Project Methodology And Standards

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Project Methodology And Standards

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Project Methodology And Standards

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Discuss about the Project Methodology And Standards.

Definition of Project methodology
Špundak, (2014) defined project methodology as the set of standards which is used to define the process of project implementation. Project methodology plays an integral role in successful project delivery. Kerzner and Kerzner, (2017) defined the project methodology as method of application of knowledge, skills and project management tools, which will ensure the successful implementation of the project. Leau et al., (2012), defined project methodology as a technique that ensures quick and successful delivery of a project. According to Schwalbe, (2015), project methodology is an application of knowledge of project management in successful implementation of the project.
Therefore, it can be said that the project methodology is an integral part of successful project implementation. Use of a proper project methodology ensures successful implementation of a project. Choice of a proper project methodology largely relies on the type of the project and correct choice of a project methodology is necessary for ensuring project success. The different various project methodologies are PRINCE2, Agile XP, Waterfall and Agile Scrum. PRINCE2 project methodology is chosen in order to evaluate the characteristics of this project management approach with the Project Management Body of Knowledge or PMBOK. PRINCE and PMBOK are compared in the following section.
Project management Body of knowledge provides a guide for undertaking the different project management works. It provides a guide to the project manager in choosing the best tools and techniques required for successful implementation of a project (Snyder, 2014). There are mainly five process of project implementation in PMBOK, which are project initiation, project Planning, project execution, project control and project closing. There are ten knowledge areas of project management that guides a project or a program manager in successful implementation of a project (Chaves, et al., 2016). It is an internationally recognized standard for project management that is published by the Project Management Institute.
What is PRINCE2?
A process based method PRINCE2 is used in project management for executing a project in a controlled environment. Project In Controlled Environment or PRINCE2 is an widely used project management approach across the world. This is a flexible method of implementation of a project and ensures that a project is executed in a controlled environment, which is a major advantage of this technology (Saad et al., 2014). PRINCE2 project methodology is developed by the government of United Kingdom which is used internationally.
The similarities and the contrasting features of PRINCE2 and PMBOK are evaluated in the following sections.
Similarities between PMBOK and PRINCE2
The similarities between PMBOK and PRINCE2 are discussed below-

Both PMBOK and PRINCE2 are methods of project implementation that defines the use of proper tools and techniques associated with project management in successful implementation of a project (Karaman & Kurt, 2015)-.
PMBOK is a standard used for identifying and eliminating the different risks in a project. PRINCE2 also implies implementation of the project in a controlled environment that helps in removing different project risks.

Differences between PRINCE2 and PMBOK
The differences between PRINCE2 and PMBOK are as follows-

The major difference between PRINCE2 and PMBOK is that, PRINCE2 is a process based approach of project management, while PMBOK is mainly a knowledge based approach.
PMBOK provides the details of core practices of project management and explains a wider range of project management technique in comparison to PRINCE2. PRINCE2 on the other hand defines the process of project management on basis of 7 project management principle.
PRINCE2 is a project management approach while PMBOK is a project management guide.
PRINCE2 is less complex to implement in comparison to PMBOK.
PRINCE2 ensures the project is implemented in a controlled environment, while in PMBOK, it is very difficult to control a project after its initiation (Matos & Lopes, 2013).
PMBOK provides a comprehensive guide on all the different aspects of project management, while in PRINCE2 the project management methodology is generally based on the principles of project management.
PMBOK features highly descriptive comprehension of the project management process while PRINCE2 is a perspective approach of project management.
PMBOK limits the decision making power only to the project manager. While in PRINCE2, project manager does not possess the decision making power.

PRINCE2 in Project Life Cycle (PLC)
Project life cycle defines the process and stages of project implementation from project initiation to the completion of the project (Serrador & Pinto, 2015). The project life cycle can be classified into four major phases, which are project initiation, project planning, execution of the project and project closure. Successful implementation of all these major stages of the project ensures project success. Therefore, project life cycle plays an integral role in ensuring proper implementation of the project.
PRINCE2 project methodology is related to the life cycle of a project as it divides the entire project into small controllable sub parts. The entire project is executed in a controlled environment in PRINCE2 (Tomanek & Juricek, 2015).  However, in PRINCE2 the project mainly has 7 processes which are start of the project, initiation of the project, directing the project, controlling the project, managing the stage boundaries of the project, managing the product delivery and the project closure. It can therefore be said that PRINCE2, project is implemented step by step and in a controllable manner. It is therefore deduced that PRINCE2 follows the principle and approaches of project management. 
Chaves, M. S., Araújo, C. D., Teixeira, L., Rosa, D., Júnior, 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.
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.
Kerzner, H., & Kerzner, H. R. (2017). Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons.
Leau, Y. B., Loo, W. K., Tham, W. Y., & Tan, S. F. (2012). Software development life cycle AGILE vs traditional approaches. In International Conference on Information and Network Technology (Vol. 37, No. 1, pp. 162-167).
Matos, S., & Lopes, E. (2013). Prince2 or PMBOK–a question of choice. Procedia Technology, 9, 787-794.
Saad, S., Ibrahim, A., Asma, O., Khan, M. S., & Akhter, J. (2014). PRINCE2 MEthodology: AN INNovAtIvE WAy foR IMPRovINg PERfoRMANCE of MAlAysIAN AutoMotIvE INdustRy. The Journal of Technology Management and Technopreneurship (JTMT), 1(1).
Schwalbe, K. (2015). Information technology project management. Cengage Learning.
Serrador, P., & Pinto, J. K. (2015). Does Agile work?—A quantitative analysis of agile project success. International Journal of Project Management, 33(5), 1040-1051.
Snyder, C. S. (2014). A guide to the project management body of knowledge: PMBOK (®) guide. Project Management Institute: Newtown Square, PA, USA.
Špundak, M. (2014). Mixed agile/traditional project management methodology–reality or illusion?. Procedia-Social and Behavioral Sciences, 119, 939-948.
Tomanek, M., & Juricek, J. (2015). Project risk management model based on PRINCE2 and SCRUM frameworks. arXiv preprint arXiv:1502.03595.

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