A Project Management Methodology For Managing Projects

996 Words Aug 30th, 2015 4 Pages
Over the past decades, an ability and capability to organize project management could determine the success of an organization. Generally, project managers use formal project management methodology to run projects efficiently. This article describes the explanation of the differences between PMBOK and PRINCE2, the advantages and disadvantages of those models, and the example of a project which use PMBOK methodology.

The differences between PMBOK and PRINCE2
“PMBOK” stands for Project Management Body of Knowledge. PMBOK Guide is a book which explains standard guidelines for managing projects. It clearly defines a project management, the life cycle of project management and the related processes.
"PRINCE" is an acronym for Projects in
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The advantages and disadvantages of PMBOK and PRINCE2
There are many advantages for using project management methodologies. The advantages of PRINCE2 are clearly described by Turley (2010), which are:
1. Proven best practice.
It has been used in many projects for more than 30 years and it is continually improved in each update.
2. Can be applied to any project.
It can be used from a small project to large project.
3. Recognition of project responsibilities.
All members of the project team should aware about the expectation of them.
4. Lesson learned.
A learning and continual improvement mindset is promoted by PRINCE2.
5. Viability of the business case is leading.
The viability of the project is frequently estimated throughout the project lifecycle. It means that if the return on investment is not being able to meet the expectation, then the project should be stopped.
Beside the advantages, PRINCE2 also has some disadvantages, they are:
1. It is not be able to provide information on earn value management.
2. It is also not providing information on time management.
3. There is nothing on human resource management.
4. It is not be able to provide information on Communication management
5. Procurement is also uncovered.
Based on the advantages and the disadvantages of PRINCE2, it can be found that this methodology help the project managers to determine
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