The advantages that any organization can experience because of the utilization of the project management mythologies in any project are as following.
Improved efficiency: The roadmap that the project management provides is very useful in terms of guiding a project in the right way. Because of the roadmap, the project can get completed within scheduled time, with bounded resource and allocated fund (Turner 2014). The PMBOK and PRINC 2, both the models of the project management provide the benefit of the road map.
Customer satisfaction: As the project management methodologies allow the organization or project team to complete the project within time and allocated capital, the customer automatically gets satisfied by the service (Karaman and Kurt 2015).
Enhanced growth: The positive result from the consumer not only allows the organization to get more value in the market, but it also makes the members of the organization improve their good work continuously.
Trust: The PRINCE 2 is one of the methodologies that are tried and trusted among various organizations in the whole world (Phillips 2013). The model has been used in thousands of projects in various countries.
Free to use: Utilizing PRINCE2 permits all gatherings to get down to business. You will profit by PRINCE2's nonappearance of authorizing expenses, "per seat" charges, bolster costs and so on (Olsson 2015).
Provides documentation: In each of the steps of the project management, the documentation process is carried out in the PMBOK methodology (Hall et al. 2015). It allows the organization to keep track of everything. In addition, the persons, unfamiliar with the project can get a sound idea about it.
The downsides of the project management methodology are as following.
Cost, communication, and time overhead: Hiring and giving training to the project and program managers costs a lot of money. A huge quantity of money is required to change the organization as per the created PMO (Petit 2012). As the flow of the information from the team member to the management is not direct, some confusion arises among both of them. If anything goes wrong, it can take an enormous amount of time to find the whole and solve the issue (Turner 2014).
Complexity: The PMBOK model can result in being a very complex and costly for the small project.
Contract management: The project management model, PRINCE 2 does not include any contract or people management (Park, Lee and Kim 2016).
Various crucial differences exist between the PMBOK and PRINCE 2. The differences are as following.
The example that the study holds is about the assessment of power efficiency and resumption power creation regarding the limited dairy factory in the Edward Island, Canada.
An examination of the vitality use connected with the dairy operation and the attainability of utilizing renewable vitality for the homestead's operation requires a more extensive point of view of the ranch's procedures and key vitality utilization components and in addition the district's vitality strategy system and renewable vitality assets accessibility (Olsson 2015). A vitality review frames the center work of the venture. A top to the bottom vitality review contextual analysis of Extendable Farms Ltd., a little family-run dairy ranch, in Oyster Bed Bridge, PEI was directed (Hill 2013).
In this study, a three stage vitality review structure, taking into account the Australian Government's Energy Management Advisory Booklet, was utilized for the purpose of undertaking an organized also, efficient way to deal with vitality examination after that benchmarking also, vitality administration opportunities can be unmistakably characterized (Turner 2014). This strategy was picked taking into account commonality of the creators to this review procedure. The review structure is comprised of three stages: Phase I, a review of recorded information, concentrates on the past utilization patterns of the office. Stage II, the screening overview, researchers the flow operation of the office and is basically a screening review finished as a walkthrough review (Goetsch and Davis 2014). In this stage, all vitality devouring gear, what's more, process are related to evaluations and assessed operational hours recorded. Stage III, point by point examination and examination, includes a nitty gritty examination and further investigation into key ranges recognized in the Phase II examination with correlation to the consequences of Phase I (Alvesson and Sandberg 2013).Things that may require further examination to figure out whether productivity opportunities exist are researched in the subtle element in Phase III.
Supplanting all glowing lighting installations and lights right now inside the contextual investigation offices with T8 installations and lights is a reasonable retrofit with practically quick payback. This outcome in a payback time of around one year with a 68% sparing in yearly power cost for this update (Turner 2014). A lighting control framework would give further vitality proficiency; the lights in non-creature spaces could be movement sensor while the creature slows down regions may have a clock based framework to most extreme generation and minimize wastage of power.
So from the above case study example, it is clear that the using the PRINCE 2 model was better than using PMBOK.
As perceived by many of the persons, the PMBOK and PRINCE 2 are not the competitor of one another, instead, that two complement each other (Park, Lee and Kim 2016). In an ideal world, any project manager needs both of those for carrying out the task of the project management successfully (Turner 2014). Through following the below procedures the benefit of both the PRINCE 2 and PMBOK can be gained.
Alvesson, M. and Sandberg, J., 2013. Has management studies lost its way? Ideas for more imaginative and innovative research. Journal of Management Studies, 50(1), pp.128-152.
Booz, D.A., Kinder, S.J. and Sykes, M.J., International Business Machines Corporation, 2013. Nested recovery scope management for stateless recovery agents. U.S. Patent 8,572,044.
Burke, R., 2013. Project management: planning and control techniques. New Jersey, USA.
Dawson Jr, M.E. and Robinson, J., 2012. INNOVATIVE WAYS TO TEACH AND INCORPORATE INTELLIGENCE, SURVEILLANCE, RECONNAISSANCE,(ISR) PROGRAM MANAGEMENT CONCEPTS IN THE UNIVERSITY SETTING. Review of Management Innovation & Creativity, 5(14).
Gido, J. and Clements, J., 2014. Successful project management. Nelson Education.
Goetsch, D.L. and Davis, S.B., 2014. Quality management for organizational excellence. pearson.
Halbe, J., Pahl-Wostl, C., Sendzimir, J. and Adamowski, J., 2013. Towards adaptive and integrated management paradigms to meet the challenges of water governance. Integrated Water Resources Management in Changing World, p.211.
Hall, L., Halton, K., Macbeth, D., Gardner, A. and Mitchell, B., 2015. Roles, responsibilities and scope of practice: describing the ‘state of play’for infection control professionals in Australia and New Zealand. Healthcare Infection, 20(1), pp.29-35.
Harmon, P., 2015. The scope and evolution of business process management. In Handbook on Business Process Management 1 (pp. 37-80). Springer Berlin Heidelberg.
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