Project Management and PRINCE2 Methodology
Abstract: Title: Project Management and PRINCE2 Methodology Author: Mustafa Raziq Supervisor: Anders Hederstierna Department: School of Management, Blekinge Institute of Technology Course: Master’s Thesis in Business Administration, 10 credits. Background and Problem Discussion: The dynamic nature of the business environment has forced the organizations in process industries to experience unprecedented levels of change. Those organizations who fail to manage the inherent risk associated with change, innovation and management of projects often end up with high proportion of projects failures. PRINCE2 is a structured method for effective project management. Uncertainty and change are the important factors that underpin the adoption of PRINCE2 methodology by the organizations. There are always lots of changes during the life of the project, people change their minds, and requirements change. These affect what the project is doing. Purpose: • To analyze the structured, generic and process based approach to project management. • To address the key research question: Is the generic and structured approach the ultimate solution for effective project management and the success of projects? • To explore how the organizations can better implement the generic and structured methodology according to their needs and requirements. • To identify and explore possible ‘grey areas’ associated with the implementation of the generic approach, where the careful considerations need to be taken into account by organizations. • To highlight the future of PRINCE2 methodology. Method: This research is based on an extensive critical literature review of the project management principles, methodology and its practical implications in different industries. Critical literature review uncovered the following important questions shown below that underpin the research study. • Is the generic and structured approach the ultimate solution for effective project management and the success of project? • Do the benefits of PRINCE2 outweigh its limitations in adoption of PRINCE2? In order to address these questions, this research paper draws upon face to face semi-structured interviews conducted as part of a research study, which was designed to explore practical implications for process-based approach to project management across a range of different industries Theory: Theory was taken from numerous journals, books, articles and research papers. The Literature review was done to build internal validity, raise theoretical level, and sharpen construct definitions in order to validate and compare what is actually the theory of the problem in question all about and what is happening in industry as well. Analysis: Analysis was done on the basis of the data collected by means of face to face interviews. Data collection was based on research questions that were generated during literature review. Conclusion: Conclusions were made on the research, based on the analysis of the collected data. Research concluded that the methodologies are frameworks and nothing more. Though it is tried and tested structured approach that will give a sound basis for running a successful project. It is not however a substitute for creativity. Projects are always unique; they necessarily involve uncertainty and risk and they will require all flexibility and ingenuity if they are to succeed.
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