Project Management for Business and Technology- myassignmenthelp

Question: Discuss about theProject Management for Business and Technology. Answer: Project methodology and its role into project management Nicholas and Steyn (2017) stated that project methodology is model that the project manager employs for designing, planning, implementing along with achieving of the objectives of the project. In order to finish the project work within scheduled time and budget, project methodologies are used. Rainer, Prince and Watson (2014) mentioned that project methodology is se of proper repeatable processes which help in introducing of reliability, flexibility as well as competence which improve the quality to manage the business projects (Turner, 2016). Project methodologies are used in improving alignment of the projects, increasing the competitive advantage, producing of better and faster business results, helping to predict requirements of staffs and improving the management information. The project methodologies are used into various project management processes designed for supporting the project manager involved into the business projects. The goal of project management methodologies is to finish the tasks faster needed for the projects. It also rises of strategies to handle the project issues (Rosemann vom Brocke, 2015). There are different types of project methodologies such as PRINCE2, Agile XP, Waterfall and Agile Scrum. Within the project management, the role of project methodologies are to specify what tasks are required to undertaken and when to perform them for maximizing the time along with resources. Day-by-days, the project management methodologies are become larger as well as more complex. This methodology is helpful into the project as it helps to tackle the project properly along with systematically integrate all the project activities (Karaman Kurt, 2015). At the operational level, this particular methodology plays a key role into delivering of the organizations empowers with the project team to do the needful work. This methodology enables the organization to deliver of cost effective and scheduled solutions to the project manager. Selected methodology: PRINCE2 The selected methodology is PRINCE2 methodology. It is a process based methods for the project management. Structured project management orders the project into defined steps to make it logical as well as organized. PRINCE2 provides written description of project management approach. This particular methodology divides the entire project work into manageable stages. On the other hand, PMBOK is set of standard and guidelines for the project management (Spundak, 2014). The strength of PMBOK is to teach knowledge base of project management profession while PRINCE2 sets out standard approach to run the project. Similarities between PMBOK and PRINCE2 methods processes Both PMBOK and PRINCE2 processes are similar in some of the key areas as follows: PMBOK is a standard which is used in the project management and PRINCE2 is a method which is used in all types of projects. Similarity is that both are used into the project management. Both are guides on the project management. Both have initiation phase, planning, execution, controlling and closing phase into the project phases (Joslin Muller, 2015). Both describes what the project manager knows and should able to do. Differences between PMBOK and PRINCE2methods processes Features PMBOK PRINCE2 Definition It is standard and guide. It is structured. Themes and knowledge areas There are ten knowledge areas. There are seven themes. Process and activities There are 5 process groups along with 47 processes. There are 7 processes along with 35 activities (Turner, 2016). Techniques It covers of techniques for each process. It consists of only specific techniques for PRINCE2. Focus The focus is on requirements of customer (Rainer, Prince Watson, 2014). The focus is on business case in addition to product. Role of project board It only provides the role of project sponsor. The project board provides the oversight of the project. Practical and comprehensive It is comprehensive. It is practical and focused on critical areas. Identification of methodology and processes relate to the project life cycle (PLC) PMBOK processes and PRINCE2 methodologies are related to the project life cycle. At first, the methodologies provide an overview of the entire project to strategy which is planned. Most key important step into PLC is planning phase which includes of risk assessment for completing all the project tasks on scheduled time. The methods and processes related to PLC are: Initiation: It agrees with vision of the project with providing of detailed justifications to the project work (Nicholas Steyn, 2017). The project manager is assigned at this phase to manage the entire work. Approval is taken from the higher authority to move forward with the detailed project plan. Planning: It collects of all required project information and develops the project scope. It reviews all the indicators of project to assess the risks on time before it affects the project. A budget plan is done to include of cost for PLC. Communication needs, risk assessment plan and training needs are reviewed. Executing: A project team is developed along with review of the security plan for the project team members (Rosemann vom Brocke, 2015). A quality assurance plan is prepared to achieve quality project work. All the stakeholders should be updated with project information along with project status. Monitoring: The entire project work is monitored and controlled by measuring the project performance using key performance indicators. Status review meeting and testing plan is implemented on time. Lessons learnt documents are prepared with getting approval to finish the project. Closing: All the project deliverables are obtained and all project cost are summarized which is spent on the project (Karaman Kurt, 2015). If there are any timeline changes, then change document is created. Finally, all the closure documents are formalized. References Joslin, R., Muller, 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. 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. Nicholas, J. M., Steyn, H. (2017).Project management for engineering, business and technology. Taylor Francis. Rainer, R. K., Prince, B., Watson, H. J. (2014).Management Information Systems. Wiley Publishing. Rosemann, M., vom Brocke, J. (2015). The six core elements of business process management. InHandbook on business process management 1(pp. 105-122). Springer Berlin Heidelberg. Spundak, M. (2014). Mixed agile/traditional project management methodologyreality or illusion?.Procedia-Social and Behavioral Sciences,119, 939-948. Turner, R. (2016).Gower handbook of project management. Routledge.