Project Management Comparison of Prince2 and Pmbok

MSC756 pouch MANAGEMENT ASSIGNMENT TWO THE PRINCE2 METHODOLOGY A DETAILED semblance OF RELATIVE STRENGTHS TO THE PMBOK AND APPLICATION TO PROJECT MANAGEMENT generator KANE WRIGHT STUDENT 400072002 joint COUNT (LESS defer OF CONTENTS, REFERENCES, APPENDICES) 4972 DUE DATE 28 SEPTEMBER 2009 TABLE OF CONTENTS INTRODUCTION________________________________________________ _____________3 earthations REVIEW______________________________________________________ _3 Background__________________________________________________ _______________3 Methodology_________________________________________________ _________________3 Components__________________________________________________ ________________4 Processes___________________________________________________ __________________5 Implementing PRINCE2_____________________________________________________ ___7 ANALYTICAL intervention__________________________________________________ _7 Comparison_____________________________________________ _____ _______________7 Contrast____________________________________________________ _________________8 Strengths___________________________________________________ __________________9 Weaknesses__________________________________________________ ________________12 Recommendation The industry of PRINCE2 and PMBoK in Combination_________13 AUTHORS REFLECTION__________________________________________________ __14 CONCLUSION__________________________________________________ ___________14 REFERENCES__________________________________________________ ____________16 APPENDIX 1 PRINCE2 PROCESS MODEL____________________________________18 APPENDIX 2 PMBOK association AREAS AND PROJECT MANAGEMENT PROCESSES___________________________________________________ _____________19 APPENDIX 3 PRINCE2 METHODOLOGY BENEFITS FOR BUSINESSES_________20 PRINCE2 is extensively utilize in on the whole over 150 countries around the world and its dribble up grows daily.It is widely considered as the leadin g tool in cypher instruction, with over 20,000 make-ups already benefiting from its pioneering and trusted attempt path Nigel Smith, Chief Executive, none of Government concern (OGC), United Kingdom (Science Letter 2009) INTRODUCTION through its exploitation over the past three decades, the envision counseling Institutes (PMI) Guide to the see focal point Body of intimacy (PMBoK) has become intelligibly established as the leading mannerological analysis for the understanding, analysis and execution of save centering glob everyy.The increasing need for, and writ of execution of, mould pluckment practices inside private and public sector organisations concurrently however, has resulted in the emergence of flip-flop shed solicitude methodologies and frame deforms. As an alternative option availcapable to typeuriency theatre directors, the forecasts in Controlled mi double-dealingus (PRINCE) methodological analysis has gained signifi bungholet attention and increased favour for implementation by organisations globally.This report has been prep bed to detect in detail the PRINCE methodological analysis, analyse its features and assistes against those of the PMBoK, and analysing its relative strengths and helplessnesses. This report will detail the benefits available to organisations in the application of the PRINCE methodology, how this tool gouge effectively and efficiently be employed for visit wariness and recommendations for how organisations grass tailor the methodology to maximise their chances for disgorge success. LITERATURE REVIEW BACKGROUNDThe PRINCE methodology for go through and through focal point was scratch line real in 1989 by the UK Computer and Telecommunications Agency. This governingal agency, now part of the Office of Government Commerce (OGC), originally developed PRINCE for application in government IT flips (Langley 2006 p30). The methodology was yet revised and refined in 1996 by a consorti um of 150 public and private sector organisations. The revision resulted in the creation of PRINCE2 a methodology with a much broader application to each(prenominal) and all come outs, not just IT escorts (Langley, 2003, p50).PRINCE2 has since gone through a output of revisions, the most recent of which is PRINCE2 2009 (Science Letter 2009). This methodology has received increased worldwide interest and attention since its inception and has now experienced general application across private sector, to become the accepted standard methodology for exteriorizeion direction indoors the UK. METHODOLOGY WHAT IS PRINCE2? As a applicative tool of public domain, originally developed by government for offer management, limited literature exists on the methodological description of PRINCE2s construction, answeres and application.A number of UK governmental publications and declargon oneself oversight Professionals (PMPs) however, nominate developed summaries and guides to the method which explain the purpose and construction of PRINCE2. Birlouez (2009) draws instantaneously from the PRINCE2 guide to describe the methodology as a process- found approach for stray management. It is designed to be a constructiond method that the picture bus can consecrate to guide the processes and procedures applicable to all stand outs. COMPONENTSThe OGC have structured the PRINCE2 methodology to approach eight core out personas of interpret management ( cardinal group 2009). The argumentation wooing The patronage slip of paper volunteers the driving force deep down PRINCE2 from the inception of, and throughout, the render lifecycle. As Wideman (2002) highlights, the business pillow slip justifies the undertaking of the assure in legal injury of reasons, benefits, cost, time and risk and is the base memorial that shapes the befitability of a stray for acceptance.Academics agree (Birlouez 2009, Siegelaub 2006) that the business human face bo dy relevant throughout the redact lifecycle and ultimately determines whether, through a remove to feasibility of the business case at a certain point, the count on should be terminated. composition PRINCE2 advocates a clear definition of the construe organisation structure, to impart the make motorbus with the stave and choices to efficiently and effectively complete the suffer. PlansPlanning is a core concept markd within PRINCE2, providing a heighten for the outputs and inter scratchs to be delivered at various distributor points in the product lifecycle (Wideman 2002) and ensuring that plans atomic number 18 developed and executed not only at the strategic level but likewise knock off to the lower (team) levels (ilx meeting 2009). Product-based homework is the key PRINCE2 technique with which to achieve this and represents the first of three techniques available to task managers in using PRINCE2 (Birlouez 2009). ControlsSiegelaub (2006) has described the domi nates component of PRINCE2 as an area targeted to assist decision making. He identifies that the implementation of project view measures ensures products generated meet be acceptance criteria, the project is being complete in accordance with time/schedule, cost and resource plans, throughout the project lifecycle, the project and its associated Business fibre remain viable, and the project is conducted within an acceptable level of risk.Control of technical convey within PRINCE2 is achieved through the authorisation of work packages allocated against singular(a)s or teams. These packages are measured against time, cost and property requirements with responsible agents required to report back against these through identified checkpoints and triggers (Wideman 2009). worry of Risk Due to the unpredictable constitution of project management and its susceptibility to the influence of environs variables, PRINCE2 advocates the employment of risk management to gibe and minimi se risk.PRINCE2 offers a risk log and scoring system to despatch this requirement (ILX Group 2009). flavour in a cat Environment duration and cost targets represent only one part of boffo project delivery. Quality is a lively factor in conflux customer requirements and ensuring project performance is achieved. PRINCE2 employs Product Descriptions to establish the minimum standards for project deliverables. Quality reviews whence represent the second technique available for prosperous project management (Birlouez 2009), as a measure for comparison of mean versus actual performance.Configuration guidance Configuration focussing is closely cogitate to quality within PRINCE2 in that it provides the direction for monitoring and managing project deliverables, wherefore enhancing the project management teams control over the projects assets and products. Change Control PRINCE2 identifies the requirement for a agent of assessing domain changes, their impact on project inputs , requirements and outputs, and most importantly, their impact on the Business Case.This component permits project managers to make informed decisions on the relative foster of stove changes and through the series of luxuriant change control techniques, processes and requests offered by PRINCE2 (ILX Group 2009), determine whether to include them. Change control is the third and net technique available to PRINCE2 practitioners. PROCESSES Within the context of use of the key components highlighted previously, PRINCE2 identifies a floor process for the conduct and management of a project, similar to the phases espo habituated by the PMBoK.These stages focus specifically on the execution of a project, and do not see in detail the associated preliminary project management activities associated with soft project management functions like staffing or procurement. accompaniment 1 is the PRINCE2 Process Model, which provides a graphical representation of the processes involved in del ivering a project. These processes can be viewed as a structured checklist of how organisations can effectively manage a project. Start-upStarting up a purport is the preliminary step in conducting any project, to enable the fundamental frequency activities required to assess project caution and viability. The stage involves the appointment of project key and team staff and formulation of the project brief, stage plan and the initial (outline) business case (ILX Group 2009) This stage also identifies the Acceptance Criteria for the project, a unique management product that defines measurable requirements of the project (Wideman 2009) installment The project first appearance stage directly follows project start-up and is predicated on authority to initiate. This stage provides the tools for the holistic development of the Project Plan and through PRINCE2s Project Initiation Document (PID), provides an overview of the full of life elements to the project (Siegelaub 2009)(includin g the Risk, Configuration, Quality and Communication counselling Strategies (ILX Group 2009)). direct a projectThe directing stage is a continuous stage which runs throughout the lifecycle of a project. This process is inter-related with all former(a) processes and provides the framework for the decisions required of the Project calling card and Project Manager in authorizing and directing the conduct of, and emanation between, all the other PRINCE2 processes. absolute a stage Controlling a stage incorporates key activities that guide how the Project Manager manages the specific activities of the project.Through contour management and change control (Wideman 2002) this stage focuses on the authorisation, assigning and review of work packages, issue and change management and disciplinal bodily process to ensure each project stage remains aligned with project objectives and targets. Managing product delivery The product delivery stage focuses specifically on the execution of the technical requirements of the project. It shout outes the work that is to be performed, how it is executed and the delivery of the utmost outputs on period.Siegelaub (2009) highlights that the activities within this stage constitute part of PRINCE2s performance Authorisation System. Managing stage boundaries This stage provides the guidance for the Project Manager on how to effectively transition between completion of one project stage and commencement of the next, including review and update to the Project Plan and Business Case (ILX Group 2009). This stage is closely linked to the Directing a Project stage, as it provides the input to the Project Board at stage completion for decision on ongoing project viability, and develops the plan for subsequent work stages.Closing a project The closing stage of a project effectively terminates the project and transitions chasteneousness back to the organisation. Termination can be initiated due either to completion of work, or thr ough premature termination, where project viability is no longer apparent (Siegelaub 2009). This stage includes the capture and evaluation of lessons come up-educated for organisational learning and final closure of all project activities. PlanningAppendix 1 does not reflect Planning within the PRINCE2 Process Model, as this stage (much like the Directing a Project stage), is an over-arching activity that spans the full lifecycle of the project and is continuous across all stages. Planning identifies the projects deliverables and the associated resources and activities to create them. Planning is closely aligned with all stages, particularly the Initiation stage, as detailed planning mustiness be consistent with the control requirements of the PID (Siegelaub 2009). IMPLEMENTING PRINCE2PRINCE2 identifies that any product will have a life hi bosh of five phases. Of these phases ( purpose, Feasibility, Implementation, Operation and Termination), PRINCE2s methodology and process prototype specifically operate within the Implementation phase of the product lifecycle. From this application, it can be seen that PRINCE2 is in that respectfore an implementation methodology as opposed to a to a greater extent encompassing and holistic project management methodology (Wideman 2002). ANALYTICAL DISCUSSION COMPARISON In order to highlight the differences that exist between PRINCE2 and PMBoK, t is necessary first to draw comparison between the two methodologies. PMBoKs processes are effectively building blocks, each of which can be categorized into a Process Group and Knowledge domain of a function (Birlouez 2009). Appendix 2 provides an overview of the Project oversight Knowledge Areas and processes espoused by the PMBoK. The study companionship areas are Project Integration Management Project backdrop Management Project Time Management Project Cost Management Project Quality Management Project Human election Management Project Communication Management Project Risk Management Project procural Management The Project Integration Management area acts as a lynchpin for the PMBoK, linking all other areas. Birlouez (2009) uses the development of the Project Management Plan as an recitation for this, as this document will incorporate all plans from the other acquaintance areas (Risk, Communication, Quality, etc). Conceptually, PRINCE2 components can be aligned with and compared against PMBoK Knowledge areas. Siegelaub (2002) has tabulated this comparison PMBoK Knowledge Area PRINCE2 Components Integration Management All processes/components combined Change Control Scope Management Business Case Time Management Plans Cost Management Quality Management Quality Configuration Management Risk Management Risk Communication Management Controls Human Resource Management Organisation (to a limited extent) Procurement Management It is easy to ob deal out then the similarities between the critical concepts addressed by each methodology. The application of PRINCE2 to project management however, differs in scope from the PMBoK. From the outset, PRINCE2 does not claim to statewidely pass the subject of project management. Rather, it is a methodology that is based on the principles of the PMBoK. Siegelaub (2006) highlights that PMBoK specifically calls on the practitioner to apply a project management methodology (as a tool/technique), and PRINCE2 provides one. Viergever (2009) supports this argument, suggesting that PMBoK provides the framework, where PRINCE2 provides the method. CONTRASTAcademic opinion (Birlouez 2009, Siegelaub 2006, Viergever 2009, Wideman 2002) generally places that the PMBoK and PRINCE2 reply different purposes and are not easily comparable. Where PMBoK provides a comprehensive means for teaching the subject of each knowledge area of project management as a discipline, PRINCE2 provides a more(prenominal) than detailed approach for the trail of a particular project. When exami ning the process side of project management, PMBoK tends to focus on higher-level descriptions rather than a detailed explanation of processes. PRINCE2 by line of products offers a more detailed explanation of the processes (Viergever 2009). Several authors (Webber 2009, Van Bon 2006) have highlighted PRINCE2s level of detail within project processes as a major(ip) advantage over PMBoK.Assessment from various PMPs and methodology description within the PRINCE2 guide advocate an extensive list of strengths for PRINCE2 as both(prenominal) a stand-alone methodology and in comparison to the PMBoK. major(ip) strengths of the methodology based on public and private sector application have been separate together into the following areas. STRENGTHS Methodology structure The detailed process model that PRINCE2 offers provides a controlled start, progress and close to projects. The structure of the methodology provides a value process for project completion that permits consistency betwee n projects within an organisation. It also provides a framework for delegation and communication, and stipulates points for review and plastic decision points against the project plan, business case and risks (Ruleworks, 2009).The processes within permit a stage-by-stage breakdown of work requirements for project managers that goes into greater detail than the five project phases espoused by the PMBoK (Initiating, Planning, Executing, Controlling and Monitoring, Closing (IT Governance Ltd 2009)), effectively providing a checklist for project managers however as a generic methodology remain flexible enough that activities can be tailored to suit the organisation and project (and do not all require rigid application to all projects). The methodology is support by a well-defined set of progressive documentation requirements that provide an easy guide to assist the project team. Thirty-three standard management products are available to PRINCE2 practitioners as templates which can be e mployed as key outputs across the multiple stages (Wideman 2002). The Business Case and Project sketch provide uidance on viability during the start-up phase that is not recognized by the PMBoK, bandage the PID offers the detailed description of how the project is to be executed. Although the PMBoK has an equivalent document (the Project Charter) the requirement for a substantiated Business Case does not serve as a prerequisite. This commercial-off-the shelf (COTS) methodology is favoured amongst many organisations globally, as it provides prodigious cost and time savings (in multiple months and thousands of man-hours), compared to the decision to develop and put up a unique methodology for a business and educate staff in its application (Kippenberger 2009). Further benefits to business that the methodologys structure offers are listed at appendix 3.Project organisation and assignment of responsibilities other strength of PRINCE2 is its naming of management roles rather than j obs, which can then be allocated amongst organisational staff to suit the organisation. PRINCE2 goes beyond the PMBoK identification of a Project patron to highlight the benefits of using a Project Board (a team of senior executives that provide oversight for the project and grant authority to the Project Manager through commitment of resources (Siegelaub 2006)). Although not a mandated requirement of PRINCE2, the Project Board is a function which can facilitate greater project will power from key stakeholders.Representation will ordinarily be provided on the board through usurp senior members from the business (usually the Senior Executive), the user organisation and the provider. Presence of a Senior User ensures that customer specifications for a project are adhered to at various review points in the project lifecycle, slice the Senior Supplier represents the interests of the team/s designing, developing and implementing the project, to ensure appropriate resources are commi tted and quality retained (Wideman 2002). The importance of the customer/ supplier environment that PRINCE2 espouses cannot be overemphasised. In a case study of foursome interactive media companies trialing the use of PRINCE2, England (2006) identified that wareness of project management practices on both user and supplier sides of any project was essential to facilitating effective project management and in managing stakeholder perceptions and expectations. Companies that achieved this when implementing PRINCE2 had improved communication and smoother reporting. PRINCE2 also advocates defined roles for project assurance and a chassis librarian, support roles that ensure all interests of a project are served and project and management documentation is maintained and accessible. Business case based decision making PRINCE2s use of defined go/no-go criteria for evaluating a business case by a project board provides an initial stage-gate check for project viability, significantly e nhancing the chances of project success.As part of PRINCE2s processes, the project start-up stage assigns responsibility to a project owner for preparation of the business case. Ownership of the business case encourages the person/s assigned to put sufficient hardness into the business case for approval (thus reducing the likelihood for ill-planned projects to be approved). In a review of one Dutch bank using PRINCE2 for its project management, this process (requiring a detailed justification for business cases) resulted in 30% less projects approved for initiation. Further analysis of these figures confirmed that the decrement of project approvals was attributable to Business Case reviews that identified non-viable projects prior to initiation (Viergever 2009). Product based planningPractitioners generally concur on PRINCE2s planning method as a major strength of its methodology. PRINCE2 expands upon PMBoKs use of a name Breakdown Structure (WBS) to incorporate detailed Product Descriptions into a Product Breakdown Structure (phosphate buffer solution). This inclusion for deliverables not only clarifies expectations of project teams and end-users to ensure that the output provided meets requirements, but also provides a baseline against which scope changes can be measured (Siegelaub 2008). This benefit has been espoused by a number of PMPs (England 2006, Tang 2008, Webber 2009). Wideman (2009) notes that this process can be utilise to any project at any level for positive results.The PBS provides a far greater level of detail than the PMBoK WBS by demonstrating the links between products and their associated work activities in the Product Flow Diagram, which facilitates identification of the necessary activities to achieve the final outcome and the creation of associated Gantt charts. As the chief operating officer of IT Governance Ltd (the most comprehensive publisher of governance, risk and compliance books and tools globally), Alan Calder has endorsed the PRINCE2 methodologys product-based planning approach. In his article on IT Project Governance, Calder (year unknown) highlights that this approach does not simply plan when an activity will be conducted it goes further to clarify the result that is required. Work Packages Siegelaub (2006) has identified PRINCE2s use of Work Packages (the core element of the PRINCE2 work authorisation system) as a major gap in the PMBoK Project Management methodology that PRINCE2 fills.The Work Packages extensively define the work to be performed through Product Descriptions, time, cost and resource constraints techniques for the work to be performed the review and submission process for the work and the procedures for issue reporting. Content can be tailored to the organisation and the type of project and offers a more comprehensive method for defining work. This is one of the fundamental tools that demonstrate how PRINCE2 provides the nuts and bolts method that the PMBoKs framework does not des cribe in detail. Registers of Scotland Executive Agency (a land title registration agency) have implemented Work Packages as a key Project Management deliverable and have experienced greater awareness amongst managers of the detailed structure to their projects and control over the work being performed. Implementation of PRINCE2 within the organisation, specifically through the pplication of the PID, defined the boundaries of projects within and the subsequent allocation of work packages significantly reduced scope creep amongst the company (Gardiner 2002). Change control and configuration management Until recently, change control and management was covered almost completely by PRINCE2. PMBoK 4th Edition has started to address this through its section on Integrated Change Control (Kerzner 2009 p 475) however this is not at the analogous level of maturity as PRINCE2s configuration management and change control approach, as PMBoK identifies the requirement without detailing the mean s or process to achieve change control. PRINCE2 2009 continues to provide a more detailed change management process (Webber 2009).Work Package control in PRINCE2 is closely monitored through the checkpoints and reporting requirements stipulated in the methodology process (including Highlight Reports and exception Reports) and the requirement to define tolerance levels, contingency plans and change control processes further aid configuration management (Wideman 2002), an area that the PMBoK lacks. Directing the project across all phases PRINCE2s thorough description of critical activities across processes facilitates a much more controlled project management process. rendering of how the project will handle exception situations, and the associated management actions required, as part of the PID during the Start-up stage ensures key participants in the project have a clearly defined process to follow in escalating issues and taking corrective action.This, combined with the employment of Quality Reviews against project deliverables within PRINCE2, ensures that the Project Manager and Project Board can track project performance across all stages of the project. PRINCE2 offers a simple set of steps to guide how Quality Reviews are employed against these deliverables. Finally, PRINCE2 expands on the PMBoKs reference to the requirement to manage issues, by providing a mechanism for conducting this the Issue Log. The Issue Log provides a recommended format for tracking issues and identifies key points in the project lifecycle that issues should be identified, updated and reviewed (Siegelaub 2006). WEAKNESSES disrespect the apparent strengths to the methodology, PRINCE2 as a project management tool in isolation is not an infallible methodology.The method is subject to several weaknesses. Application One of the basic weaknesses of PRINCE2, applicable across both Public and clubby sectors, is the methodology complexity and range. A number of organisations are subject to implementing PRINCE2 in name only (PINO), arbitrarily selecting various templates and products from the methodology without sufficient look at to the applicability to their projects, hence failing to effectively apply the processes. In these situations, the document-centric nature of the methodology leads to the documents becoming ends in themselves instead of tools and products to assist the progress of the project (Project Management Australia 2009).When this occurs excess work may be generated for a project, which overshadows and detracts from the project itself. It must be highlighted however, that these particular shortcomings are failures of the practitioner rather than the methodology. Viergever (2009) supports this view, high spot the propensity of the methodology to become mired in bureaucracy. Foremost, Viergever highlights culture as a reason for this. PRINCE2 assumes a customer/supplier environment, where both stakeholders have input to the requirements and managem ent of the project. In a culture lacking this cooperation, the supplier drives the ship and so much bureaucratic documentation is prepared without condition for end user requirements.Secondary to, and supporting this, Viergever acknowledges that organisations have a proclivity to apply all the templates and procedures described by PRINCE2. The methodology does not prescribe which of these are essential for different types of projects, therefore many organisations over-prescribe and apply them all. The case of Suffolk County Council (SCC) is a good example where this pitfall was experienced and rectified. After initial attempts to apply PRINCE2 for better management of public services were met with resistance (due to a perception of bureaucracy and over-prescription of practices), SCC tailored the system into a framework that suited them PRINCE2 Suffolk Style (PRINCESS).Subsequently, the tailored approach provided the general guidance required by managers and employees to clarify role expectations and generic process to be followed, while marking down the reporting product requirements to better suit the organisation and its (comparatively simple) projects (Ling 2009). Poor definition of contracting and procurement Wideman (2002) illustrates a major weakness of the PRINCE2 methodology in the lack of steady detail during Project Conception. As the methodology largely focuses on the commencement of a project from Start-up (or the Implementation phase of the project lifecycle) little attention is paid to how the project may be run when conducted within a contract context and scarce detail is provided on the procurement requirements applicable.Considered in isolation then, the PRINCE2 methodology lacks the detail on how to conduct these activities a significant omission assumption the emphasis on sub-contracting project phases and elements in recent years. The PMBoK by contrast provides a dedicated chapter to procurement which provides guidance on these activ ities, including the actual procurement, pre-assignment or negotiation for project team members (ILX Group 2009). Lack of Human Resource focus PRINCE2 does not explore in significant detail the management issues associated with human resources (including team acquisition planning, training, team-building and recognition) despite the importance placed on human assets in various management disciplines (Webber 2009). Van Bon andVerheijen (2006) support this view, joust that PRINCE2 lacks any real detail on the soft skills of Project Management, where PMBoK does address these issues through a detailed section human resource management. testimonial THE APPLICATION OF PRINCE2 AND PMBOK IN COMBINATION Notwithstanding the aforementioned weaknesses of PRINCE2, the methodology remains a very effective project management tool. Noting the obvious conceptual areas that PRINCE2 fails to address in detail, these areas are captured and expanded upon in the PMBoK. Consideration must be given ther efore, to the application of both methodologies in concert. Many academics emphasise how each methodology can be used to complement the other (Siegelaub 2006, Wideman 2009, Yeong 2007).PRINCE2s lack of focus on Communications, Human Resource and Procurement Management are areas that are complemented by PMBoK. Alternatively, PRINCE2s strengths in process and documentation, coupled with its business case approach, provide a stronger focus on the strategy aspects that PMBoK addresses only at higher levels. At the work whole level, the WBS of the PMBoK can be combined with PRINCE2s PBS for a more comprehensive means of structuring project deliverables. Using PMBoK and PRINCE2 as an integrated project management methodology (Yeong 2007) permits organisations to complement the strengths of each while mitigating their individual weaknesses.Ideally, the procedural and product concepts unique to PRINCE2 (Business Case, Project Boards, Issue Logs, Tolerance and Exception Plans, Configuration Management, etc) should be used to flesh out and strengthen the PMBoKs knowledge areas. The case of Getronics (a leading vendor of Information Communication and technology solutions) provides an interesting example for the combination of both the PMBoK framework and the PRINCE2 method. pursual its adoption of PRINCE2, Getronics commenced a review of internal methodology to combine both methods. The company had drawn upon its PMP experience to apply the principles of Project Management advocated in thePMBoK including project management soft skills (communication management and people management) as well as other critical areas such as contract (procurement) management and the incorporation of an earned value system. Concurrently, Getronics grounded these aspects in a business case driven environment (one of the hallmarks of the PRINCE2 methodology), with a clearly defined process model for specific activities that were required throughout the project and product based planning tha t was deliverables driven. This combination evolved into the Getronics Global Project Management Methodology and has been successfully utilize by the company across 30 countries (APM Group 2003).At the individual level, the complementary nature of both methodologies means that the method-based certifications of PRINCE2 practitioners, combined with the PMI accreditation provided to PMPs, allows for a more well-rounded PMP with a holistic understanding of Project Management. At the same time, these skillsets are complemented by technical skills for selecting and applying techniques. The combination makes for a more comprehensive approach that is easily obtained and adopted, based on public domain elements. Essentially, PRINCE2 can provide the depth the PMBoK lacks, while the PMBoK can address the broader elements of project scope not covered by PRINCE2. AUTHORS REFLECTION An obvious limitation of the research conducted within this report was the lack of quantitative data for analysi s.Analysis of case studies is based largely on anecdotal separate from participating organisations. Whilst the documentation available on PRINCE2s application in business is not propagandistic, there is a notable prevalence of well-situated literature and examples published, while examples of failed applications of PRINCE2 appear to be limited. Further quantitative analysis into unsuccessful trials of the methodology (incorporating productivity figures, schedule and cost variances) may provide an interesting counterpoint to the analysis conducted within this report. CONCLUSION As a project management methodology, PRINCE2 represents an alternative option to the PMBoK.PRINCE2 is a more detailed, process-based approach that provides thorough guidance on the management of a particular project. PMBoK by comparison is a more generic methodology that addresses the core knowledge areas of the project management discipline, establishing the framework within which PRINCE2 functions. PRINCE2 has a number of strengths that lie in its detailed processes, however the multiple products and deliverables that the methodology advocates can be incorrectly employ by practitioners if not appropriately adapted to suit the organisation. Despite the widespread support for this methodology across both public and private sector organisations, the methodology is not infallible.Through application in conjunction with the PMBoK however, the relative strengths of each methodology can be applied to counter and reduce the associated weaknesses of the other, for a combined and comprehensive project management methodology. Organisations that embrace the combination of these two approaches and careful application to their project environment are far more likely to experience effective project management and project success. 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Yeong, A 2007, The Marriage Proposal of PRINCE2 and PMBoK, AnthonyYeong. com, retrieved 15 September 09 http//www. anthonyyeong. com/The%20Marriage%20of%20PRINCE2%20and%20PMBOK. pdf APPENDIX 1 PRINCE2 PROCESS MODEL pic (Source ILX Group 2009) APPENDIX 2 PMBOK KNOWLEDGE AREAS AND PROJECT MANAGEMENT PROCESSES pic (Source Wideman 2002, p2)APPENDIX 3 PRINCE2 METHODOLOGY BENEFITS FOR BUSINESSES Detailed below is a succinct checklist of the benefits that the PRINCE2 methodology can offer to businesses when applied correctly, based on the methodologys structure for managing projects. These benefits are experienced when PRINCE2 is applied in the absence of any other project management framework or methodology, and do not take in to consideration or compare against the benefits that alternative methodologies may offer. Benefits have been interpreted from the Ruleworks Knowledge Management website (2009) picPRINCE2 providesa controlled start, controlled progress, a controlled close. picRegular reviews against plan, business case and risks. picPRINCE2 provides flexible decision points. picAutomatic management control over deviations. picStakeholder involvement at the right times. picClearcommunication channels. picProject managers using PRINCE are able to establish terms of reference before the project start. picThere is a defined structure for delegation & communication. picProject managers dissever a project into manageable stages for more accurate planning. picResource commitment from management is part of any approval to proceed. picRegular but brief management reports are available (checkpoint reports, highlight reports and exception reports). picMeetings with management are kept to a minimum, but at vit al points in the project. picEnd product users are able to accede in the decision-making. picEnd users are involved in project progress. picEnd users participate in quality checks throughout the project. picUser requirements are specified. picPRINCE2 is Free (other then any training or support you want to pay for). picPRINCE2 has a strong User Group. picPRINCE2 is supported by (UK) Government and organisations such as APM and ISEB. picTraining courses are available from many accredited training organisations. picPRINCE2 is flexible and can be applied to any kind of project.