Project Management Methodology for Knowledge- myassignmenthelp

Question: Discuss about theProject Management Methodology for Knowledge. Answer: Introduction A project is a short contractual exercise whose aim is to produce a certain specific product with a set start and end time schedule. In a project, the operations are designed in a way that they fall within the projects scope, estimated budget, available resources and the product requirements, including the quality standards and all other features of a product. Project management is the application of a project managers and team members skills, knowledge, tools, techniques and experiences in a project to be able to produce the required product as well as achieve the products goals and objectives (Maley, 2012). Project management methodologies are basically the methods that a project manager or a business management team implements to help them conduct project operations easily and faster (Chin et al, 2010). Discussion Prince2 methodology PRINCE2 is a word that stands for Project in Controlled Environments. It is most commonly used for businesses managed by the UK government as well as those that originate from product-based approach. Originally, the methodology was created specially to be used in IT projects (Kruger et al, 2013). The methodology has recently evolved and now being used in various projects but still keeps its principles, themes and processes on ensuring that the stages for its implementation are complete and effective. PRINCE2 methodology involves a series of multiple stages, whereby each stage has its own plans and processes to follow before it is completed and deemed successful(Chin et al, 2012). In that case, the methodology involves the definition of its inputs and outputs in every phase of its implementation to ensure that everything is clear and successful at the end of it all. PRINCE2 is a very effective methodology which is a quality feature derived from its characteristics on being a process o riented methodology. Advantages of PRINCE2 Predictable It provides a clear picture of what the end product will be, i.e. all the features. This is through the fact that the project is usually broken down into stages which are monitored and controlled with their own specific processed and procedures from their beginning to their end and the product is evaluated after every stage. Tests and Trials It is a very effective and efficient methodology because of the many trials and tests that it has undergone. There are a large number of businesses that have practically used the method and ensured the effectiveness of its inputs, processes, themes and principles into producing the expected product. Standardization The methodology standardizes every project aspect or activity with an aim of ensuring that there is no miscommunication or misdirection experienced by either the business owners, stakeholders or the project managers and team members(Singh et al, 2014). The standardization process ensures that every party is aware of their roles and responsibilities clearly. Saves Money and Time Through standardization, time and money is saved from training and educating employees who are already aware of what their roles and responsibilities are and actually have experience, skills and expertise on the methodology processes, themes and principles. Delivers Quality and Compliance The methodology ensures focus and clarity to the project parties. The end product from the project is clearly identified and defined from the beginning which is followed to the letter. These requirements are listed clearly in terms of quality, composition and other aspects which are later controlled and managed till end which produces best quality products and procedure/rule compliance. Disadvantages of PRINCE2 Specialists Aspect The methodology fails to recognize some very special and important specialists activities like engineering, organizational change management or procurement needed for construction projects etc. Risk Management The methodology does not offer opportunities for carrying out a risk management activity because it deems the first stage of the methodology the most important of all the others. Analysis Requirements It does not allow explicit requirement treatment or analysis. It considers what the client said as final and one to be followed. Documentation It requires thorough and a lot of documentation of the operations. This gives the parties involved a hell of a time to manage and keep track of its progress. Planning When planned, the process is not very effective which increases chances of the projects going off track and off the project scope and constraints. Pmbok Methododlogy This actually refers to a Guide to the Project Management Body of Knowledge. Therefore it is not an actual methodology but a basically an approach to project planning, executing, controlling and closure(Karaman et al, 2015). Advantages of PMBOK It is a generally well accepted guide all over the world It focuses on improving project performance and success Offers an easy breakdown and guidance to every project methodology and project that can be used by business enterprises. Offers expansion experience towards various project fields and industries Provides standardization of project processes Disadvantages Most suitable for small projects only Views at a project as a single entity and not as a part of the business operation Very inefficient for projects that require immense changes and complicated requests like software or IT projects (Sharon, 2009) Consist of many various project methodology options that can be used in the same situation or project Encourages project governance to be done by the project sponsor and the stakeholders Project Choice The project of my choice is a project on the FBIs trial to replace the reporting of crimes using papers with an online system. The project methodology that would be effective for this project is the PRINCE2 methodology. This is because it was actually designed to be used in governmental projects and small projects whilethe PMBOK would not be so effective because it could only offer guidelines in general on what to do and use but not specifically not what to use(Al Matari, 2014). Conclusion The methodologies offer help to the project managers by giving them a guidance on what to do, by whom and at what time. There are a number of different project management methodologies available for use by various business organizations, e.g. agile, waterfall, PRINCE2, scrum, Kanban, XP to name a few. However, every business has to choose he right, effective and efficient methodology for its operations based on the size, project time period, type of project, kind of product anticipated among other things. References Karaman, E., Kurt, M. (2015). Comparison of project management methodologies: prince 2 versus PMBOK for it projects.Int. Journal of Applied Sciences and Engineering Research,4(5), 657-664. Singh, R., Lano, K. (2014). Literature Survey of previous research work in Models and Methodologies in Project Management.International Journal of Advanced Computer Science and Applications,5(9), 107-122. Al Matari, A. (2014). PRINCE2 and PMBoK: Towards a Hybrid Methodology for Managing Virtual Projects MasterThesis. Chin, C. M. M., Spowage, A. C., Yap, E. H. (2012). Project Management Methodologies: A Comparative Analysis Participation.Journal for the Advancement of Performance Information Value,4(1). Chin, C. M. M., Spowage, A. C. (2010). Defining classifying project management methodologies.PM World Today,12(5), 1-9. Sharon, I. (2009). Decision framework for selecting a suitable software development process. Maley, C. H. (2012).Project management concepts, methods, and techniques. CRC Press. Kruger, W., Rudman, R. (2013). Strategic alignment of application software packages and business processes using PRINCE2.The International Business Economics Research Journal (Online),12(10), 1239.