Project Management Has Become Extremely †Myassignmenthelp.Com

Question: Discuss About The Project Management Has Become Extremely? Answer: Introduction Project Management has become extremely necessary to manage the projects that are executed in the businesses of the modern era. There are various guidelines and set of principles that can be applied to these projects. The methodologies are the defined set of methods to manage the project activities and provide the guidelines to the project resources to efficiently manage the projects (Axon, 2007). There are various project management methodologies that have been identified and developed such as Project Management Body of Knowledge (PMBOK), agile methodology, waterfall model, Projects in Controlled Environment (PRINCE2) etc. Comparison Contrast PMBOK PRINCE2 Project Management Body of Knowledge (PMBOK) is the project management methodology that provides comprehensive information on all the aspects of project management. It is a knowledge based approach that defines these guidelines in five broad processes as initiation, planning, execution, control and closure (Chaves, 2016). Project in Controlled Environment (PRINCE2) is the project management methodology that is clearly stated in the seven principles that act as the building blocks for the methodology. There are seven different themes that are defined in PRINCE2 that are further explained in the set of seven processes (Karaman, 2015). Both PMBOK and PRINCE2 are the methodologies that have been defined to provide the Project Managers and other resources with the ability to easily carry out the project activities. There are various occurrences that take place during the project timeline that are required to be managed and tracked as per the defined set of processes (Wideman, 2002). These standards and the paths that shall be followed are defined under these methodologies. However, PMBOK and PRINCE2 have several differences in terms of their set of principles. PMBOK PRINCE2 The methodology is primarily driven by the customer specifications and requirements The methodology is primarily driven by the business cases It is a knowledge based approach towards project management It is defined and explained in the set of seven different processes Project Manager is considered as the primary resource in the project. The PM is held responsible and accountable for major set of project activities Project Manager is mainly the link between the project client and the project team members Documentation is less on priority in this methodology There is a lot of focus laid on documentation It is non-perspective in nature This methodology is perspective in nature Core practices are described in this methodology along with a very wide range of techniques There are seven management processes that are defined under this methodology PMBOK and Project Life Cycle (PLC) Project Life Cycle (PLC) primarily comprises of four phases as initiation, planning, execution and closure. Each of these four phases in the project life cycle comprise of their respective set of tasks and activities. PMBOK is the project management methodology that is mainly defined in five phases as initiation, planning, execution, control and closure. These phases have a close definition with the PLC and the further sub-tasks that are defined in the PMBOK phases also have a close link with the activities defined under PLC. PMBOK; however, is a knowledge based approach that gives the top priority to the customer requirements (Ghosh, 2012). Therefore, the order of the phases along with the activities defined under these phases may be altered from one project to the other. PRINCE2 and PLC PRINCE2 is a project management methodology that is closely related with the PLC. These are seven processes defined in PRINCE2 as starting up of a particular project, its initiation, directing and controlling of the project followed by management of product deliveries and stage boundaries and ending with the closure of the project (Turley, 2009). All of these project stages are also clearly stated and described in PLC. Planning and initiation along with monitoring and control are some of the stages that are given primary importance in PRINCE2 as well as PLC. Conclusion Project Management has developed as a mandatory discipline that is implemented in all the business organizations of the current times. There are several methodologies that are present to carry out project management. However, these methodologies differ from one another in terms of the set of principles applied and the processes that are involves. The methodology that is applied in the project shall fall in line with the project factors. References Axon, S. (2007). Would you use PMBOK or PRINCE2 for Project Management?. Retrieved 8 August 2017, from https://www.laptech.co.uk/downloads/pmbok_or_prince2_final.pdf Chaves, M. (2016). A new approach to managing Lessons Learned in PMBoK process groups: the Ballistic 2.0 Model. Retrieved 8 August 2017, from https://www.sciencesphere.org/ijispm/archive/ijispm-040102.pdf Ghosh, S. (2012). Enhance PMBOK by Comparing it with P2M, ICB, PRINCE2, APM and Scrum Project Management Standards. Retrieved 8 August 2017, from https://pmkb.com.br/uploads/2013/08/95598999-Comparison-of-PM-Frameworks.pdf Karaman, E. (2015). Comparison of project management methodologies: prince 2 versus PMBOK for it projects. Retrieved 8 August 2017, from https://www.ijaser.com/articles/vol4issue42015/vol4issue4/JASER4059.pdf Turley, F. (2009). An Introduction to PRINCE2. Retrieved 8 August 2017, from https://www.projectsmart.co.uk/docs/prince2-introduction-ps.pdf Wideman, R. (2002). Comparing PRINCE2 with PMBoK. Retrieved 8 August 2017, from https://pdfs.semanticscholar.org/6d9f/811b7e5e95242b9f2e0fd18753a6f453bc8d.pd