A Project Management Methodology For Managing Projects

Over the past decades, an ability and capability to organize project management could determine the success of an organization. Generally, project managers use formal project management methodology to run projects efficiently. This article describes the explanation of the differences between PMBOK and PRINCE2, the advantages and disadvantages of those models, and the example of a project which use PMBOK methodology. The differences between PMBOK and PRINCE2 â€Å"PMBOK† stands for Project Management Body of Knowledge. PMBOK Guide is a book which explains standard guidelines for managing projects. It clearly defines a project management, the life cycle of project management and the related processes. PRINCE is an acronym for Projects in Controlled Environments. It is a project management methodology with an intension to cover all types of projects. It develop for and extensively used by the United Kingdom government. PMBOK provides framework. The project managers could pick and choose the most suitable concept and then tailor it to the project based on the need of organization. It is very descriptive since it gives a lot of tool and technique for managing the projects. Furthermore, this methodology is focused on the activity. It starts from creating work breakdown structure to define activities and sequence activities. Moreover, it has actually 5 process groups, 10 knowledge areas and 47 processes. On the other hand, PRINCE2 provides methodology which highlights what should beShow MoreRelatedProject Management Body Of Knowledge1397 Words   |  6 Pagesabbreviation PMBOK denotes to the Project Management Body of Knowledge. The PMBOK is a developing frame of information for the arena of project management. PMBOK is positioned on the Project Manager and the PMP Exam is an effort to measure the knowledge of a Project Manager. Which differs from a methodology. Nevertheless, the significance of PMBOK to the occupation of Project Management cannot be simple, as the knowledge enclosed within it can be leveraged by any formal methodology. Therefore, it should beRead MoreThe Agile Software Development Methods904 Words   |  4 Pagesare not useful for most of the current project requirement. Nowadays project requirements depend on many other unstable concepts, which make the project less predictable. Because of these entire unpredictable project, agile becomes the first choice of most of the clients. The agile software development methods are more adaptive approach, while conventional/traditional software development methods are predictive approach. In traditional method all the project development plan is created before startingRead MoreCase Study – Quantum Telecom1017 Words   |  5 Pages   BSC  (Hons)  Engineering  Management   BUS  3122F  Project  Management  for  Engineers      Assessment  1  (50%)  Ã¢â‚¬â€œÃ‚  Individual  work  Ã‚      Task:  Ã‚   Develop   a   project   plan   for   an   approved   project   of   choice,   implementing   the   material   that   you   have   covered   and   focusing  on  Scope,  Time,  Cost  and  Risk.  The  selected  project  preferably  should  be  a  real  project  example  that  you   have  been  involved  with  previously  or  currently  working  on.  The  following  is  a  list  of  areas  that  should  be  covered   within  the  assignmentRead MoreProject Management : A Successful Project Manager973 Words   |  4 Pagessuccessful Project Manager, one must know how to go about managing projects successfully. Not every project is the same therefore not every project should be handled the same. A project manager must decipher all factors and determine what is most important, how the project will be handled and then and only then can an appropriate project methodology be selected and implemented. Like the sands thorough the hourglass, so are the days of project management, ever-changing. Not all projects will fitRead MoreProyect Management: Agile Project Management and PRINCE Metodology902 Words   |  4 Pagesdictionary (2014), a project can be defined as â€Å"An individual or collaborative enterprise that is carefully planned to achieve a particular aim†. While the Association of Project Management defines a project as â€Å"A unique, transient endeavour, undertaken to achieve planned objectives, which could be defined in terms of outputs, outcomes or benefits.† (Apm, n.d.). Project management can then be defined as the use of certain skills and applications to effectively and efficiently achieve a project goal and improveRead MoreEffective And Efficient Project Management1464 Words   |  6 PagesPRINCE2 Research Effective and efficient project management is crucial in every organization, despite the type of the business and the size of the organization. It is very important for a project manager to closely manage and monitor the project right from its inception to successful delivery of project with the help of team collaboration. Managing and tracking the progress of a project is not an easy task as it seems. For any successful project delivery the project manager and team members must be veryRead MoreProject Management : Management Process770 Words   |  4 PagesProject management is a procedure to arranging and directing project methodologies from beginning to end. Project managers should be able to meet scope, time, expense, and quality objectives of activities, also they ought to encourage the whole methodology to address the needs and desires of individuals included in the project. It is a job to manage project’s goals, timeline and budget clearly. Project management process have these key components. †¢ Integration Management †¢ Scope Management †¢ TimeRead MoreEssay on Analysis and Synthesis of Prior Research1253 Words   |  6 PagesSynthesis of Prior Research The companies that efficiently solve their projects issues and portfolio concerns will differentiate themselves from their competition. The projects that companies work to complete with the many different project methodologies demonstrate where the business is now, and the portfolio of projects of the organization demonstrate where the organization is headed. To effectively manage the tremendous number of projects that leaders face today in their organizations, they look to methodsRead MoreEssay PRINCE 2 Project Management Methodology 1216 Words   |  5 PagesHistory of PRINCE2 PRINCE2 (Project in Controlled Environments, Version 2) is a project management methodology that are released in 1996. It was based on combination of two methodology that is PROMPT (Projects Resource Organization Management Planning Technique) and IBMs MITP (Managing the Implementation of the Total Project) methodology. PROMPT that is originally created by former IBM Project Managers in 1975. Central Computer and Telecommunications Agency (CCTA) one of IBM’s client which is responsibleRead MoreThe Principles Of Project Management1748 Words   |  7 Pagesprinciples of project management, it incorporates the basic belief and put forward a framework for addressing risk and uncertainties within project management domain. This model has been formulated by undertaking serious research involving multiple dimensions. Henceforth, the model presents a solid framework to understand basic project elements and map them accordingly to understand what type of methodologies and skill set w ill be required by the project manager to effectively manage the project meet its