Compare Of PMBOK with PRINCE2-Free-Samples-Myassignmenthelp.com

Questions: 1.Define the Project Methodology and the role that it serves in Project Management. 2.Discuss about the Compare and contrast of PMBOK with PRINCE2 project methodology. 3.How PRINCE2 is related to project life cycle. Answers: 1.Definition of project methodology and the role that it serves in project management According to Brioso (2015, pp.76), project methodology is mainly defined as the combination of different logically related processes, practices as well as methods that generally helps in determining the procedure to develop, plan, control and deliver a project within the entire continuous implementation procedure until successful termination as well as completion within the project is achieved. On the other hand, it is stated by Chaves et al., (2016, pp.28) that project methodology is a model that is mainly utilized by the project managers in order to employ planning, designing, implementation as well as achievement of varies project objectives. Moreover, it is opined by Coppola, D'Ambrogio and Gianni (2016, pp.8) that project methodology is one of the critical success factors as well as one of the core competency of the project management team that generally helps in avoiding failures as well as reducing project related risks. Project methodologies are generally a series of various types of processes that are mainly designed to complete the project related task within proper time by handling the issues that arises within the project. It is used as it mainly helps in guiding the project by providing proper steps to follow in order to meet the project goals and objectives (Brioso, 2015, pp.77). In addition to this, there are number of other benefits that project gets with the utilization project methodologies. The benefits include: Involve project staff: The utilization of project methodology within project management assists in overcoming the challenges as well as issues by creating proper situation in which the staffs are involved and hence from the conceptual stage they got involved within the project. Clarify the project goals: Project management methodology not only clarifies the goal of the project but it also assists in checking the feasibility of the project in order to identify the benefits that are associated with the project (Chaves et al., 2016, pp.28). Proper feasibility analysis is needed before the initiation of the project in order to make sure that the project will be executed successfully as per the goals and objectives of the project. Track the project: Project methodology helps in tracking the objectives of the project in order to ensure that the activities of the project are successfully executing in context to quality perspective. Tracking project activities also helps in resolving issues and challenges that are associated with the project. 2.Compare and contrast of PMBOK with PRINCE2 project methodology The similarities of PMBOK and PRINCE2 methodology are provided below: Similarities: It is identified that both PMBOK and PRINCE2 project management methodology helps in providing an internationally proven approach that is quite useful as well as beneficial for implementing projects. It is stated by Joslin andMuller (2015, pp.1377) that both PRINCE2 project methodologies as well as PMBOK are considered as best practices of project management. In addition to this, both PRINCE2 as well as PMBOK serves as a good foundation for successfully doing different types of projects. The differences of PMBOK and PRINCE2 methodology are provided in the table below: PMBOK PRINCE2 Differences 1. The PMBOK (Project Management body of Knowledge) is mainly intended to encapsulate all the different types of knowledge that is mainly related to project management (Hornstein 2015, pp.291). 2. It generally helps in providing guidance as well as knowledge on project management process, leadership and interpersonal skills. 3. It main aim is to guide different aspects of project management 4. PMBOK generally helps in illustrating the roles of the project manager 1. PRINCE2 is one of the methodology or process that helps in managing a project in any sector which generally helps in improving the chances of successful project outcomes. 2. It generally helps in aligning the business case throughout the lifecycle of the project and assist in defining various roles and responsibilities of various stakeholders of the project (Stark, 2015, pp.27). 3. It mainly helps in guiding practical project based on various principles of project methodology 4. PRINCE2 methodology assists in defining the roles of every staffs of the project that are mainly related with the project including project board members, project planner, human resource manager, financial manager, supervisor as well as risk analyst (JoslinMuller, 2015, pp.1388). 3.PRINCE2 is related to project life cycle According to Brioso (2015, pp.77), Project life cycle is mainly defined as one of the four step procedure that is mainly followed by the project managers while proceeding with the different stages of project completion. It generally assists in providing a framework that helps in managing any type of project within the business. Similarly, PRINCE2 project methodology is one of the process based method that is mainly utilized for managing the project effectively. PRINCE2 methodology breaks a project in seven stages within its life cycle in order to complete the project successfully. The stages of the project include starting stage, initiation stage, managing stage, controlling stage, managing product delivery stage and closure stage of the project (Al-Zwainy, Mohammed Raheem, 2016, pp.2494). Thus, it is identified that PRINCE2 methodology is a project life cycle based processes that helps in successfully executing the project. The PRINCE2 project life cycle do not initiate with proper original need, feasibility studies as well as solutions and thus they are considered as an input for the project life cycle. Additionally, it is found to be quite important to ensure that PRINCE2 project lifecycle is utilized within the project in order to carry out the project work by splitting it into different manageable phases. References Al-Zwainy, F. M. S., Mohammed, I. A., Raheem, S. H. (2016). Investigation and assessment of the project management methodology in Iraqi construction sector.International Journal of Applied Engineering Research,11(4), 2494-2507. Brioso, X. (2015). Integrating ISO 21500 guidance on project management, lean construction and PMBOK.Procedia Engineering,123, 76-84. Chaves, M. S., Arajo, C. D., Teixeira, L., Rosa, D., Jnior, I., Nogueira, C. (2016). A new approach to managing Lessons Learned in PMBoK process groups: the Ballistic 2.0 Model.International Journal of Information Systems and Project Management,4(1), 27-45. Coppola, D., D'Ambrogio, A., Gianni, D. (2016).Bringing Model-based Systems Engineering Capabilities to Project Management: an Application to PRINCE2. InCIISE(pp. 6-15 Hornstein, H. A. (2015). The integration of project management and organizational change management is now a necessity.International Journal of Project Management,33(2), 291-298. Joslin, R., Mller, R. (2015).Relationships between a project management methodology and project success in different project governance contexts.International Journal of Project Management,33(6), 1377-1392. Stark, J. (2015). Product lifecycle management. InProduct Lifecycle Management (Volume 1)(pp. 1-29). Springer, Cham.