Guide Project Management Body Of Knowledge â€Myassignmenthelp.Com

Question: Discuss About The Guide Project Management Body Of Knowledge? Answer: Introducation A mixture of methane and carbon dioxide is called biogas which is produced from biological materials found in the organic waste through degradation of bacteria in absence of oxygen. As it is produced using waste treatment, biogas is considered as a renewable energy source. Globally, many countries have adopted methods to produce biogas including Germany, Sweden, and more. The biogas production projects are financially supported by regulatory and government bodies across nations. This project would involve production of biogas in Australia. The project would involve development and implementation of biogas optimizer software that would enhance the competitiveness of the biogas producer by accelerating the production processes, reducing the downtime, and reducing the investments through the efficient use of small digesters. Stakeholder Register Stakeholder Role Requirements Expectation Influence Classification Government official Manager Need to know how the production would affect society, business and people Availability of all the performance and regulatory compliance data High Government NGO Volunteer Social Service Manager Need to know how the production would affect society, and people Availability of all the people and environment related data Low NGO Individuals and companies using biogas Multiple stakeholders Specifications and functionalities that gets added upon development of the software for optimization and the benefits to be communicated The biogas should provide efficient fuel for use in the factories or for personal needs. High Customers Staff Multiple employees Training on how the system would be used and communication about how it would impact their working Effective training and support for understanding new systems working Moderate Employees Educational institutes Principals Understand the impact of new systems and technologies on biogas production, employment of students post graduation in the production unit guidance and training to students through various programs Low Institutions Parts, electricity, housekeeping, labour, and transportation suppliers Multiple Order as per the requirement of the production An advance communication for the order and information on the desired specifications of parts High Suppliers News Media and PR persons Multiple Receive the information to be disclosed publically Get the correct, latest and accurate information that is of public interest Moderate Media Residents living nearby Multiple Communicate the changes made in the plant systems if they would affect the public in some way Assurance of no adverse social or environmental impacts to the locality as a result of development Low Local Residents(Kushta, 2012) Analysis and Integration of Business Processes The current business processes of an organization would be studied and the site would be prepared for the adoption of the new optimization software. For this, the baseline production facilities have to be assessed and then Biogas Optimizer has to be demonstrated such that results can be verified to understand if the optimizer has served its purpose. The baseline information about the production of biogas would be collected so that a comparison can be made between the performance of the biogas unit before and after the implementation of the optimizer (Mela, et al., 2015). This demonstration of optimizer would be carried out in four phases including the trial phase where the optimizer would only be tested for basic application, full scale testing in all features would be tested including recommendations followed by an adjusting period in which the plant systems would follow the recommendations and apply the same to the production unit to bring improvements and lastly, another full scale testing would be done after modifications are done to understand if the production parameters are improved after the installation of Optimizer. This would include measurements of production efficiency and reactor capacity utilization(Cook, 2008) Acknowledgement of Traditional Owners The project would be committed to support any requirements for the reconciliation with the traditional owners in Australia including indigenous and non-indigenous people. For this, the traditional owners would be acknowledged and recognized wherever their training is required. Respect would be paid to the elderly people who played important roles in past for the development of the community. An acknowledge statement would be prepared which would show the commitment of the owners of the project for reconciliation and would also recognize the responsibilities of project owners and other institutions. The statement would recognize the following: That the indigenous residents in Australia living on the lands are the traditional owners of the land and thus, have their own associations The associations that are treasured by the traditional owners respect the culture, spirituality, art, law, and culture of Australia Traditional owners are important as they have made contribution to the development of the community and the land where biogas plant has been established Traditional owners can provide equitable participation in the development of community for which they should be provided with sufficient resources and must be respected for their contribution Reconciliation process is important for building relationships between the indigenous and non-indigenous people living in the nearby land in Australia(Baltzan Phillips, 2016) To do this, the project team would have some responsibilities like: Provide reconciliation to gather the support from the nearby residents, communities and institutes over time Redress any disadvantages that people in the community have by providing them required education through various social, cultural and academic programs Incorporate the learning in the nearby institutes and universities curriculum Encourage people from communities to take part in resource for identification and resolution of local issues Provide guidance and resources to encourage researches by the indigenous communities on subjects of importance while maintaining ethics Encourage the staff of the plan to carry out activities that allow traditional owners to present their perspectives in research processes Increase awareness of the cultures and issues to promote the reconciliation in local communities Recruit, select and support the development of the local staff in development and implementation Develop and implement policies for management of the cultural diversity in the organization Create an environment in the company that respects the rights and interests of traditional owners of Australia. Acknowledge the contribution of the Australian staff and students by providing those awards and recognition(QUT, 2017). SRS Documents A set of Software Requirements Specification (SRS) documents would be prepared which would include details of the functionalities of the optimizer system. It would cover the details of features, user interface, hardware requirement, software requirement, related terminologies, technical dependencies, key milestones, external interface requirements, performance requirements, safety needs, security needs, and other attributes that may be important to the user. The main SRS document would have the following sections or areas covered: Project Scope: The Optimizer would have two components including client-side interface that would run on systems of users and server-side application that would be connected to the biogas production system. The document would explain the architecture, interaction, and working of these two components. Product Features: Key features and functionalities of the Optimizer would be outlined in the document. Essential features can include online monitoring of bio-reactors, protection from overload and disturbance, and facilitation of close to maximum capacity operation in reactors keeping safety margins. Besides there, there could be additional features that would be added at later stages if required. Process Characteristics: The processes used in the plant for biogas production would have certain characteristics that would be recorded in SRS such as site classification, reactor types, operating modes, measurement requirements, biogas utilization, and digester volume. Potential Scenarios: Different situations where the users of the plant would be using the optimizer would be visualized as different scenarios and the same would be tested for reliability, users-friendliness, accuracy, and exception handling. Operating Environment: The system would not have any hardware constraints and it is not graphic intensive. The application is self-contained with required software components that can be connected to the production systems directly through the server. Design Constraints: design has to be created considering the needed efficiencies of the system such that the interfaces are advanced in system handling but not in graphical usages. User Documentation: Documents would be prepared for providing training and guidance to the users through help menu inclusion in the software and tutorial documents. Tutorials would teach the users about how the application works and how it can be used by them. Description of Business Continuity Plan (BCP) Business continuity plan is prepared to ensure that an organization keeps running in the situation of a major interruption to its operations such as a disaster that happens unexpectedly. The objective of the plan is to minimize the damages and keep the organization competitive. Traditionally, disaster recovery systems were used to restore the data that was lost in the cases of disaster which involved development of a centralized datacenter. However, with heavy reliance on technology today, just the recovery of data would not be enough for business continuity. The business would not be able to survive without running the technologies as they are used 7 days a week in industries and any disruption would cause the plant machinery to halt and the operations of the company would be affected severely. Thus, there is a need for business continuity planning that not just recovers the data but also ensures that the business operations are managed even in the case of the disaster. A business continuity plan needs to cover multiple events in a factory setting such as: Equipment failures which is usually managed by avoiding or minimizing damage using predictive maintenance of the systems Disruption of power supply or communication systems can be taken care of any having alternate modes of power supply and communications such as inverter systems and alternate communication systems Failure of applications or database servers that can be taken care of by having disaster recovery systems along with the redundant servers that allow taking over of the business operations by alternate servers in case of damage to existing systems Entry of malicious software such as worms, viruses, Trojan that can lead to data breaches, hacking and other issues that could be prevented or managed using software applications like anti-malware, anti-spam, anti-virus, intrusion detection, and more. Social unrest caused by political disturbances, war like scenarios or terrorist attacks can also result into disasters and the result of which can be an operational or business damage. In such cases, insurance covers and physical security provisions can be used for business continuity Human errors or human induced problems like strike or sabotage can be recovered through the use of appropriate access control systems, policy structures, and other provisions that can help minimize the damage and keep the systems working as normal In case of natural disasters such as cyclone, earthquake, fire, or flooding, disaster recovery systems can be set up at alternate locations such that in case of the physical damage to the mains, the recovery infrastructure can be used to continue the work in the plant (PMI Standards Committee., 2015) Some essential measures that would be taken to ensure that the continuity of the business is managed well include: Creation of a cold site where empty facility is installed as offsite location such that in case of the disaster, the cold site can be made active and used for taking over the business operations. A backup site can be created to save the data with similar configuration of machines such that in case of data lost, the backup site serves the need for recovery A hot site containing the essential software, network and hardware can be installed just like the production site which can be used as primary site in case of a disaster at the primary site. Remote journaling which involves regular backup of the active transaction data would also minimize the loss of data and help in reducing the time for recovery. A backup centre can be developed within own facility or outside depending on the availability of space, ability to maintain the redundant equipments in the plant relationships with vendors who would be providing replacements, adequacy of the funds, and availability of the skilled people work the work(Cross, 2013). Business Continuity Planning would be carried out in phases as follows: Project Initiation: In this stage, the objective and the scope of the plan would be defined and a steering committee would be established that would come up with the business continuity policies to follow. Business Analysis: At this stage, a risk analysis and the business impact analysis would be conducted with consideration of the alternative strategies to be used for the business continuity. The alternatives can be selected on the basis of the cost benefit analysis which is done considering which a budget would be allotted for the execution of the plan(Frost, 2013). Design and development: In this stage of business continuity management, a business recovery team is set up and tasks for recovery would be assigned to the team members. This stage also involves identification of the recovery plan structure, its major components, backup and recovery strategies, execution plan, escalation and notification criteria, and the administrative policy for the organization. Implementation: At this stage, emergency response procedures are developed which includes preparing of the contracts, purchase of recovery resources, and communication of the roles and responsibilities to the recovery team members. Testing: In this phase, an action plan is prepared and the training is provided to all the personnel who would be involved in the business continuity plan execution. For this, a testing of the developed systems would be done from which lessons would be gained and used for the training on how to manage situations of disaster for recovery. Maintenance: The business continuity plan is continuously reviewed and updated based on the running conditions such that changes are made to bring improvements. The updated plan can then be distributed to the members of the recovery team. Tests are designed to see if the system has the network recovery capability. During the testing phase, the recovery procedures and checklists are also tested to discover the weaknesses of the plan such that measures can be taken to update the same for improvement(Kendrick, 2010) Business continuity strategy is determined after business analysis of the organization, industry analysis that includes exploration of the public interests and regulatory requirements. Business continuity plan is managed by the continuity coordinator who maintains the related documents and distributes the same to teams for periodic review and updating. The owner receives updated documents from the project team members and approves the changes to authorize them. The coordinator must ensure that the system is regularly updated as needed by the organization (SANS, 2002) Proposed Project Management Tool This project would use Microsoft as the project management tool. The tool provides following features that can be used by the company for managing the software development and implementation project: Features that can be used with traditional processes of project management such as calendar for tracking, gate review process management, interactive Gantt chart development, project scheduling and support for multiple project management from the same interface. It also provides some advanced Agile project management features such as burndown charts Emails of the project managers and the project team members can be integrated with Microsoft Project so that they can get notification of changes or any progress on the project Budget and expenses can be recorded and monitored through the use of features like creation of budgets, forecasts, hourly rate calculations, track burn rate, project hours tracking, and traffic hours tracking. Project team members can collaborate through a number of features like group creation, document management, instant messaging, social collaboration and web conferencing(Graphiq Inc., 2017). It can be used for creation of the project WBS using its scheduling features Assumptions, Constraints and Standards There are certain assumptions of this project and these include: The company has the sufficient staff with sufficient knowledge and skills to manage the tasks required for the development and integration A development consultant that is hired for the development of the optimizer software has the experience and skulls required for effective development. The company has sufficient funds needed for this development project including the contingency amount. The company has sufficient time for the development of the optimizer system (Zhou Shao, 2012) Test Plan Proposal for the Project ICT Purpose: The purpose of a test plan is to ensure that all the testing requirements and procedures are properly identified and document such the decision maker would understand the testing requirement of the new system to be developed. Items to be tested: The software that would be developed would be tested for the working and delivery of the functional and non-functional requirements of the project. Testing approaches: Each module of the developed software would be tested and first in the test environment such that any bugs are identified and rectified and only after that the module would be implemented in the actual production system in the biogas plant. Testing criteria: The criteria for testing would be defined for each type of test considering the deliverables needed and the expectations of the stakeholders. Test deliverables: Deliverables of testing would be the test results report, list of identified bugs, and recommendations for the changes in coding or other steps for rectification of errors or elimination of bugs. Test environment: A test environment simulating the production environment of the plan would be created in which the testing would be done because actual implementation in the real production environment. Tests: There would be multiple tests that would be done for the system for ensuring its functional and non0functional requirements are met. These include conformance testing, functional Testing, load testing, performance testing, stress testing, system testing, unit testing, and User Acceptance testing(Mangal, Vandana, Karmarkar, Uday., 2012) Application and Testing Coding and testing of the product that would be developed would involve testing of then functionalities and the system workflows to understand if they are working fine. This would include technology support, verification of functionalities, validation of processes, and product integration. The codes for the development of the Optimizer software would be written first and testing for the partial system in the testing mode without actual implementation of the whole system. The testing would involve review of the functional units, integration testing, defect identification and correction. Once the improvements are made, the tests are conducted again to ensure everything is working fine post which the software would be implemented in the whole system and final system test would be conducted to check if the software is able to meet all the functional and non-functional requirements that were defined in the development plan(Legunsen, et al., 2010). In testing stage, there are repeated coding and iterations through multiple tests for which specific arrangements have to be made involving people who would be assigned specific tasks for testing and coding. The output of each iteration involving testing and coding is recorded and the state of project is understood so that decisions can be taken on requirement for improvement(Vukovi}, 2004). Advantage of the Proposed Project Tool Reasons why this tool has been chosen for management of the software development project are: Ability to learn and start the development project fast Availability of the templates for project management, scheduling and other processes in the software Ability to use the software on multiple devices to streamline and integrate processes. Availability of guides and tutorials with easy interfaces and outputs need less time for training of the employees who would be working on the project It provides dashboards that can be used for getting a comprehensive view of all the activities Timelines of the project can be customized and can be easily shared with the project stakeholders whenever needed Custom reports such as burnout charts and financial performance reports can be generated based on the requirements of the biogas project This tool allows customization of tables and views which makes project tracking straight forward(Commella, 2014) Disadvantages and Risk of the Proposed Project Tool There are certain disadvantages and risks of using Microsoft Project as the project management tool such as: The tool provides burndown charts for Agile project management but does not include management of the backlogs of the projects managed The tool is somewhat complicated and needs good learning to be able to make the best use of all its features(McGevna, 2010) Effective utilizations and ongoing improvements The organization already has some processes and resources that need to be used in order to proceed with the project. An effective utilization of the same would be needed to be able to succeed in the development project. The company is already carrying out some improvement activities for that such as employment of more experienced people in the company who are equipped to identify and resolve manufacturing challenges. With an aim of the development of the software solution for optimization, the people working in he company are being trained to understand how processes and equipments and identify places where the processes need optimization. This information would then be used for the development of the optimizer software for the biogas manufacturing plant(Marshall Freedman, 2012). Functional and non-functional requirements The software requirement development goes beyond the stage of product conceptualization and product development. The purpose of requirement development is to understand the needs of the users, validation of requirements, tracing and control of the same. The requirement analysis is usually done using analysis of the data that is gathered through stakeholder and user surveys. Functional requirements of the software include: Plant optimization Browser based interface Close loop integration Automated testing(Mandl-Striegnitz Lichter, 2000) Non-functional requirements of the project include: Self -adaptation of the software system as the plant conditions change Comprehensive support for the capabilities of the plant Easy upgrading of the plant optimizer system in future through effective migration Low cost of maintenance through reduction in runtime and maintenance fee Reduced costs of operations Compliance to environmental processes(Emerson , 2005) Description of business workflows The software development project would involve considerations of two functional areas including project management and system. The functional area of project development would involve project management, project development, technology support, document management, daily management and employee management. The system function of the project would include user management, document management and role management. The first stage of the project management would be the product concept stage in which the concept for the development of the software would be defined. A product development proposal can then be made containing details of the software features and the roles of the project staff in establishment that are approved by the management(McGrath, 2012'). Once approved, the project would go to the planning stage in which an action program including research and development and the project management would be developed. At this stage, project costs are estimated and the project plan is accordingly approved. After the plan is approved, the system would go to the design and development stage. System design includes system structure, database, user interface, and coding to meet the requirements of the software project(Chadli, Toval, Idri, Nicols, 2016). KPI matrix There are several key performance indicators that can help assess the performance of the project. It is not possible to use all the KPIs on a single project and thus, most relevant and important KPIs have to be identified for which KPI matrix can be used. In the matrix KPIs can be identifies as those primary to the current project, those that company aspire to achieve, KPIs that need to take caution about to ensure that project is in line and not making losses while other KPIs of low level of importance can simply be forgotten. For the current case, the KPI matrix below identifies KPIs n each of these categories: Importance Aspire list of KPIs Return on Investment Cost performance index Productivity Resource Utilization Customer Satisfaction Strategic alignment Cost savings Primary KPIs Planned Value Actual project cost Process management costs Scheduled performance index Percentage of tasks completed Forget Economy of reserve funds Caution Overdue project tasks Share of overhead expenses Scheduled variance Project Deviations Missed milestones (Tsipes, 2004) Availability Proposed System Acquisition Plan As the optimizer software would be expensive if new software has to be developed as would need consideration of all the factory settings and understanding of how systems work which can also be time consuming. A better approach would thus be acquisition of existing optimizer software available in the market with the customization options and customize the same with modification sin setting or recoding in case of the requirement based on the requirements of the organization. An acquisition plan would help in ensuring that the acquisition is done correctly and in the right way which is presented here: Objectives of acquisition: Objectives of acquisition of the existing software and its customization is to have low cost development and an availability of the expertise to ensure that the solution would work find when implemented in the systems of thee organization. Performance requirement: The new software must be able to improve the performance of the biogas production systems through optimization of processes using the developed software Cost considerations: The Company has limited budget under which all the activities needed for acquisition must be completed(Moon, 2013). Budgeting and Funding: The budget allotted for this project is $20,000,000 which includes funds for the acquisition of the license of the software, its customization, integration with factory systems, data migration and training of employees on the use of the new Optimizer. Alternatives: Alternatives to this approach of acquisition include no action and the new software product development internally(Park, Spink, Howarth, 2013). Milestones: The software would be acquired and customized for the need of the organization within the eight months after the approval of the plan and the milestones that would be achieved during these 8 months are presented in the table below assuming the start of the project by 1st Dec 2017 Deliverables Milestones Request for Proposal from the vendors of optimization software and consultants for their services 5th Dec 2017 Selection of the consultant for guidance on software development 15th Dec 2017 Selection of vendor for the acquisition of license 20th Dec 2017 Acquisition of the license of the optimization software 31st Dec 2017 Identification of the need for customization based on the analysis of the company system done by the consultant 31st Jan 2018 Development of the custom code for the modification of the software for the company needs - 1st iteration 26th Feb 2018 Testing of features developed 30th mar 2018 Modification of the custom code for the elimination of bugs for the company needs - 2nd iteration 15th Apr 2018 Testing of features developed 20th Apr 2018 Modification of the custom code for the elimination of bugs for the company needs - 2nd iteration 5th Apr 2018 Testing of features developed 15th May 2018 Final development 20th June 2018 System testing 5th July 2018 Installation in the company 10th July 2018 Integration with existing systems 20th July 2018 User acceptance testing 30th July 2018 User training 20th Aug 2018 Project Sign off 31st Aug 2018 Business Considerations: Testing must be completed using available resources without exceeding the budget allotted for testing of the system Technical considerations: The bugs that are revealed in the testing procedures must be corrected before next iteration and testing is done Logistics Considerations: The main users of the system must be taken input from while planning the tests to ensure that all their requirement are well tested(Haris, 2013) Advantages and Disadvantages of the proposed acquisition plan over the alternatives Alternatives to the software acquisition and customization would be no development or change in the organization and the development of new software. The chosen acquisition method has advantages and disadvantages over each of these methods as illustrated in the table below: No Action Development from scratch Customization of existing software Advantages No cost implications Full control over features and the development process Ability to develop a highly customized software that takes care of the needs of the industry and the company Cost effective as the cost of customization of an existing software would be lesser than a new development. Less time of development as only customization would have to be done Assurance of the software as it would already have been tested and implemented in another factory setting. Disadvantages No improvements in the current system and the challenges faced by the organization currently would remain unresolved High cost of development High risk in case the software developed is unable to produce the desired output Significance cost of development in case the existing software needs a significant modification to meet the needs of the current organization Conclusion This report was a project plan created for the development of new Optimization software for the biogas production plant. The plan included details of functional and non functional requirements of the development, design specification, test plan and implementation plan. The project plan was prepared assuming that the company would take a license of existing optimizer software and would modify it based on the needs of the organization. Microsoft project tool would be used for the management of the software implementation project and the project would take 8 months from acquisition of licenses to the final development, testing and training of employees. References Baltzan, P., Phillips, A. (2016). Business Driven Information Systems. McGraw-Hill. Chadli, S. Y., Toval, A., Idri, A., Nicols, J. (2016). Software project management tools in global software development: a systematic mapping study. Research Gate. Commella, R. (2014). Free and Open Source Project Management Tools. SANS Institute. Cook, K. (2008). Demonstration of Software Application Biogas at the Hndel Biogas Site. Svenskt Gastekniskt Center . Cross, C. (2013). IT Service Management 102: Most Asked Questions: What You Need to Know, In Success Secrets. Brisbane, Australia: Emereo . Emerson . (2005). Plant Optimization Performance Software. Emerson . Frost, L. (2013). .ERP: 308 Success Secrets, In Success Secrets. Brisbane, Australia: Emereo. Graphiq Inc. (2017, September 26). Microsoft Project. Retrieved from Software Insider: https://project-management.softwareinsider.com/l/3/Microsoft-Project Haris, P. E. (2013). Project Planning and Control Using Oracle Primavera P6 Versions 8.1, 8.2 8.3 Professional Client Optional Client: Planning and Progressing Project Schedules with and Without Roles and Resources in an Established Database. Victoria, Australia: Eastwood Harris Pty Ltd. . Kendrick, T. (2010). .The Project Management Tool Kit: 100 Tips and Techniques for Getting the Job Done Right. AMACOM American Management Association. Kushta, V. V. (2012). STAKEHOLDERS ENGAGEMENT PLAN : CONSTRUCTION OF BIOGAS PRODUCTION SYSTEM. GLOBYNO, POLTAVA REGION: ASTARA. Legunsen, O., Lindee, C., Lloyd, K., Matcovschi, R., Morin, B., Shaw, S., . . . Yancey, C. (2010). Software Project Management PlanSoftware Project Management Plan. UT Dallas. Mandl-Striegnitz, P., Lichter, H. (2000). MANAGEMENT IN INDUSTRY EXPERIENCES MANAGEMENT IN INDUSTRY EXPERIENCES AND CONCLUSIONS. University of Stuttgart. Mangal, Vandana, Karmarkar, Uday. (2012). Project: A Global Study of Business Practice Publishing Company. Singapore: World Scientific . Marshall, L. J., Freedman, L. D. (2012). Smart Work: The Syntax Guide for Mutual Understanding in the Workplace. Project Management Institute. . McGevna, V. (2010, January 26). Is Microsoft Project a Project Management Tool? Retrieved from MPUG: https://www.mpug.com/articles/is-microsoft-project-a-project-management-tool/ McGrath, R. N. (2012'). Project-driven Technology Strategy: Knowledge Technology. Project Management Institute. Mela, M., Hisham, A. S., Avicenna, Y., Izan, S., Roy, I., Setyobudic, H. (2015). Simulation Study for Economic Analysis of Biogas Production from Agricultural Biomass. Energy Procedia, 204-214. Moon, C. (2013). SLA 126, In Success Secrets. Brisbane, Australia: Emereo. Park, J.-r., Spink, A., Howarth, L. C. (2013). New Directions in Information Organization, In Library and Information Science. Bradford: Emerald Group Publishing Limited. PMI Standards Committee. (2015). A guide to the project management body of knowledge. Project Managemeetn Institute. QUT. (2017, September 23). Acknowledgement of Traditional Owners. Retrieved from QUT: https://www.qut.edu.au/about/our-university/acknowledgement-of-traditional-owners SANS. (2002). Introduction to Business Continuity Planning. SANS Institute. Tsipes, G. (2004). TO MANAGE PROJECTS THRU KEY PERFORMANCE INDICATORS. Russia, Moscow: APIC. Vukovi}, Z. (2004). PROJECT MANAGEMENT - SOFTWARE DEVELOPMEN TMETHODOLOGY. Siemens. Zhou, G., Shao, W. (2012). The Design and Improvement of a Software Project Management System Based on CMMI. Intelligent Information Management, 330-337. Guide Project Management Body Of Knowledge –Myassignmenthelp.Com Question: Discuss About The Body Of Knowledge Guide Project Management? Answer: Introduction A project methodology is an application of knowledge, tools and techniques in order to implement a project in such a way that it meets all the identified requirements (Schwalbe, 2015). This indicates that the project methodology plays a significant role in evaluating the project requirements. Project management methodology is a set of standard used for defining the techniques and procedure of project implementation (pundak, 2014). Therefore, it can be said that project management has a vital role in planning and implementation of a project. A project management methodology is a standard that counters the dangers and risk of the front end planning methods of project development (Serrador Pinto, 2015). The role of a proper methodology is to identify and evaluate the risks associated with a project. Project methodology or project management is a procedure of proper application of knowledge, skills and tools necessary for implementation of a project (Kerzner Kerzner, 2017). Identificat ion of a proper project methodology therefore, plays a major role in identification of proper skills needed for successful project implementation. A project methodology possesses the ability to successfully deliver the result quickly and inexpensively even in complex project (Leau et al. 2012). Therefore, it can be said that project methodology plays a very important role in successful delivery of a project. PRINCE2 Vs PMBOK PMBOK or project management body of knowledge is a guide that helps in standardizing the different project management tasks so that the project managers and the team members are on a same page while the implementation of the project. The PMBOK process includes five major phases such as initiating, planning, execution and control and closing. PRINCE2 on the other hand is a process based project management methodology that defines and describes the different activities that a project needs to follow for its successful implementation. PMBOK and PRINCE2: Similarities The similarities between PMBOK and PRINCE2 are as follows- The PMBOK and PRINCE2 set up some standard rules for the processes and techniques to be used in project management, which ensures project success (Karaman Kurt, 2015). PMBOK and PRINCE2 both help in identification of the associated risks in a project and propose different solutions for eliminating the identified risks from the project. Both PMBOK and PRINCE2 furthermore help in analyzing the different problems that is generally faced by a project while its execution. Advantages of PRINCE2 and PMBOK PMBOK The advantages of PMBOK are as follows- Helps in breaking down the projects in easy manageable steps. Provides standardization in different project processes (Snyder, 2014). It helps in reducing the overhead cost of the project management team It helps in increasing the accuracy in critical project management and complex projects. PRINCE2 The advantages of PRINCE2 methodology are as follows- It s one of the most commonly used project management approach and therefore is easier to implement. PRINCE2 methodology focuses in what a project needs to deliver thus helps in proper planning of the project (Saad et al., 2014). PRINCE2 methodology is flexible and therefore is the most preferable project management approach. Disadvantages of PMBOK and PRINCE2 PMBOK The disadvantages of PMBOK are as follows- It is a bit complex to understand and implement. It is very costly to implement in small projects. PRINCE 2 The disadvantages of PRINCE2 methodology are as follows- PRINCE2 methodology may not provide accurate measurement of the success of a project. PRINCE2 methodology is complex and cannot be implemented without having a proper experience. Change requests are difficult to accommodate in PRINCE2. Projects that suits PMBOK/ PRINCE2 Analyzing the different needs, requirements, advantages and disadvantages of PMBOK and PRINCE2, it can be said that PMBOK can be applied to the projects that need growing attention and methodical planning such as construction projects. PRINCE2 can be applied in less complex project which has clear requirements, as it is difficult to implement change in projects following the PRINCE2 approach. PMBOK and PRINCE2: Differences The differences between PMBOK and PRINCE2 are as follows- PRINCE2 is a project methodology while PMBOK is a body of knowledge that is concerned with the application of best practices in a project. PRINCE2 is comparatively easier to apply in different projects as PMBOK is comparatively complex (Matos Lopes, 2013). Project control is an issue in PMBOK, while PRINCE2 ensures that there is proper review of the project progress on a regular basis. PMBOK is useful in learning and gaining knowledge and achieving project management skills while PRINCE2 is a methodology framework. PRINCE2 on PLC PLC or project life cycle has four phases such as project initiation, project planning project execution and project closure. PRINCE2 is a project management process that ensures success of a project by managing every stages or phases of the project by thorough supervision of the same. In PRINCE2 approach, project is planned in a control environment and is generally carried out at the beginning of the project. PRINCE2 therefore relates to the project life cycle as the planning phase is an important stage of PLC. In the execution phase, PRINCE2 methodology ensures proper project supervision and risk elimination (Tomanek Juricek, 2015). Testing and bugs elimination is followed by the project closure phase. Thus, PRINCE2 not only ensures proper project implementation but also ensures project success. References Chaves, M. S., Arajo, C. D., Teixeira, L., Rosa, D., Jnior, I., Nogueira, accounting. (2016). A new approach to managing Lessons Learned in PMBoK process groups: the Ballistic 2.0 Model.International Journal of Information Systems and Project Management,4(1), 27-45. Karaman, E., Kurt, M. (2015). Comparison of project management methodologies: prince 2 versus PMBOK for it projects.Int. Journal of Applied Sciences and Engineering Research,4(5), 657-664. Kerzner, H., Kerzner, H. R. (2017).Project management: a systems approach to planning, scheduling, and controlling. John Wiley Sons. Leau, Y. B., Loo, W. K., Tham, W. Y., Tan, S. F. (2012). Software development life cycle AGILE vs traditional approaches. InInternational Conference on Information and Network Technology(Vol. 37, No. 1, pp. 162-167). Matos, S., Lopes, E. (2013). Prince2 or PMBOKa question of choice.Procedia Technology,9, 787-794. Saad, S., Ibrahim, A., Asma, O., Khan, M. S., Akhter, J. (2014). 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