Project Management Comparison of Prince2 and Pmbok

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MSC756 PROJECT MANAGEMENT

ASSIGNMENT TWO

THE PRINCE2 METHODOLOGY:
A DETAILED COMPARISON OF RELATIVE STRENGTHS TO THE PMBOK AND APPLICATION TO PROJECT MANAGEMENT

AUTHOR: KANE WRIGHT
STUDENT: 400072002

WORD COUNT (LESS TABLE OF CONTENTS, REFERENCES, APPENDICES): 4972

DUE DATE: 28 SEPTEMBER 2009
TABLE OF CONTENTS

INTRODUCTION________________________________________________

_____________3
LITERATURE REVIEW______________________________________________________

_3
Background__________________________________________________

________________3
Methodology_________________________________________________

_________________3
Components__________________________________________________

________________4
Processes___________________________________________________

__________________5
Implementing PRINCE2_____________________________________________________

___7
ANALYTICAL DISCUSSION__________________________________________________

_7
Comparison__________________________________________________

________________7
Contrast____________________________________________________

_________________8
Strengths___________________________________________________

__________________9
Weaknesses__________________________________________________

________________12
Recommendation – The Application of PRINCE2 and PMBoK in Combination_________13 AUTHOR’S REFLECTION__________________________________________________

__14
CONCLUSION__________________________________________________

____________14
REFERENCES__________________________________________________

____________16
APPENDIX 1 – PRINCE2 PROCESS MODEL____________________________________18 APPENDIX 2 – PMBOK KNOWLEDGE AREAS AND PROJECT MANAGEMENT PROCESSES___________________________________________________

_____________19
APPENDIX 3 – PRINCE2 METHODOLOGY BENEFITS FOR BUSINESSES_________20 “PRINCE2 is extensively used in over 150 countries around the world and its take up grows daily. It is widely considered as the leading tool in project management, with over 20,000 organisations already benefiting from its pioneering and trusted approach” - Nigel Smith, Chief Executive, Office of Government Commerce (OGC), United Kingdom (Science Letter 2009)

INTRODUCTION

Through it’s evolution over the past three decades, the Project Management Institute’s (PMI) Guide to the Project Management Body of Knowledge (PMBoK) has become clearly established as the leading methodology for the understanding, analysis and execution of project management globally. The increasing need for, and implementation of, project management practices within private and public sector organisations concurrently however, has resulted in the emergence of alternate project management methodologies and frameworks. As an alternative option available to Project Managers, the Projects in Controlled Environments (PRINCE) methodology has gained significant attention and increased favour for implementation by organisations globally. This report has been prepared to describe in detail the PRINCE methodology, comparing its features and processes against those of the PMBoK, and analysing its relative strengths and weaknesses. This report will detail the benefits available to organisations in the application of the PRINCE methodology, how this tool can effectively and efficiently be employed for project management and recommendations for how organisations can tailor the methodology to maximise their chances for project success.

LITERATURE REVIEW

BACKGROUND

The PRINCE methodology for project management was first developed in 1989 by the UK Computer and Telecommunications Agency. This governmental agency, now part of the Office of Government Commerce (OGC), originally developed PRINCE for application in government IT projects (Langley 2006 p30).

The methodology was further revised and refined in 1996 by a consortium of 150 public and private sector...
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