Conceptual Framework for Project Governance †MyAssignmenthelp.com

Question: Discuss about the Conceptual Framework for Project Governance. Answer: Introduction: A methodology can be defined as system of multiple procedures, techniques, practices, rules and standards used by the people who work in a common discipline in order to achieve a specific goal or target. Project management methodologies give a rule to dealing with the activities and it is one of the vital variables for effective completion of the different tasks in a project. Project Management Body of Knowledge (PMBOK) and PRojects IN Controlled Environment Version 2 (PRINCE2) are two of the broadly utilized project management methodologies in the present day. In the present scenario the projects undertaken by ay organization or team are larger in size and complex in nature which consequently leads to involvement of greater amount of risk. The methodologies helps the project team or organization to tackle and complete this projects in a systematic and comprehensive way (Burke, 2013). The methodology helps the project team or the organization to do a new task or right thing in right way at the very first time. Thus in other words it can be said that the methodologies help the project team to complete and deliver the project objectives in schedule compressed and cost effective way. Different methodologies There are several project management methodologies used for managing the projects efficiently depending on their nature and complexity. Some of them are PMBOK, PRINCE2, SDLC, Waterfall and Agile. There are different factors that may affect the selection of the methodology for a specific project. Notwithstanding the organization goals and objectives, project manager is likewise successful amid the determination of approach to complete a project. Too and Weaver (2014), discussed about that project managers choose methodologies based on the different criteria, for example, " past working knowledge, expert opinion, government rules and controls, senior administration/stakeholder inclinations and customer location". Another factor affecting strategy determination of the methodology is, the qualities and characteristics of a specific project. PMBOK: This is the abbreviation of Project Management Body of Knowledge; this methodology is more helpful in scope management or contract management of a specific project and provides more robustness to the project team to complete the project. This methodology restricts the decision making process only to the project managers thus leading to more error prone decision making (Too Weaver, 2014). In this methodology, project manager becomes the primary planner, decision maker, human resource manager, problem solver. PMBoK forms are extend stage driven as far as Inputs (archives, plans, outlines, and so forth.), Tools and Techniques (systems connected to sources of info) and Outputs (reports, items, and so on.). The nine learning zones address Project Integration, Scope, Time, Cost, Quality, Human Resources, Communications, Risk and Procurement. Every knowledge area in this methodology is imagined to contain all or a portion of the procedures (Nicholas Steyn, 2017). The logic of any PM system is separating the works in an organized way or developing Work Breakdown structure, sequencing them, characterize their connections, conditions, begin and end dates, assets required, costs, hazards, and take after ideas of basic ways, resource levelling and much more. PMBOK essentially enables organizations regarding institutionalizing or standardizing the execution to procedure of every project being embraced by the organizations. Under ordinary conditions, one unit of an organization might be executing a specific procedure in one way while another unit has diverse project progresses (Martinelli Milosevic ,2016). With PMBOK methodology, exercises crosswise over various units can be investigated to shape standardized techniques which will in the end yield a more viable method for managing the project. PRINCE2: This is abbreviation of Projects in a Controlled Environment. This methodology enables the project manager to observe the project and its outcomes from the perspective of senior management of the organization. This methodology is useful when the project have a business justification, so the initial step is recognizing an unmistakable need, an objective client, sensible advantages, and an exhaustive cost appraisal. In this methodology a project board possesses the project and is in charge of its successful completion, while a project manager regulates everyday operations in the project (Nicholas Steyn, 2017). The broad documentation engaged with PRINCE2 project can be extremely useful with corporate arranging and tracking of the performances. It can be hard to adjust to extend changes, since a considerable measure of exertion goes into making and keeping up those archives and logs at each stage of the procedure. SDLC: The Systems or the software Development Life Cycle (SDLC) is a methodology that develop the framework for controlling and planning of the testing and delivery of an information system by a project team (Burke, 2013). Specifically it can be said that SDLC methodology is composed of a numerous clearly defined, distinct work phases to achieve a particular objective from a certain project. Waterfall: The waterfall model is a linear and sequential project management methodology that includes mainly seven phases and execution flows downwards steadily. Use of this project management methodology is costly and time consuming as this methodology does not allows to go back to the previous phases to rectify and correct anything (Kerzner, 2013). As this is a liner methodology thus it is one of the easier methodologies to understand. With properly defined and characterized objectives and a set timetable, project groups work through undertakings in succession, finishing one task before moving on to the following in line. Extensive amount of planning goes into this approach, and this thoroughness in the planning regularly comes about in more precise courses of events and budget plans. It is hard to adjust any change at any step of the project or alter and amend past steps (as the team cannot reverse engineer the process) so the team should be proactive in reckoning issues before they can influence streamlined processes. Agile: It is the most flexible project management methodology that helps the project team to yield deliverables without the any substantial changes in the schedule and reworking in the plans and resource management (Nicholas Steyn, 2017). In this methodology the tasks can be segmented in to multiple parts or a stage that helps in substantial risk reduction in the whole project by doing assessment, testing and analysis of the different phases. In this methodology the planning starts with customers depicting how the finished result will be utilized by them or by the organization, its advantages, and other things so the project group gets a decent understanding of client expectations. Once the project starts, groups push through a procedure of planning, executing, and assessing which may change the final deliverable of the project (Too Weaver, 2014). Persistent cooperation/ collaboration are critical, both among the project team and organization and with other stake holders of the project, to settle on completely informed choices for the project deliverables. This approach/methodology is advantageous for innovative activities with objectives that are adaptable and can be changed in the mid of the project execution (Martinelli Milosevic, 2016). On the other hand the courses of events and budget plans are hard to characterize, and partners must have the time and craving to be effectively associated with the everyday responsibilities in the project. Comparison between two methodologies The Waterfall methodology can be viewed as a stringently successive project management methodology, on the other hand the agile methodology is a highly collaborative project management methodology (Too Weaver, 2014). Thus agile methodology helps in better group input and quicker problem solving in the total project life cycle. Waterfall is an organized and strictly structured methodology, and can be very rigid, while the agile approach is known for its adaptability in the mid of the project. The Waterfall methodology can be viewed as a stringently successive process for managing the project, be that as it may, the Agile approach is an exceedingly collaborative and improvement process, in this way prompting better group input and quicker critical thinking for better results. The Waterfall methodology is most appropriate for the projects which have unmistakably characterized prerequisites and in which change is not expected by any means (Nicholas Steyn, 2017). while agile methodology supports a procedure in which the necessities are relied upon to change and advance. The way chosen methodologies and processes relate to PLC (Project Life Cycle) In case of the, waterfall methodology, the requirements gather is considered as the part of the initiation phase of the project life cycle. On the other hand the panning phase includes design phase of the water fall model (Kerzner, 2013). Implementation and verification is considered as the part of the execution phase and at the end the maintenance of the waterfall model comes under the closure phase of the PLC. On the other hand for the agile methodology, as its each stage includes risk assessment in order to mitigate the upcoming issues in the project, even though this enables clients/customers to include their criticism with the goal that they at last achieve the pre-determined target or objective (Burke, 2013). References Burke, R. (2013). Project management: planning and control techniques. New Jersey, USA. Crawford, J. K. (2014). Project management maturity model. CRC Press. Kerzner, H. (2013).Project management: a systems approach to planning, scheduling, and controlling. John Wiley Sons. Martinelli, R. J., Milosevic, D. Z. (2016). Project management toolbox: tools and techniques for the practicing project manager. John Wiley Sons. Nicholas, J. M., Steyn, H. (2017). Project management for engineering, business and technology. Taylor Francis. Too, E. G., Weaver, P. (2014). The management of project management: A conceptual framework for project governance. International Journal of Project Management, 32(8), 1382-1394.