Project Methodology Innovations and Visions for SME

Question: Discuss about the Report for Project Methodology of Innovations and Visions for SME. Answer: Methodology - definition Methodology is a set of processes and methods which are used for a particular task or activity. The role of methodology in case of project management is extremely significant in nature. Project management methodologies clearly define the phases that must be followed during the project timeline which aid in streamlining and organizing the project activities in a better way. These methodologies also make sure that the issues and conflicts are resolved in a timely manner and the project quality is never compromised. Project Methodologies There are a number of project management methodologies such as PMBOK, PRINCE2, Waterfall model, agile methodology and Software Development Life Cycle (SDLC). Project Management Body of Knowledge (PMBOK) and Projects in Controlled Environments (PRINCE2) are two very popular methodologies for Project Management. Both of these methodologies define the steps for successful management of the project and proceed in a step-by-step approach (Wideman, 2002). However, there are a number of differences between the two methodologies. PRINCE2 is a process based methodology and defines the role of every resource that is involved with the project whereas PMBOK is knowledge based methodology and mainly focuses upon the role of the Project Manager (PRINCE2 PROJECT MANAGEMENT PROFESSIONAL (PMBOK) COMPARISON, 2016). In PMBOK, Project Manager is held responsible for anything that goes wrong in the project such as budget overrun, schedule overrun, scope creep or any other deviation from the regular path. On the other hand, in PRINCE2, the Project Manager acts as a mediator between the project and the senior officials. All the concerns are reported by the Pro ject Manager to the control board who take a decision on the same and revert to the PM for executing the decision in the project ("PRINCE2 PMP (PMBOK) COMPARISON", 2013). Feasibility study or assessment is laid special focus in case of PMBOK which goes missing in PRINCE2 stages and is handled separately. There are also differences in the documentation volume and terminology between the two methodologies. For instance, Project Charter Document in PMBOK is referred to as Project Brief in case of PRINCE2. There are a different set of advantages and disadvantages that are associated with both PMBOK and PRINCE2. The choice of methodology depends upon the needs of the organization and a number of different factors such as project type, project client, project duration and likewise. Project life cycle and project methodology Project Life Cycle (PLC) includes a number steps such as starting of the project, initiating the project, controlling stage, managing the project delivery, managing stage boundaries and closing of the project. Planning and directing activities run in parallel with all of these six steps. PRINCE2 is closer to the stages that are defined in the PLC. PRINCE2 is a process based approach that makes use of eight different stages that are broadly defined with the first one being starting of the project. Stage one involves preparation of project brief and selection and appointment of the project management team. Initiation stage includes refining the business cases and risks and setting up of project controls along with planning the project quality. Planning phase involves creation of the project plan, scheduling and estimating along with analyzing the risks. Directing and controlling stages revolve around the tasks of authorizing the sub-activities and assessing the progress. Acceptance, ex ecution and delivery of the work packages are done in the stage of managing product delivery. The next phase includes management of the stage boundaries. The last stage that is closing of the project includes identification of the follow up activities and evaluation tasks (Relationship between the Project Management Body of Knowledge (PMBOK) and PRINCE2, 2016). PMBOK, on the other hand does follow the steps or stages that are defined in PLC but deviate a little from the standard pattern of the same. The projects that are managed as per the phases of PMBOK begin with initiation phase that includes execution of the feasibility study or the assessment on the project. Planning phase defines the scope of the project along with cost estimation and schedule estimation for the project. Activity definition, activity planning and resource planning is also done in the planning phase. Facilitation processes involve quality planning, staff acquisition, communications planning, risk assessment and procurement planning. The next is the execution phase which involves team development, scope verification, quality assurance and contract administration. The controlling phase that comes next in the list involves performance reporting and overall change control associated with the project. The change control will include the changes that are done in the project cost, project schedule, project scope and risk responses. The last phase is the closure phase which includes contract close out and administrative closure. References PRINCE2 PMP (PMBOK) COMPARISON. (2013).RobyScar - innovations and visions for SME. Retrieved 9 August 2016, from https://robyscar.com/2013/03/12/prince2-pmp-pmbok-comparison/ PRINCE2 PROJECT MANAGEMENT PROFESSIONAL (PMBOK) COMPARISON. (2016).https://www.hilogic.com.my/. Retrieved 9 August 2016, from https://www.hilogic.com.my/prince2-pmp-pmbok-comparison/ Relationship between the Project Management Body of Knowledge (PMBOK) and PRINCE2. (2016).https://www.ppi-int.com/. Retrieved 9 August 2016, from https://www.ppi-int.com/prince2/prince2-pmbok-relationship.php Wideman, R. (2002).Comparing PRINCE2 with PMBoK(1st ed., pp. 2-4). Canada. Retrieved from https://www.maxwideman.com/papers/comparing/comparing.pdf [