Controlling Triple Constraints Of Scope, Time And Budget

Over the past few years, project managers and Project management has shown tremendous growth. Project management has evolved over the past several years from an activity in an organization to a discipline in its own right. Many professional bodies exist today to represent project management as a discipline, Some of which include, PMI, Prince2 Foundation, PM Bok.

Project management (PM) system processes are essential for successful performance within an organization. ?Successful performance leads to customer delight, although insured, is totally possible through proper application and quantifiable control of project management processes?, (Akkiraju, n.d., p. 2). Project management involves components that PM mangers follow when preparing to enter into a venture. The PM use planning, hazard management, execution management, change

With the exceptional growth in technology, the present day projects are often large and complex involving a significant risk. So, a Project Management Methodology enables the delivery organization to handle these projects comprehensively, systematically and in an integrated manner, which results in strategic, tactical and operational benefits.

In the current business environment, the demand for project managers is ever growing. In short, project management is a provisional project constrained by time, cost and scope (A guide to the project management body of knowledge, 2013). Between the immense organization, optimization, and communication assets skilled project management brings to a project, it is easy to see why project management is a booming field of study. Furthermore, project management can be both financially and personally rewarding when long term milestones and goals come to fruition.

Gray, C. F. & Larson, E. W. (2008). _Project Management: The Managerial Process_. Boston, MA: McGraw-Hills Companies, Inc.

PRINCE2® (Projects in Controlled Environments), is a widely used project management methodology that navigates you through all the essentials for running a successful project. It provides project managers with a practical roadmap from conception to close.

Project management is managing the work to develop and innovate or even change within an existing operation. There are five steps in this management: Initiating the project, Planning and controlling all activities to keep the project on schedule, executing every phase of the projects process, monitoring/ controlling reviewing and regulating the progress and performance of all phases of the project, Closing process this is where all processes are finalized and completed to officially close the project out.

Project Management Office (PMO) and Agile method are highly reputable terms in many organizations, especially in their IT projects. The PMO is a group of people or committee within an organization that is responsible to define and maintain standards and practices for traditional project management. The ultimate objective for the PMO is to gain the benefits that are derived from applying Project Management (PM) methods, practices and policies. Thus, the PMO over time will become the origin for documentation, guidance and metrics regarding to any practices that are involved in managing projects within the organization, as well as it will be the communication channel that

I previously manage three different projects that require a solid working understanding of project management methodologies – a project management methodology being a set of interrelated phases, activities and tasks that define the project process from the start through to completion within budget on time.

• Past evidence to manage big projects:- In year 2000, conversion of order management AtekPC used project management approach. They got everyone together and got it done smoothly. Everyone appreciated it and said it was done well.

Several adaptations to the traditional approaches like agile, interactive, phased, extreme, etc have been made but each will be expected to meet the requirements of the project objectives, timeline, resources, and deliveries of the stakeholders. Other industry standard certifications like ISO9000 and regulations like the Sarbanes-Oxley have also influenced methodologies and processes used by several organisations (Kerzner, 2003). Generally, managing projects should involved five major process which include the project initiation, planning, execution, monitoring and controlling, and then project closing. See Fig. 2 below.

Indeed, in an unstable environment, Traditional Project Management can lead to failure if changes are too impacting and important regard to the final product. Traditional Project Management involves a waterfall methodology to manage projects. It follows a weel structured stage plan. Those plans used to be quarterly, yearly or multiple yearly. For Marketers, it is often long and heavy as a whole project is managed in one time, from the planning to the deliverable, without real flexibility and real feedback. Marketing Managers use Waterfall because of the business priorities.

In this report we will discuss the project management methodology Prince2. This report will include what Prince2 is and its elements, the purpose and characteristics of Prince 2 and also the quality theme and the managing a stage boundary process will be discussed and how they are used to address key project management issues.

They are not tool specific. In today's software-reliant world, the reality is that the methodology and the organization's project management software tool are often heavily intertwined. Complication and sophisticated client expectations of the latest projects reveal the flaws of traditional project management methods. In addition usually project managers are expected to make a sense of balance between client expectations and business interests and also to improve the end product, decrease cost and duration of the project (Project Management Institute 2005). The disadvantages of traditional project management method are listed below.

1. A Guide to the Project Management Body of Knowledge; PMBOK Guide. 2008 Fourth edition. United States of America. Project Management Institute, Inc.