Methods and Policies For Project Management †MyAssignmenthelp.com

Question: Discuss about the Methods and Policies For Project Management. Answer: Introduction Project managementis nothing but certain discipline which is generally used for establishment of principles, methods and policies for proper management of projects.Project management mainly analyzes the planning, organization and implementation of project (Elkington Smallman, 2012). In the coming pages of the report following areas like the methodology ofproject management Body of knowledge (PMBOK) and Prince2 with similarities and difference will be discussed in the coming pages of the report. In the coming pages of the report proper relation has been established for project life cycle for the chosen methodology that is Prince2. Project methodology and its role in project management The project manager makes use of certain goals and objective for proper completion of project in given time and budget. Irrespective of field, project manager makes use of certain methodology which helps them at every stage that is from initiation phase to closing phase (Fervers et al., 2013). A methodology can be defined as a method or technique which can be easily be used by various project manager for having range of function that is from designing to achievement of goals. These stages are design, proper planning, use or implementation and lastly followed by achievement of goals. Prince 2 vs PMBOK Prince2 stands forProject Management in Controlled Environment while PMBOK stands for Project management Body of Knowledge. PMBOK model can be defined as standard and guide methodology on the contrary Prince2 methodology is considered to be structured Project Management (PM) methodology (Parker et al., 2013). Prince2 is the considered to be practical methodology or technique and it mainly focuses in some of the critical zones of the project while PMBOK model is considered to be comprehensive in nature. PMBOK comprises of ten knowledge zones while on the contrary Prince2 model consist of sevens models in it. PMBOK model contains specific methodology or techniques for particular project (Wideman, 2012). Prince2 model is process based method or approach for proper management of various types of projects. Roles of Prince2 are generally divided into three levels. The bottom level is generally managed by team manager, project manager and highest level is maintained by broad of project. PMBOK model in general offers various project manager a proper information about project and it also helps the project management in analyzation of methodology in different domains (Pitman et al., 2014). PMBOK methodology provide various resource which helps in upgradation of knowledge. Prince2 model in general provides information which can be easily used by different project manager which are from different domains. Prince 2 in relational to PLC (Project Life Cycle) Prince2 is considered to be process based method or technique which is used for management of project. Prince2 model consist of five stages which are directing of project, starting up project, initiation of project, proper management of boundaries, controlling of stage and lastly closing phase of project (Prabhakar, 2016). This particular methodology comprises of various stages like initiation, proper guide, monitoring, stage boundaries and lastly closing of project. Initiation phase of project comprises of four methods like risk involved in project, Configuration of project, proper communication of strategies which are involved in various project generally comprises of various techniques (Siegelaub, 2014). In this technique the project manager generally comprises of authorization of beginning phase of the project. Prince2 methodology mainly emphasizes on monitoring or analyzation of various process which are generally related to various manager of project (Yeong, 2017). Different stages or methods are involved in prince2 provides project board with various decision point which are involved in project. Conclusion From the above discussion it can be easily concluded that the following report is all about various methodology of project management. Proper definition about project methodology and its role in project management has been discussed in details. Proper analysis on similarities and difference between the two model has been done in the above pages of the report. In the last stage of report, the chosen methodology that is Prince2 in relation to project life cycle has been done. All the steps of Prince2 and PMBOK methodology has been done briefly. References Elkington, P., Smallman, C. (2012). Managing project risks: a case study from the utilities sector.International Journal of Project Management,20(1), 49-57. Fervers, B., Hardy, J., Blanc-Vincent, M. P., Theobald, S., Bataillard, A., Farsi, F., ... Pinkerton, R. (2013). SOR: project methodology.British journal of cancer,84(s 2), 8-16. Parker, D., Charlton, J., Ribeiro, A., D. Pathak, R. (2013). Integration of project-based management and change management: Intervention methodology.International Journal of Productivity and Performance Management,62(5), 534-544. Pitman, A. J., Slater, A. G., Desborough, C. E., Zhao, M. (2014). Uncertainty in the simulation of runoff due to the parameterization of frozen soil moisture using the Global Soil Wetness Project methodology.Journal of Geophysical Research: Atmospheres,104(D14), 16879-16888. Prabhakar, G. P. (2016). Projects and their management: A literature review.International Journal of Business and Management,3(8), 3. Siegelaub, J. M. (2014, January). How PRINCE2 can complement PMBOK and your PMP. InPMI global congress proceedings(pp. 1-7). Wideman, R. M. (2012). Comparing PRINCE2 with PMBoK.AEW Services, Vancouver, BC, Canada. Yeong, A. (2017). The marriage proposal of PRINCE2 and PMBOK.