sector through changing requirements, irrespective of severity and objectives, in the project management process (Theknowledgeacademy.com, 2022). Moreover, developing a budget plan and resources management process can be segmented into significant practices in the project management process followed by the PRINCE2 methodology. Encouraging communication and developing alternative frameworks in product development practice helps to reduce risk in the project management process that signifies the importance of using the PRINCE2 methodology in the business integration process. PMBOK Guide is used in different business implementation-related projects such as cost management, quality management, and performance management that includes the foundational improvement of business, improving IT infrastructure and IT product development process (Projectmanagement.com, 2020). Furthermore, developing a non-IT product, construction, physical engineering, and infrastructure improvements project management process following the PMBOK Guide can develop project management methods and enhance the possibility of success in a strategic way. Implementing procurement processes for products and services is based on the project management technique of the PMBOK Guide that contributes to enhancing effectiveness in the project management process by providing significant tools and techniques as well as principles.

Life cycle implications

According to PRINCE2 methodology life span of project band products have to go through five phases that including Conception, Implementation, Feasibility, Operation and Termination but PRINCE2 covered only the Implementation phase of the product life span through conducting implication and development-related project. PRINCE2 project management is recognised as a process-based approach of project management process that mainly focuses on controlling and organising the entire project from start to finish enhancing the sustainability of products concerning the utilization of implication tactic of project life span (Esteki et al. 2020). Therefore, a project with PRINCE2 methodology is thoroughly prepared before kickoff, concerning each stage of the process that contributes to delivering a clear structure, without avoiding any loose ends being neatly tied up while the project. On the other hand, PMBOK Guide describes the life cycle of the project as an important and useful collection of sequential phases of the project management process that can be determined through analysing and controlling the needs of an organization (Sherstobitova et al. 2020). The management process of PMBOK projects is concerned to follow five phases that include initiating, execution, planning, monitoring and controlling, as well as closing. PMBOK projects are concerned about each end of a cycle, especially the monitoring phase continuously concerning product development and further implication processes in project management method that is associated with concentrating on inputs and outputs. 

Application

In the project management process, applying the PRINCE2 methodology is beneficial due to the presence of different advantageous attributes concerning the effectiveness and success of the project management process. In this case, the PRINCE2 methodology helps to provide a significant process and principles to stay the project on track and focuses on quality assurance through adopting best practices that help to minimise risks in the project management process (Islam & Evans, 2020). This methodology helps to reduce miscommunication in project management procedures that leads to decreasing the possibility of employee conflicts as well as quality, resources and time-related issues on the project site. PRINCE2 methodology provides strategic project management and implication process with details of resources and budget plan as well as technology that contribute to saving time and money in project management process (Mousaei & Gandomani, 2018). Applying PRINCE2 methodology in a project management process is beneficial due to its effectiveness in scope management and project planning process through providing deliverables and milestones that contribute to encouraging reliability and maintaining immense value. Excessive Documentation helps to manage rigidity and reliability in the project management process effectively.

Reference list

Journals

Websites

Projectmanagement.com (2020), What Project Types Exist, Retrieved on: 17.12.2022, from: https://www.projectmanagement.com/blog/blogPostingView.cfm?blogPostingID=66023&thisPageURL=/blog-post/66023/What-Project-Types-Exist-#_=_

Theknowledgeacademy.com (2022), What Sectors Use PRINCE2® , Retrieved on: 17.12.2022, from: https://www.theknowledgeacademy.com/in/courses/prince2-training/what-sectors-use-prince2/

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