Fundamentals of Project Management | Assignment Help
Introduction
The following project management assignment aims to study project management fundamentals, project integration and scope, time and cost management. In this assignment, project management methodologies and approaches will be compared and discussed to analyze the retained benefits of project management approaches through personal experience.
A project is defined as an inimitable, temporary based endeavor that begins with a definite objective and set of goals. Project management is defined as a set of application of skills, knowledge, techniques to initiate the activities needed to meet the project requirement (Joslin and Müller, 2015). However, there are a variety of project types and organizational structures that require a different approach to project management. Therefore, each project demands a different project management approach to be successful (Svejvig and Andersen, 2015). There are various project management approaches that are commonly being used contemporarily, such as Agile project management, Waterfall project management, Scrum, PRINCE2, Pert, Kanban, and PMBOK.
In the contemporary business world, organizations are found increasingly outsourcing their projects or hiring the professionals to manage the projects effectively. Due to industrial change, it has become difficult to look for the qualified professional to manage project efficiently. Therefore, organizations consider the relative pros and cons of a project management approach. Regardless of the size, all businesses do not find it easy to manage all type of projects by themselves. Some projects require specialized skills, tools and resources that become difficult for businesses to manage successfully.
Body
Part A – Compare Project Management Methodologies
Pros and Cons of Using Project Management Approach
The following section discusses the advantages and drawbacks of the project management approach adopted by the organisation.
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Advantages of Project Management |
1. Project management enables the organisation to set its goals and objectives efficiently. In many situations, organizations fail to carry out a project due to unclear goals. For this reason, organizations are encouraged to set SMART goals that are specific, measurable, attainable, realistic and timely. SMART goals are prepared to ensure the project success within allocated budget and time (Chih and Zwikael, 2015). However, project management specialists acquire certain expertise and knowledge needed to forecast, manage cost and determine the risks across the project life cycle. |
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2. Project management enables organizations to maintain effective communication between the project manager and the employees involved in the project (Zulch, 2014). Specialized project managers give importance to communicate project details to the employees to ensure the project success. Project managers try to maintain the team cohesion, monitor feedback timely, brainstorming ideas and facilitate team meeting to assure project clarity. |
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3. A successful project can offer new opportunities for the organisation to offer new products and services that increase customer satisfaction (Mir and Pinnington, 2014). Seeing that, project management prioritize on maintaining quality, organizations may enjoy greater customer satisfaction, which in turn results in greater revenue and business growth. |
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4. To initiate and manage a project, organizations hire professional project managers who offer a high level of expertise throughout project completion (Reich, Gemino and Sauer, 2014). Organisation also tends to learn skills and techniques from the experts. |
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5. An effective approach to project management enables organizations to assess the risk involved in the project. Organizations find it difficult to manage excessive rework, poor communication and unclear project goals at the same time (Picincu, 2018). Therefore, effective project management enables the organisation to assess the risks and allocation of resources more efficiently (Picincu, 2018). It enables the organisation to identify risks even before the project starts. In this way, organizations may plan contingency actions and smarter decisions for the project. |
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6. Proper project management enables the organisation to initiate a project through the least costly way (Stark, 2015). Since project management aims to look for alternatives in order to reduce project costs. |
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7. Effective project management leads to higher productivity of an organisation. Project management allows organizations to improve its operations to achieve the target objectives which ultimately results in high productivity (Stark, 2015). |
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Disadvantages of Project Management |
1. Project management is an intricated process of multiple activities at a time. Organizations often hire a project manager who has a tendency to complicate the process, which leads to confusion and delays in the project (Joslin and Müller, 2015). Generally, the projects with the lengthy scope are more exposed to such complexities. |
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2. Project management is a complex process which inclines to follow strict standards and measures in actions. Therefore, it leaves no room for creativity and discourages innovation which can be beneficial for the project (Sage, Dainty and Brookes, 2014). |
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3. Excessive communication may lead to communication overheads and confusions among the extensive project team. Therefore, the experts believe in keeping the limited team members to avoid communication overhead (Picincu, 2018). |
PRINCE2 – “Projects in Controlled Environments”
PRINCE2 is a commonly used project management approach throughout the world. It is a process-based approach that emphasis on control and organisation throughout a project. It ensures that every project starts with a clear and proper project plan. PRINCE2 project management is constructed 7 key principles (Figure 1).
Figure: 7 Principles of PRINCE2 (KnowledgeTree, 2015)
Each of the PRINCE2 principles offers smooth ground for efficient project management from beginning to end. PRINCE2 is the most suitable management approach for the businesses regardless of size and industry (Lianying, Jing and Xinxing, 2012). Through PRINCE2, organisation look for saving money and time and improved quality in project management.
During my work experience as an assistant project manager, my organisation highly relied on the agile method (Scrum) in its project management. Agile project management methods solely focused on the project team and the suppliers (Ahimbisibwe, Cavana and Daellenbach, 2015). The project manager used to concern with the shorter deadlines and fulfilling the customer needs to have continuous feedback. Throughout the management, experienced that the project manager completely omits wider questions regarding the project’s vulnerability, worth and benefits. Instead, the manager only focuses on delivering product and maintaining the quality on a constant cycle of prioritizing customers’ needs and gathering feedbacks. Nevertheless, if my organisation has focused on the wider approach in project management using PRINCE2, the project would be able to cover wide-ranging project management themes other than organisation and quality.
Combining PRINCE2 and Agile (Scrum) Model
It is evident from the study of Lianying, Jing and Xinxing (2012), that PRINCE2 model is often known for its predictive approach. While on the other hand, Agile approach focus on short-term, and definite achievement of the project. If an organisation combines both approaches, it can enjoy features of both management approaches. Thereof, PRINCE2 is not particularly concerned with the project team organisation. It simply defines the interface between customer requirement in a project for which they pay and specialized project team.
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PRINCE2 |
Agile Methods |
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Projects can be justified on the basis of long-term reliability. |
Projects are focused on a short-run basis. |
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Higher management levels |
Lower management level |
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Focuses on the cost and benefit and risk analysis of a project |
Determined to focus on regular management |
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Predictive approach |
Adaptive approach |
Realizing the differences and usefulness of both project management approaches, it is evident that projects can enjoy benefits from both, PRINCE2’s predictive approach and Agility methods’ adaptive approach (Tomanek and Juricek, 2015). Combining both of these approaches, projects can offer the product to customers timely, and responsibly while ensuring the astute of the project investment.
