Project Management Techniques: PRINCE2 and PMBOK - Assignment Example

PROJECT MANAGEMENT Name Course Name of Professor Name of University Submission Date Project Management Synopsis To have a successful project, some processes need to be followed. The success or failure of a project is dependent on the successful implementation of the processes. This paper provides an extensive overview on some of the project management techniques that can be implemented to ensure a successful project. It will specifically assess the Projects in Controlled Environments (PRINCE2) methodology as well as the project management body of knowledge comprises a body (PMBOK). Different aspects of the techniques will be assessed. A case scenario of an engineering project and management will also be provided. Contents Part 1 4 PRINCE 2 4 THE PRINCE 2 PROCESS FRAMEWORK 6 Themes 7 Benefits of Prince 2 8 PRINCE2 Methodology Negatives 9 Part 2: PMBOK knowledge areas 10 Project time management 11 Cost management 11 Human resource management 12 Communication management knowledge area 12 Part 3 Managing and project 12 Good planning 13 Proper communication 14 Failures within the project 15 Lessons learnt 15 Part 1 PRINCE 2 Project in Controlled Environments which is commonly abbreviated as PRINCE is a process-based technique aimed at enhancing the effectiveness and efficiency of project management (Smith, 2002). Many organizations across the world are increasingly using the PRINCE2 de facto standard. It is used in both the private sector as well as in parastatals. Business organizations are usually established with an aim of providing a good or a service to satisfy consumer needs. Amidst satisfaction of these consumer needs, organizations usually indulge in numerous projects. The success or failure of the projects is always dependent on several factors such as the appropriate and competent human resources, effective planning and communication among other factors (Smith, 2002). Before a project is implemented it is important to understand what the project will typically entail, the timeframe for the project, the needed resources, the cost of the project and human resource needs (Lester, 2013). The above-stated requirements are the building blocks of project management. They define how the project needs to be done. It is one of the most widely used project management techniques across the world. The technique was first developed in the United Kingdom to be used by the UK government for its IT projects. It then spread to other international countries in handling large projects of different kinds. It is mainly applied to banks, telecommunication companies, police forces and private sectors (Hinde, 2012). This methodology is considered ideal because it incorporates top practices on the integration of external agencies and internal teams. It relies on a process approach to project management, integrating each step into a framework of important aspects that need to be incorporated into the project. Furthermore, the process makes sure that each process of the life cycle of a project is finished on time and is within the budgetary range as well as effectively using the allocated resources. The methods stipulated in PRINCE2 fits with most project management methods, in particular, it describes the quality of a project, and output driven product based change control and planning process for fixing faults or adopting changes. THE PRINCE 2 PROCESS FRAMEWORK As earlier stated, PRINCE2 follows a distinct process methodology, and any company using this technique must address the following processes in its project management operation to manage and deliver the project successfully. Starting up (US) the project being the first process in PRINCE 2, it ensures that the basics for starting the project are in place. At this stage, the need for the project is established. Directing a project (DP) the project team is given the responsibility of setting the direction for the project. Initiating a project (IP), the foundations for attaining the set principles are established at this stage. After the project is initiated and authorized the planning process is then invoked (Hinde, 2012). The actual project is implemented at this stage. Managing Stage Boundaries (SB): a report on the successes and failures of the project are established to ensure that the project is of the course (Hinde, 2012). The project management team produces this information and the management, based on the findings, will determine whether the project needs to continue or needs to be terminated. Controlling a stage (CS), the main task at this stage is ensuring that the project is in line with the stipulated objectives (Hinde, 2012). When it is not on course corrective measures are implemented to bring back the project on course. Managing product Delivery (MP): the development work is done at this stage. Creation of the products is done at this stage. Closing a project (CP), this is the final stage of the methodology. The project team wraps up the work at this stage. Acceptance of the project is also done at this point. The project is then handed over to the management team. Themes The themes in PRINCE 2 describe some of the essential aspects that need to be accorded highest precedence. Management activities to be addressed are also stipulated. Scholars, as well as academicians, argue that the success of the PRINCE 2 methodology largely relies on the successful integration of the seven themes used throughout the process. The themes can be tailored based on complexity, scale or nature of the project at hand. Hinde (2012) outlines the seven themes as; Business Case: the focus of this theme is to establish how an idea that can be instrumental to the company is developed into a feasible business idea (Hinde, 2012). Furthermore, an explanation of how the project management can be made to focus on the business objectives. Organization: the roles, relationship and responsibilities of all the team members are well explained to aid in better management of the project. Typically, it outlines the structure of the project management team. Quality: the main focus of this theme is to enunciate how the team delivers the needed stipulated standards in the project. Plans: the focus of the project is stated. A series of plans must be set based on the products and not the activities (Hinde, 2012). Risk: the methodology outlines the moments when risks must be checked. Moreover, it outlines the approaches to the management and analysis of the risk through all the processes. Change: under this theme the flexibility of the project is assessed. Aspects such as risk, quality, benefits, risks, cost and time are assessed. Progress: the decision making process is evaluated in this theme. Decisions regarding the approval of the plans, control and monitoring of the performance and ways of enhancing events that are getting off topic. It is essential as it will give some light on whether the project should proceed or not (Hinde, 2012). Benefits of Prince 2 Many companies have ascertained that they have accrued numerous benefits from the application of the PRINCE2 methodology. According to Hinde (2012) highlights some of the benefits gained as follows; Prince 2 methodology has helped in providing guidance for projects with the right methodologies. This is because it is a reliable, consistent and organized approach that can adopt to a project at any stage of the project. It focuses on the product base to the project. This helps divide the project into processes and stages thus making the project easier to manage (Hinde, 2012). This in return has a ripple effect on the project team as they get motivated and focused enabling them to accomplish their tasks and deliver the outcome at the needed time. PRINCE2 has been determined to provide a significant improvement in communications between stakeholders and the project team. Having a well-coordinated team enables the team to work harmoniously without having any problems that could be as a result of miscommunication. Moreover, it provides a platform for the stakeholder to express their opinions in the project as any progress in the project is communicated to them through regular meetings and also through project reports. The PRINCE2 methodology is very flexible as it can be applied to almost all types of projects and can be applied in numerous specialized industry models such as in engineering models, construction models, financial, IT business or development lifecycles (Hinde, 2012). Its plans are usually designed to meet and satisfy the needs of various levels in the top management team, enhancing control and communication. The enhanced communication helps each of the team members to understand best their roles as there is a well-defined structure with a clear delegation of roles and authorities. PRINCE2 Methodology Negatives Despite having numerous benefits, critics of this methodology argue that it is not appropriate for small business organization projects, since a lot of work is needed in designing, establishing and maintaining documents (Hinde, 2012). This can take a long time and resources which cannot have a return on investment. Part 2: PMBOK knowledge areas Typically, the project management body of knowledge comprises of a body of standard guidelines and terminologies for project management (Tracy, 2002). The areas of different knowledge are universally accepted as being the best practice to be used in the project management. There are ten key knowledge areas in management. They comprise of the project integration, quality, time, cost, quality, human resource, risk, communication, project stakeholder management and procurement management. This section seeks to analyze five of essential knowledge areas. Project integration management This area entails integrating all the other knowledge areas in the project life cycle in the most appropriate way. It focuses on the introduction of the project, a collection of the necessary resources to execute the plan, executing the plan and engaging in the monitoring, validation and control of the tasks to ensure they are in line with the set plan. It comprises of some processes which include; establishing the project charter, managing and directing the project execution, developing the project management plan, controlling the project, engaging in integrated change control and closure of the project process (Tracy, 2002). This is an essential area of knowledge management as it helps ensure that the project is harmoniously integrated with other knowledge areas, failure of which can result in a loop which can have a ripple effect on the overall performance of the project. Project time management Typically, every project must have a timeframe for the accomplishment of its stipulated tasks. Time management involves activities, resources, and schedule management for a timely completion of the project. Effective time management is achieved through planning a schedule, having a clear definition of activities, listing activities sequentially, approximating the needed activity resources, estimating the time limit for activities, coming up with an appropriate schedule and then controlling the schedule (Tracy, 2002). This knowledge area is of importance as it helps to ensure that the project is completed within the needed time. Cost management All projects usually have an estimated budget in which stipulates the cost of implementing the project. It comprises of activities for evaluating, allocating and administering costs for the various activities in the project. It primarily entails the following important steps; planning the costs, estimating the costs, determining the budget and finally controlling the budget. The project team leader must check on spending to ensure that the cost of running the activities re within the estimated budget (Tracy, 2002). It is an important area because as it helps the project team not to overspend or under spend, the amount spent need to be adequate to ensure the best output is attained. Human resource management For a project to be implemented there must be a human resource that is knowledgeable and skilled to accomplish the project. Human resource management is an advent to manage people effectively for performance. Having a more flexible, open and fostering management style that will make the project management team motivated to give the best output is the primary objective of this knowledge area (Tracy, 2002). The important processes in this area are planning human resources, obtaining the most competent project team, developing the team and then effectively managing the team. Communication management knowledge area Communication is essential to the success of any project. It is the core of projects and is commonly considered as the ‘lifeblood’ of a project by project management practitioners. To have effective communication, a complete comprehension of all the details of the project must be well understood. A proper communication channel that is more convenient and effective needs to be used. When there is a proper flow of information, confidence is established, and any crisis that can arise as a result of poor communication can be solved. Some of the useful processes used in this area are planning communication, manage and control communications. Part 3 Managing and project This section analyzes road construction as an engineering project. The construction of the San Francisco highway was one of the most complex projects in the area. The project was extensive as it involved several stakeholders including architectures, Engineers, surveyors, project managers among many other stakeholders. The main objective of the construction project was to produce a high-quality construction with the least cost. The project involved a lot of activities and people thus proper project management techniques had to be deployed to ensure the successful completion of the project. The project team comprising of the entire different stakeholder was established. A team leader was then appointed to oversee the entire project. Based on the complexity of the project the best talent in the labor market was sourced to ensure quality construction was attained. The project had to adhere to construction ethics as well as project management processes. The team was able to integrate different project management techniques such as the PRINCE2 project management technique and the PMBOK technique to maximize the quality. Numerous benefits were accrued from the use of the project management techniques. However, despite the attained success there were also challenges experienced amidst the construction process. Some of the successes gained from the project are; Good planning Scholars argue that planning is the core of a successful project, and they attribute failing to plan as planning to fail. The project management team understood the significance of having a proper plan in place before embarking on the implementation of the plan. Numerous meetings were held to establish the plan. All the appropriate stakeholders were engaged in the formulation of the plan. The plan was to provide a roadmap for the project. Based on the high number of professionals that were involved effective communication channels had to be used. Ideas were sourced from all the stakeholders; the ideas were then integrated into a single idea that was harmoniously agreed by all. The process took relatively longer. However, it was essential in understanding the expectations of the project. Different aspects of the project were looked into; the time frame for the completion of the project was set. The period was placed on a higher end to cater for delays or uncertainties. An estimated cost of the construction was also established. While determining the cost actuaries and finance professional were hired to provide their knowledge in estimating the costs as well as the financial risks that are most likely to be encountered during the implementation of the project. They also provided measures that can be applied to reduce the magnitude of the risks. Furthermore, the management team understood to reduce confusion during the implementation; there was a need to have a plan that set out clear roles and functions of all stakeholders. A well set out project management structure was established, clearly stating the roles of every member of the team. This was very significant as it helped reduce role overlap and confusion (Tracy, 2002). All the members were made to understand their expectations. Good planning greatly contributed to the success of the project. Without the plan, the project could not have been a success. Proper communication All through the project process, the project management leadership ensured that all stakeholders were informed about the progress of the project. There was total involvement of the members in the project. The leadership provided the needed support to accomplish the activities. They got involved in the actual performance of the activities (Tracy, 2002). The stakeholders were informed on the progress through reports. There was also a constant monitoring of the activities, and corrective measures were taken for any deviations noted. Improvements were also made where they were deemed necessary. Communication positively impacted the overall output of the project. Another contributing factor for the success of the project was the effective risk management measures applied in the project. Possible risks were evaluated before implementing the project. Measures were then put in place to counter the risks and ensure that the project is not halted by preventable measures. All the people living on the construction site were relocated, environmental impacts of the construction were assessed and measures that are environmental friendly applied. Risk assessment was not only done before the inception of the project but also during the project. This was made possible through continuous monitoring and control measures that identified the possible risks. The risks were then effectively mitigated. Failures within the project Despite the successful completion of the project, there was some failure that was also experienced during the project. The greatest challenge was as a result of the changing specifications and requirements. During the implementation process, there were some processes that were deemed unworthwhile and were eliminated. Similarly, there were some processes that needed improvements which needed new processes and requirements. The changing requirements affected the construction process as it caused confusion and role change. They had a ripple effect on the entire project, as many other processes had to be modified to accommodate the new specifications. It also resulted in more time than the estimated time frame. Lessons learnt From the analysis of the project, it has been noted that to have a successful project a series of processes has to be adhered to. Despite the nature scope or nature of a effective project planning, communication, scope management, time management, project integration, quality, cost, risk and stakeholder management as well as human resource management must be taken into consideration to ensure a successful outcome of the project. Another lesson learned is that not all projects will flow harmoniously; challenges are likely to be experienced. To counter the challenges it is important to have a proper risk assessment in place as well as measures to correct the expected risks. Bibliography HINDE, D. (2012). PRINCE2: Study Guide. LESTER, A. (2013). Project Management, Planning and Control. Elsevier Science. SMITH, N. J. (2002). Engineering project management. Oxford, UK, Blackwell Science. http://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&db=nlabk&AN=181596. TRACY, J. (2013). PMBOK ® guide: edition five 200-question sample PM exam ®. Read More