Main Components of Projects in Controlled Environments - Case Study Example

Student’s Name Course Instructor’s Name University Affiliation Date Table of Contents 1.0.Introduction 3 2.0.Main components of Prince2 3 3.0.Market Analysis of Prince2 as Project Management Methodologies 5 4.0.Advantages of Prince2 6 5.0.Disadvantages of PRINCE2 7 6.0.Application of PRINCE2 in United Arabs Emirates and International level 7 7.0.Trends and future perspectives of PRINCE2 8 8.0.Recommendations and conclusion 8 9.0.References 9 List of Figures Figure 1: Process as Prince2 Component 4 Figure 2: Process model diagram of PRINCE2 project management 6 List of Abbreviations CCTA…….………. ………. ………. ……….……….Central Computer and Telecommunications Agency IT………. ………. ………. ………. ………. ………. .Information and Technology PRINCE2……….………. ………. ……….………. PRojects IN Controlled Environments UAE………. ………. ………. ………. ……….………United Arabs Emirates UK………..………. ………. ………. ………. ………United Kingdom 1.0. Introduction Understanding PRojects IN Controlled Environments (PRINCE2) needs an understanding of project management. According to Aubrey et al. (2008), project management operates within a complicated web of interactions between the project, people and technologies. Since the current practices in project management seldom lends itself to either mechanistic or simple formulation, assessing whether PRINCE2 is a project management strategy is essential in interlocking the complexities in project management. Therefore this study begins with an explanatory stage which is regarded as receptive to multiple conflicting participant perspective with regard to PRINCE2 and project management. It is noted from researches such as Cooke-Davis (2002) that the function of project management has become identically indispensable for institutions and therefore converted into a most significant aspect in the process of implementing projects in modern days. This is the point of departure in this assignment, critically assessing whether PRINCE2 is project management methodology. To conceptualise the thesis statement the study will review main components related PRINCE2, market analysis and its ideal applications in projects. 2.0. Main components of Prince2 PRINCE2 project management components come from the fact that it is a generic project management strategy that managers can adapt to fit any type and size of project environment (Laosirihongthong and Dangayach, 2005). Within the context of Laosirihongthong and Dangayach statement, PRINCE2 has four (4) integrated components. These components have been documented as themes, principles, processes and the tailoring of the method that suit the needs of a given project environment (Laosirihongthong et al. 2003; Egginton 2009; Rosli and Fatimah, 2008). Beginning with principles, PRINCE2 is related to project management methodology in the sense that both have clear definition so roles and responsibility of a project manager in project management. Additionally, principles stipulated in PRINCE2 explain that there is need for managers to focus on products. Mishra and Tarun (2005) explain that with regard to focusing on product, the principle argues that while developing a project, there is need to define and deliver products more so in terms of quality requirements. Theme is the second component critical to Prince2 and related to project management methodology. Under themes, PRINCE2 define what a project management, organization intended to take care of the project and risks and plans associated with the plan. The processes on the other hand outlines steps a project will take from inception to completion. Some of the issues Mishra and Tarun (2005) have captured are that processes stage should incorporate directing stage, controlling stage and closing stage. The table below has been adopted from ProjectManagementHouse to indicate processes stage and its relationship to project management methodology. Figure 1: Process as Prince2 Component Source: ProjectManagementHouse Lastly, as postulated in project management, Abbasi and Al-mharmah (2000) explain that PRINCE2 operates with tailoring as one of its components that help in coping with projects of all types. In as much, tailoring as implemented in PRINCE2 has been regarded as a strategy followed in project management since PRINCE2 aims to match projects within a given environment. 3.0. Market Analysis of Prince2 as Project Management Methodologies This study begins with United Kingdom (UK) market analysis. PRINCE2 can be regarded as a replica of project management as it has a well-structured method that necessitate effective as well as efficient project management techniques. It is from this basis that it has been recognized in UK for its generic and standard based approach in handling projects (Bellis, 2003). According to Bentley (2002) Central Computer and Telecommunications Agency (CCTA) being one of leading UK IT firms has been working with PRINCE2 approach as it strictly follows the platforms that are found in project management. Fuangkajonsak (2006) also notes that in United Arabs Emirates (UAE) managers in some companies have found PRINCE2 to be related to project management in the sense that it is process-based approach and as such facilitates and stipulates who is supposed to be involved where and how during project lifespan, distinct roles of individuals. Research in United States based companies indicate that PRINCE2 baseline is compared with tenets of project management in the sense that it is based on set processes that will be used from the beginning to the end (Raziq, 2006). Raziq adds that PRINCE2 has become ‘real de-facto standard of measure for projects across markets’ (p. 23). Finally, market analysis of Prince2 vis-à-vis its tenets with regard to project management is that just like project management, it is has well integrated structure like process and themes address planning, monitoring, delegation, and control of projects. 4.0. Advantages of Prince2 According to Cooke-Davis (2002), the advantage that is posed by PRINCE2 is that it has huge adaptability. This is to mean that looking at its components, managers have the ability applying it to almost entire sorts of projects. Just like project management methodology PRINCE2 has easily understood bureaucratic process that helps established projects to grow. Secondly, it has been recognized through evidence-based researches that cost of project should be well managed so that the intended outcome is realized (Egginton, 2009). Based on the concept of affordability, PRINCE2 has the advantage of working with any budget in mind. In considering these factors, PRINCE2 checks on possibilities of overspending therefore reducing costs. Additionally, projects involve risks. However, with PRINCE2, managers are given structures through its components on how risks will be mitigated. For instance, supposing a project will be constructed in close proximity to the neglected site, PRINCE2 will provide mechanisms of insuring such projects so that risks associated with such constructions are mitigated. Finally, one advantage of PRINCE2 model is process model which give managers every fraction of project just like it is with project management methodologies. Figure 2 describe the process model diagram which offers advantages in projects. Figure 2: Process model diagram of PRINCE2 project management Source: International Conference on Business Management 5.0. Disadvantages of PRINCE2 To begin with, PRINCE2 defines project manager as an individual with authority as well as responsibility to manage the project on daily basis so as to also deliver the required products within the defined constraints. On the other hand, project management methodology defines project manager as the project board. Based on these definitions, it is apparent that PRINCE2 lacks one aspect with regard to market analysis; it does not state the responsibility for the project and this comes as a result of failure to recognize accountability and authority in project process. Secondly, Mishra and Tarun (2005) note that the success of established project is reliant on the management of risks. Since PRINCE2 defines project manager as an individual there is lack of technical and business based knowledge in evaluation and control of risks thus making process of project inception and completion prone to risks. 6.0. Application of PRINCE2 in United Arabs Emirates and International level The question that has been asked is whether United Arabs Emirates is ready for PRojects IN Controlled Environments. Compared to other countries such as Australia, UK and USA, integration of PRINCE2 in UAE has been successful (Rosli and Fatimah, 2008). To underscore this statement, Luc, who has specialized in in PRINCE2, Project Management and New Engineering Contract NEC has established contact with a number of organisations and firms with a view to establishing PRINCE2 practices in tandem with other countries (Bellis, 2003). 7.0. Trends and future perspectives of PRINCE2 One critical trends with PRINCE2 thus far is that projects seems to be relatively unpredictable more so with sizeable ones. In this case, instances where PRINCE2 have been adopted as project management methodology have yielded one potential complexity; commitments to plans that have been laid down by project board members. This according to Cooke-Davis (2002) makes the control process challenging. On future perspectives of PRINCE2, it has to be noted that the strategy is different from approaches that have been given to project management. To that regard, PRINCE2 should be tailored in a manner that roles given to different managers in project inception and completion must be combined so that it focus on what Aubrey et al. (2008) term as Customer’s Business Case. By assessing the two issues; by combining this means that roles of project managers and the board must be harmonized towards a given goal. By Customer’s Business Case Aubrey et al. (2008) suggest that PRINCE2 should ensure that managers come from the perspective of customer since the conflicting Business Case arising between supplier and customer potentially leading to a conflict of interest between the two will be eliminated. 8.0. Recommendations and conclusion This study has established through case studies provided as well as market analysis that PRINCE2 is a project management methodology. Working with findings, PRINCE2 offers more impetus especially on areas that made projects fail before their completion. Alternatively, this study finds that PRINCE2 is just a strong and diverse project methodology which tends to replace good project management skills and the process of replacement provides a clear and systematic framework into which all intended activities related to projects are placed. In as much, this study recommends that PRINCE2 is not the ultimate solution when dealing with projects. Instead, there is need for formal institutional structures throughout lifespan of a project which in this the study finds to be project board, customer and manager(s). For such structures to be effective PRINCE2 requires that communication the organization and stages of project be continuous. 9.0. References Abbasi, G. Y., & Al-mharmah, H. A. (2000). Project management practice by the public sector in a developing country. International Journal of Project Management, 18, 6-10. Aubrey, M., Brian, H., & Denis, T. (2008). Organizational project management: An historical approach to the study of PMOs. International Journal of Project Management, 26, 38 43. Bellis, P. (2003). Project Methodologies: An Introduction to PRINCE2 Methodology. UK: JISC Infonet. Bentley, C. (2002). PRINCE2 A PRACTICAL HANDBOOK. 2nd edition. Butterworth-Heinemann Linacre Cooke-Davis, T. (2002). The “real” success factors on projects. International Journal of Project Management, 20, 185-190. Egginton, B. (2009). Multi-national consortium based projects : improving the process. International Journal of Project Management 14, 169-172. Fuangkajonsak, Wanrawee. (2006). Industrial policy options for developing countries the case of the automotive sector in Thailand & Malaysia. Master Thesis, School of Fletcher, Tuff University, USA. Laosirihongthong, T., Paul, H. &Speece, M. W. (2003). Evaluation of new manufacturing technology implementation : an empirical study in the Thai automotive industry. Technovation, 23, 321-331. Laosirihongthong, T., &Dangayach, G.S. (2005). A Comparative Study of Implementation of Manufacturing Strategies in Thai and Indian Automotive Manufacturing Companies. Journal of manufacturing systems, 24, 131-143. Mishra, R. C., &Tarun, S. (2005). Modern Project Management. First Ed. New Delhi: New Age International publishers. Raziq, Mustafa. (2006). Project Management and PRINCE2 Methodology. Blekinge Institute of Technology. Rosli, M., & Fatimah, K. (2008). Malaysia’s National Automotive Policy and the Performance of Proton’s Foreign and Local Vendors. Asia Pacific Business Review, 14,103-118. Read More