PROJ6000 Project Management Principles Assessment 3

PROJ6000 Project Management Principles Assessment 3

Task Summary

Following group discussions, individually write a 1,200-word report that discusses the strengths, weaknesses, similarities, and contrasts of PMBoK and PRINCE2 or Agile in contemporary projects.

Context

There are several project management methodologies and approaches that are used in contemporary project management. Among these are PMBoK, PRINCE2, Waterfall, Agile,
Extreme Programming (XP), and Adaptive Project Framework (APF). Each of them has certain specific elements that proponents say make it easier to use, more applicable, more robust, or otherwise more appropriate for particular environments or circumstances. Whilst these methodologies are all valid and reliable tools for a project manager to use, it is important to be able to contrast them and to form a view of how they may best be used in a project. This analysis includes their usefulness, application in various types of projects, and how they view project risk. Such context can help project managers identify which methodologies/approaches may be best for specific projects.

Instructions

In this Assessment, you will write a 1,200-word (+/- 10%) report that considers the application of a project management methodology to a project as described in an assigned case study. In particular, you will review the assigned case study, then compare and contrast the application of the PMBoK project management approach to the highlighted project with your choice of one of the following methodologies/approaches:

a) PRINCE2, or
b) Agile

The report must use the following headings:

1. INTRODUCTION: Develop an introduction to PMBoK and the other methodology/approach you have selected (PRINCE2 or Agile) that includes their background and historical context (approximately 200 words)

2. SIMILARITIES AND DIFFERENCES: List 2–3 similarities and 2–3 differences between them and why these similarities and differences are relevant to the assigned case study (approximately 200 words combined)

3. RISK: How each method treats project risk and how these approaches to risk are relevant to the assigned case study (approximately 200 words)

4. PROJECT CONTEXT: The types of projects in which each is used (approximately 200 words)

5. LIFECYCLE IMPLICATIONS: How each differs across different phases of a project’s lifecycle (approximately 200 words)

6. APPLICATION: Explain which methodology you would choose to apply for the project in the assigned case study, and why (approximately 200 words)

Be sure to cite any source material, including learning resources or other academic or industry literature you research, used to inform your analysis.

You will need to consult the literature and use at least 6 references (and not more than 12 references) from academic and industry sources. The word count does not include the reference list. Each reference must be cited in-text in your report.

The assessment requires that you submit your report via Blackboard. You do not need to upload anything relating to your group discussions in Weeks 4 and 5.

Solution

Introduction

Background and History of PMBOK and Agile

PMBOK, which stands for "Project Management Body of Knowledge," is a compilation of all the procedures, best practises, terminology, including principles which are generally agreed upon and used in the project management industry. It  is helpful in businesses because it enables organizations standardise procedures across teams, modify those procedures to meet unique demands, and reduce the likelihood of project failures. The Project Management Institute (PMI) was established in 1969 to serve as a hub for practitioners who work in the field of project planning & management to exchange ideas and address common challenges they face (Roseke, 2018). MBA Assignment Expert, To aid professionals in managing many projects, the Project Management Institute (PMI) created the Project Management Body of Knowledge (PMBOK Guide). There are five distinct categories of PMBOK procedures that may be implemented into any project management approach.

The other methodology which is being selected is Agile methodology. The software development sector is where the Agile methodology was first used as a fresh approach to project management. Due to the prevalence of projects involving software development that either never finished or took much too long to finish, business and government leaders knew they had to come up with a fresh strategy. There were representation from Extreme Programming, Scrum, DSDM, Adaptive Software Development, Crystal, feature-driven development, and pragmatic software among those who signed the Manifesto for Agile Software Development in 2001. The purpose of this meeting was to brainstorm new approaches to managing software development projects. management. The modern Agile techniques may trace their roots back to the Agile Alliance. At initially, Agile was used largely for SDLC management. On the other hand, it has designed to address project management for any business or market.

SIMILARITIES AND DIFFERENCES

Similarities between PMBOK and Agile methodology 

i. PMBOK and Agile, both of the methodologies are solution oriented and results in high quality products and project management outputs (Djordjevic, 2020). 
ii. PMBOK and Agile both focuses on the generation of customer value so that the future revenue stream and efficiency can be scaled and secured.

Differences between PMBOK and Agile methodology

The information provided in the PMBOK is explicit, meaning it can be simply written down, saved, and analysed. Agile, on the other hand, makes use of conceptual frameworks, which is more logical & spontaneous and needs experience in the actual world, like picking up a new language (Cobb, 2022).
The Project Management Body of Knowledge (PMBOK) is closely linked to the tried-and-true method of project management that relies on detailed plans and follows a Defined Process Control Model. While, Agile is an adaptable and flexible method that uses an inductive control systems methodology (Wrike, 2022).

Justification and Relevancy to Case Study 

The Hewlett Packard (HP) tends to be the 9th US Fortune company have a classic image of successfully managing thousands of project portfolios with no room for errors, however this achievement is only possible due to the strong application of project management methodologies i.e. through the implementation of Agile and PMBOK for their clients and in their project.  

RISK

Treatment of project risk & Relevancy to case study 

PMBOK

• Planning risk management 

First, a risk strategy, which is as part of the overall project plan needs to be created. HP does the same thing with all f its project. 

Identifying risk

Risk management requires a list of possible threats and vulnerabilities to a project's cost, timeline, and perhaps other success component. It focuses on identifying the risks by making a Work breakdown structure (Roseke, 2018). 

• Performing Risk analysis 

Risks are prioritised. Since threat has two aspects, chance and effect, each must be ranked 1-10 &   high-medium-low.

• Risk response planning

Identify the most critical risks and build a plan of action, not only for reacting to the risk if it occurs, but for analyzing the factor influencing the performance for early warning.

• Monitor risks 

The risk register is maintained all through program to guarantee accurate analysis. Risks expire and become "did not occur." Also, risk priorities might alter since numerous variables can modify a risk's characteristics (probability, effect) across a whole project. The company ensures to monitor each and every activity (Roseke, 2018). 

Agile 

Agile project cycle involves including-

• Identifying risks

The process of weighing the potential advantages of a particular project against the risks involved in pursuing those benefits (ISACA, 2018).

• Evaluation

Analysis of risk exposure & ranking of the most effective risk possible responses such as accept, mitigate, and exploit in accordance with Agile principles.

• Monitoring & controls into iteration planning

The skill to determine, via careful observation of risk, how well that risk is controlled efficiently and effectively. This also involves being cognizant of iteration-level risk evaluation and how they contribute to the project's overall precariousness (ISACA, 2018). 

• Color coding technique

Agile follows the Kanban who advocates color-coding risk-related activities (e.g., green for opportunity, red for danger) to visualise risk. Such methods may also be used to Agile story maps, which explain the link among epics and user requirements (ISACA, 2018).
 

Figure 1: risk management in Agile
(Source: ISACA, 2018)
 

PROJECT CONTEXT 

As HP is engaging into the educational and learning opportunities, as well as it is looking forward to develop a web-based platform, in this type of project where the software development and lifecycle is being required and demanded than the Agile methodology is the best suitable approach to be followed. It is especially developed for the software development and management of the project. While, PMBOK is methodology which suits best for the project requires the core management studies as it works well or these. 

LIFECYCLE IMPLICATIONS

This iterative procedure to continual learning is recognised in the PMBOK Guide by having the PMP Exam's process groups linked to the PDCA cycle. The Initiating, Planning, Executing, Monitoring and Controlling, and Closing groups make up the PMBOK's definition of the project management process categories.
These stages are a compilation of several logical groups of tasks that lead to a final product. The PMBOK Guide divides them into an introductory stage, a succession of iterative stages, and a closing phase. In each stage, processes are carried out that contribute to the final product.
 

Figure 2: PMBOK Phases
(Source: Pmi.org, 2022)

A similarity between the agile methodology and the stages of the guide's entire lifecycle is observable. The expanded stages in the figure below show that the agile project life cycle is, in reality, a complex. Several deployments or calendar intervals including the quarters are often used make up an agile methodology, and each release is divided into iterations in which groups produce incrementally more functional code. Each consists of an initiation stage in which planning plays a significant role, a development period, and a review and retrospective phase.
 

Figure 3: Agile phases
(Source: Pmi.org, 2022) 

APPLICATION

In light of the fact that HP is getting involved in educational and learning opportunities and is planning to develop a web-based platform, an approach that is best suited to be followed in this kind of project, in which the software development and lifecycle is being required and demanded, is the Agile methodology. This is because the Agile methodology is the most suitable approach. It was designed specifically for the purpose of facilitating the creation of software and managing the project.

The iterative cycles used in Agile are called "sprints," and they are often rather brief. Sprint after sprint, we provide a product that really works. Shorter iteration are essential, but also a degree of team involvement that is uncommon in more conventional approaches. Understanding what users want is a key component of agile software creation and testing, which aids alleviate this issue. In agile software development, the final product is given more importance than the development process itself (QualityLogic, 2022).
 

Figure 4: Benefits of agile
(Source: Raza, 2018) 

REFERENCES

Cobb, C. (2022, April 15). Agile Project Management Training. Agile Project Management. https://managedagile.com/will-pmbok-ever-be-compatible-with-agile/

Djordjevic, P. (2020, July 17). 3 Key Similarities Between Lean And Agile Methodologies. The Digital Project Manager; The Digital Project Manager. https://thedigitalprojectmanager.com/similarities-between-lean-and-agile-methodologies/

ISACA. (2018). Risk Management in Agile Projects. ISACA. https://www.isaca.org/resources/isaca-journal/issues/2016/volume-2/risk-management-in-agile-projects

Pmi.org. (2022). Agile project management and the PMBOK® guide. Pmi.org. https://www.pmi.org/learning/library/agile-project-management-pmbok-waterfall-7042

QualityLogic. (2022, June 2). 10 Reasons to Use Agile Software Development. QualityLogic. https://www.qualitylogic.com/knowledge-center/10-reasons-to-use-agile-software-development/

Raza, R. (2018). Agile Methodology Benefits: 7 Benefits of Agile Development Methodology. Srlprd. https://www.serole.com/blog/agile-methodology-development-benefits/

Roseke, B. (2018, August 30). Project Risk Management According to the PMBOK. Projectengineer.net. https://www.projectengineer.net/project-risk-management-according-to-the-pmbok/

Wrike. (2022). How Does Agile Relate to PMBOK? | Wrike. Wrike. https://www.wrike.com/agile-guide/faq/how-does-agile-relate-to-pmbok/