Project Management Assignment: Overview of PMBoK and PRINCE2

Question

Task: Write a detailed and well-researched project management assignment discussing about the background and historical context of PMBoK and PRINCE2 project management methods.

Answer

1. Introduction to the theme of project management assignment
Project management is one of the very effective procedures of leading the activities of a workflow and team to accomplish the goal of the project within a specific time. The main objective of project management is to fulfil the project goals within a specific constraint. Various project management methods are available in the market and it is very difficult to choose the right one for the projects. PMBoK and PRINCE2 are the most used project management methods and are liked by most of the project managers. Background and historical context of both the project management methods will be discussed in this project. Moreover, the similarities and differences of the methods will also be described in detail. The risk treatment process of both methods will also be discussed to get a clear idea about the processes. The types of project that are better for the methods will also be analysed in this report.The report will provide a complete comparison between the two methods.

2. Introduction to PMBoK and PRINCE2
The full form of PMBoKis Project Management Body of Knowledge. PMBoK is the entire collection of best practices, processes, technologies. These practices are considered as standard in the industry of Project Management. The first edition of the popularPMBoK Guide was published in the year of 1996 by Project Management Institute (Urs, 2017). The second edition was published in 2000 adding some new materials reflecting the growth of the practices. The fifth edition is in trend now and it was released in 2013.

PRINCE2 (Projects in Controlled Environments) is a project management method which is structured and certification program. PRINCE2 focuses on dividing projects maintainable and controllablephases (Cooke, 2016). The method is developed in several countries including Asia, European countries and also the UK. PRINCE2 was released in 1996 as a generic project management method(Gonc?alves Rafael Queiroz et al., 2017). There are mainly two major revisions of PRINCE2 since 1996 and the revisions are - PRINCE2:2009 Refresh and PRINCE2 2017 Update".

3. Similarities between them
A major similarity between the two methods is that both of them offer a generic approach for almost every project. Besides offering a generic approach to projects, both PMBoK and PRINCE2 across continents and cultures. Hence, it can be said that these methods are very flexible. Both of the methods do not provide one size fits on formula. Organizations use these two approaches to suit the project culture (Urs, 2017). Therefore, WhetherPMBoK or PRINCE2 or both will be applied to project management will be decided based on the culture of the project. Various features of the two methods are also the same even if their applying method is different. The similar features of the two methods are - Tailoring, closing, quality management, risk factor management,costmanagementandalso scope management.

4. Differences between them
The major difference between the two PMBoK and PRINCE2 are that PMBoK is a standard project management methodology and PRINCE 2 is a structured project management methodology. PMBoK is a comprehensive project management method whereas PRINCE2 is a practical project management method and it focuses on critical areas (Urs, 2017). There are almost 10 knowledge areas in PMBoK but when it comes to PRINCE2, only 7 knowledge areas or themes are there. Interpersonal skills are very well covered in PMBoK but such skills are not covered in the method of PRINCE2. The focus points of these two methods are also different while dealing with the management of a project. PMBoK mainly deals with the requirements of the customer and makes sure that the project is managed well based on customer satisfaction. On the other hand, PRINCE 2 mainly focuses on the business case and product. The quality of the products or services is emphasized in the method of project management.

5. The risk treatment process of each method The risk treatment process of PMBoK
It is very appealing when a project manager has a risk register and focuses on the risk factor of the project. Both PMBoK and PRINCE2 deal with the risk treatment process. The risk treatment process of PMBoK consists of 7 stages -
1) Risk management planning
2) Identification of risks
3) Performance of Qualitative analysis of risk factors
4) Performance of Quantitative Analysis of risk factors
5) Risk Responses planning
6) Implementation of Risk Responses
7) Monitoring the Risks
When it comes to IT projects, various tools such as project charter and Gantt chart are used in PMBoK method (Wen &Qiang, 2016). Other projects such s construction project, industrial project, management project, communication project is also benefited by implementing the tools and techniques of PMBoK.

The risk treatment process of PRINCE2
When it comes to PRINCE2, the risk treatment process is quite different.
The risk management process of PRINCE2 comprises of five stages: 1) Identification of risk factors
2) Assessment of risk factors
3) Planning of risk treatment plan
4) Implementation of the risk treatment plan.
5) Communication
All the phases of the risk management process except communication are sequential and communication goes parallel with the other phases as per the requirement. Qualitative and Quantitative risk analysis is not done in PRINCE2 but these are done in PMBoK. This risk assessment increases the efficiency of PMBoK for the risk treatment process. On the other hand,communication is an important method of risk treatment but it is not included in PMBoK (Perrier, Benbrahim, &Pellerin, 2018). When it comes to IT projects, tools and techniques of PRINCE2 such as Gantt charts, PERT charts, Critical Path method and quality review techniques are used, Other projects are also benefited by using the tools and techniques of PRINCE2.

6. Use of each method
It is very crucial to choose whether PRINCE2 or PMBoK is the best practice for the particular project. The decision depends on the type of project that is going to be managed (Albert, Balve& Spang,2017). Not only that, but possible risk factors should also be focused while deciding the best project management method for the specific project.

PMBoK is a knowledge-based method and it is better to use the project where knowledge is the most required thing. Manufacturing and industrial projects require more knowledge and knowledge areas are must for them (Matos & Lopes, 2013). Hence, it is better to use PMBoK for knowledge-based projects. PMBoK is the first choice of Construction project managers as proper knowledge is very important for managing a construction project. Whereas, PRINCE2 is a process-based method and the projects where the process is the main thing that can be managed by PRINCE2 (Hartley,2018). Human resource and communication projects can be managed easily by using the PRINCE2 method. As above mentioned, qualitative and quantitative risk analysis is done in PMBoK but such kind of analysis is not done in the PRINCE2 method. Therefore, if risk factors are more in the project, it is better to implement the PMBoK method for project management. Whereas when there is a need for better communication in a project, PRINCE2 will be better for that project.

7. Conclusion
Both PMBoK and PRINCE2 are very effective in project management methods. Though there are some similarities between the two methods, differences are more. It is mentioned in the report that PMBoK is a knowledge-based method whereas PRINCE2 is a process-based method. Hence, the application of these methods will also be different and can be decided after analysing the type of the project. The report will provide a total comparison between the features, application and process of these two methods.

8. References
Albert, M., Balve, P., &Spang, K. (2017). Evaluation of project success: a structured literature review. International Journal of Managing Projects in Business, 10(4), 796–821.https://lesa.on.worldcat.org/oclc/7130714920
Cooke, J. L. (2016). Prince2 agile : an implementation pocket guide : step-by-step advice for every project type. IT Governance Publishing.https://lesa.on.worldcat.org/oclc/949908711
Gonc?alves Rafael Queiroz, von Wangenheim, C. G., Hauck, J. C. R., & Petri, G. (2017). An instructional feedback technique for teaching project management tools aligned with pmbok. Project management assignmentInformatics in Education, 16(2), 197–224.https://lesa.on.worldcat.org/oclc/7585346890

Hartley, S. (2018). Project management : a practical guide to planning and managing projects (Fourth). Allen &Unwin. https://lesa.on.worldcat.org/oclc/1030582667

Matos, S., & Lopes, E. (2013). Prince2 or pmbok - a question of choice. Procedia Technology, 9, 787–794. https://lesa.on.worldcat.org/oclc/5497190035

Perrier, N., Benbrahim, S.-E., &Pellerin, R. (2018). The core processes of project control: a network analysis. Procedia Computer Science, 138, 697–704. https://lesa.on.worldcat.org/oclc/7892933540

Urs, A. (2017). Axelos launches prince2 project management tool. Businessline, N/a.https://lesa.on.worldcat.org/oclc/7101157778

Wen, Q., &Qiang, M. (2016). Enablers for organizational project management in the chinese context. Project Management Journal, 47(1), 113–126. https://lesa.on.worldcat.org/oclc/5979591840