PRINCE2 as a Method of Project Management - Article Example

1. Construct a report to your Project Director summarising the business benefits of your project. Justify your conclusions with reference to the strategic analyses conducted Strategic Planning consist of strategic analysis, strategic choice and strategic implementation. The foremost of it is strategic analysis which is used by businesses to in project management and helps to improve the implementation process. During the process the main idea is refined in a manner which provides the required project plan and helps in the starting phase of the project. It includes various tools like SWOT (Strengths, Weakness, Opportunities and Threats) and PESTELE (Political, Economic, Social, Technological, Educational, Legal and Environmental) which helps to understand the benefits the project will provide in the long course. SWOT analysis in my case, states that leadership is an aspect which needs to be looked into. Improving the leadership aspect will help to improve communication and understanding thereby helping to improve the performance. The PESTEL analysis highlighted weakness in areas of social and educational analysis which will help to improve performance. The importance of these issues magnifies in case of management development program as it helps to find out the required changes the organization need. 3. Critically examine and describe the purpose of leadership and communication in the implementation of projects generally. You should specifically consider the role of project manager and the identification of other roles in the project team. Price2 is a project management system which works when it receives effective communication and signals from humans. The effectiveness of the project management system relies upon humans and if they are able to provide the required leadership and communication it will help to ensure proper use of management system. This increases the role of the project manager as he has to prepare the required initiation document. The project manager has to communicate and plan clearly so that the goals are communicated and worked upon. Care must be taken to ensure that it is done both orally and in writing. The importance of this document increases due to the authority mentioned at the bottom of the project document. During the implementation phase the project manager must chose a team which is effective and should be chosen after proper advertisement and interviews to ensure effectiveness. The project manager during the tenure of the work must ensure that the employees are motivated continuously. He needs to inspire the members and must use his leadership skills to ensure effectiveness in skills. Finally, the project manager should show leadership and address the issues so that the delivery of the project is better. 5. Critically examine PRINCE2 as a method of Project Management by comparing it to another method. You should explain the advantages and limitations of each. Prince2 is a project management method which focuses on the important aspect of project management and helps in the completion of projects. It provides guidance related to planning, delegation, monitoring and control thereby helping them to achieve the organizational goals by adhering to the time, cost and benefits. This is achieved through Prince2 as it helps to define the process, structure and role of employees at the organizational and within projects level. This method doesn’t put responsibilities on members. Prince2 also helps to ensure that cost and changes are managed in an effective way. This ensures that the communication process is quick and faster decisions are made by the senior members. This helps the project to succeed and ensures efficiency in operations. The Project Management Institute publishes the project management report known as the Project Management Body of Knowledge which links the inputs to outputs through different tools and helps to standardize the approach. Prince2 has a single process compared to Project Management Body of Knowledge which makes the process less perspective and analogous. Prince2 has a history of generating reports which are accurate and within the stipulated time and cost structure. 6. Describe how you would identify, access and manage the risks to the success of your project. Critically assess the suitability of this method in the context of your own project. Businesses encounter both identified and unidentified risk. Out of both the risk businesses plan for identified risk in their project initiation document. New risk keeps on adding to the previous list as business encounters those. This makes it important to identify risk from the point of severity and chances of happening so that steps can be developed This risk can be measured on a 2 X 2 chart which shows the high and low risk involved in each dimension and steps can be taken accordingly. The system can be made more complex by using it in three dimension or segment. This will complicate the matter and needs to be used only is exceptional situations so that the results are better. Risk measured in this way will be dynamic and proper thereby enabling to use proper action plan to deal with those. This was a similar method employed by me to identify all the risk involved in my project. The four risks that were identified were either of high or medium magnitude. These risks were then controlled and ways developed to ensure that the project was completed on time along with cost and quality. 1. Construct a report to your senior management team summarizing the business benefits of project management. Justify your conclusions with reference to the strategic and operational benefits of using Prince2 benefits. Project management helps to find out the problems and dangers that a business faces while entering into a new venture. This helps to improve the planning process and organize things in such a manner that it helps to reduce the risk and helps to complete the project successfully. A project has certain differentiation when compared to a business as projects have a time span and cane be completed by following certain steps. This makes it easy to measure it as compared to business. Projects thus use the resources available in a manner which is structured and helps to accomplish the goals and objectives by proper management. This helps to control the cost of new projects and ensure efficiency in management. Prince2 is one of the similar project structure which lays down the roles, responsibilities and practices that will help to accomplish the goals. The fact that Prince2 can be used for small and large projects helps to increase the efficiency of it. Prince2 thereby can be molded based on different standard methods which will help to improve the capacity and help to deliver better performance. Since, Prince2 focuses on the product so it will help to improve the quality and delivery of products. 3. Critically examine and describe the nature of leadership and communication in project management. You should consider the roles in the project team. Prince2 like other project management system helps to provide the required guidance structure and process which will ensure good practice and help in the accomplishment of goals. It doesn’t provide matter related to leadership which forms an important constituent of organizational success. It has been identified that organizations who don’t have an efficient leader fail as they are unable to deliver on the promises. Office of the Government Commerce presents the eight critical factors which provide reasons whether the project will be successful in the long run or not. Some of them are timely decision and small reporting lines so that decisions are quicker. Another factor is support from the senior management which ensures proper management. These factors are critical for the success of the business and proper management of those ensures that the business is able to achieve its objectives. Projects team comprises of few members who are specialist and provide special services. In case of an organization which has different hierarchy and if the leader is authoritarian then the organization need to bring the required changes in the leadership style so that it matches with the business requirements. Organization like this should look to have leaders who are open and democratic so that it matches the requirements of the business. 5. Critically examine PRINCE2 as a method of Project Management Businesses look towards innovation and bring changes in the working by entering into new ventures like the manner of working, product and premise. To ensure effectiveness it is important that the cost and benefit associated with this factor is controlled and managed so that the results are sound. The above argument presents the fact the business needs to evaluate the viability of the new projects by using a proper project management system and decide their course of action based on it. To ensure effectiveness and current judgement it is important to ensure that the correct process, resources and roles are defined. There are numerous types of project management systems which business can use based on the requirements and criteria which match their business. Prince2 is one of the project management system used by business to evaluate the validity of management and decide whether to use a particular venture is beneficial or not. Prince2 is seen as a bureaucratic system but is not so as it can be scaled and changed based on the project management system which can be used for large construction units and will help to provide the required result by using it in the correct way. It has also been identified that Prince2 is able to reduce the risk and ensure effective management of cost and resources. 6. Describe a method for the assessment of risks to the success of a project. Critically assess the suitability of this method in the context of your project. It is important to control and manage risk in project management as risk are an inherent part of business and cannot be separated. Risk involved in projects is both identifiable and identifiable. Business prepare for the identifiable risk by including those in their planning process. This makes it important that the risk associated with the business is recorded in the project initiation document so that if such risk arises in the future it can be managed. The register should measure all the risk which has been identified. While measuring the risk it is important that the severity and the chances of occurrence of the risk are considered. The risk can be measured by using a 2 X 2 chart which shows both the high and low risk associated with a project. This will help to see the risk at a look and will help to take the necessary steps to mitigate those. The chart can be complex and used in different situation by making it sophisticated by having three or more segments. This will complicate the chart but can be used in situations which demand so. This will help to make each sector more meaningful and can be used in exceptional situations. This will help to measure all the risk which will thereby provide a dynamic view and help to take appropriate steps which reduces the magnitude of the risk. Read More