A Report Considering Application of PMBOK and or PRINCE2 to the Launch of ePropertyWatch (Term Paper Sample)

A Report Considering Application of PMBOK and or PRINCE2 to the Launch of ePropertyWatch Student’s Name Institutional Affiliation Course Instructor’s Name Date 1 Introduction PMBOK is a collection of generally accepted standards in the project management sector. PMBOK is an industry substructure incorporating excellent practices, guidelines, processes, and terminologies. This first publication was done by Project Management Institute (PMI) in 1987. However, PMBOK might have started earlier in 1969 during the establishment of PMI aimed at creating a forum for experts to discuss issues experienced in project management. In 1984, PMBOK gave out the first accreditation called Project Management Professional (PMP) which was an important tool for aspiring project managers to try and demonstrate their capacity to execute their duties. PMI published the first PMBOK Guide in 1996, and the sixth edition in 2017 that is accessible in 12 languages (Tonchia, 2018). PRINCE2 stands for Projects IN Controlled Environments, 2nd major revision. PRINCE2 is a unique project management methodology that underscores a structured strategy to leading projects inside a perfectly spelled out framework. UK’s CCTA created PRINCE in 1989 to regulate how the government managed IT projects. PRINCE received tremendous application and advocacy to even non-IT projects triggering the release of a more inclusive PRINCE2 in 1996; one that the United Kingdom government still uses ( Skogmar, 2015). PRINCE2’s 6th edition was published in 2017, and it is widely embraced globally by both private and public sectors. 2 Similarities and Differences Similarities * PMBOK and PRINCE2 render the relevant project management knowledge and tips * PMBOK and PRINCE2 provide a globally ascertained approach to project execution Differences * PMBOK offers a detailed guide to effective project management while PRINCE2 provides a practical approach driven by certain principles. * PMBOK defines the roles of the project manager while PRINCE2 describes the roles played by all involved parties. PMBOK and PRINCE2 are the best project management practices for launching ePropertyWatch. PMBOK has enough knowledge that informs techniques applicable in the ePropertyWatch programming and launching, therefore, serving the demands of all MLSs. PRINCE2 describes what is to be done in a project, when, and by who. The two methodologies are internationally recognized, therefore, ePropertyWatch is categorically implemented to ensure all MLSs succeed. PMBOK provides a general blueprint of managing a project while PRINCE2 introduces a practical and process-based approach because unavoidable changes might occur forcing the methodology to be altered (Vaníčková, 2017). Therefore, the ePropertyWatch Plan Outline indicates the relevant processes and their completion timelines. In this case, Williamson’s roles are defined by PMBOK because he is the project manager while PRINCE2 determines who plans, manages, and schedules the project among other things. 3 Risks PMBOK plans for risk management by itemizing the categories into procurement, resources, and market to establish the procedures and timing for risk reevaluation. Therefore, different inputs and tools are channeled to define the risk impact and profitability. After risk identification, qualitative and quantitative assessment is done to influence the right risk responses to introduce and execute (de Gusmão & de Moura, 2003). ePropertyWatch is a comprehensive project where different parties are assigned roles. MFRMLS did a risk evaluation and the most relevant actions were taken to ensure the predetermined timeline was met. PRINCE2 determines the risk likelihood and influence because it perceives the occurrence to be either an opportunity or a problem. PRINCE2’s ability to predetermine a risk’s impact exceeds the project to demonstrate how it can influence future goals. PRINCE2 spots risk cohesively and logically because the project managers determine the occurrence circumstances (Esteki et al., 2020). Therefore, relevant response guidelines like changing the scope or schedule are provided to mitigate the manageable ones. In the case of ePropertyWatch, the quality assurance officer assessed the product for potential risks that could have hampered its launching. The support center collaborated with quality assurance experts to ensure ePropertyWatch was implemented to operate risk-free. Also, enough tracking was necessary because risks happen whenever contingencies occur. 4 Project Context PMBOK is suitable for almost all projects because it offers basics for an array of products like automotive, IT, software, construction, communication among others. PMBOK offers guidance on project management through its knowledge areas as well as process groups (Alwaly &Alawi, 2020). PMBOK inspires projects by offering a procedural guideline from initiation to closing. Therefore, PMBOK describes the best practices any project manager should execute to succeed. Project managers can address unique knowledge areas in isolation for effective decision-making. PMBOK also has many techniques and tools that ease project managers' work regardless of specialization. PRINCE2 is applicable in a wide array of projects ranging from IT, financial, construction and engineering among others. In the beginning, PRINCE2 only handled IT projects, but it has experienced tremendous growth that has enabled it to serve other industries. PRINCE2 does not discriminate projects based on sizes because even ones running for a short period can benefit from the guidelines. PRINCE2 is generic, therefore, highly configurable to accomplishing success in different projects regardless of marketplace or industry (Islam &Evans, 2020). PRINCE2 has strong control and check systems that spot potential risks that can delay or stall the project. PRINCE2 also manages every stage separately and this minimizes chances for failure. 5 Lifecycle Implications PMBOK organizes its 5 categories called Process Groups into 49 processes. Each category consists of tools and techniques to be executed, inputs needed, and targeted outputs. The 49 processes are also subdivided into Knowledge areas that define the necessary expertise (Čabarkapa, 2019). Knowledge areas are described by techniques, processes, inputs, and practices. However, different modifications were done in the 6th edition based on the changing practices from time to time. PMBOK has 132 techniques and tools a project manager can use in different processes. PMBOK also describes the project managers' roles by emphasizing their entrepreneurial skills and leadership capacity rather than technical skills. PRINCE2 has 4 elements that integrate brilliantly to achieve an excellent project environment. PRINCE2 has 7 principles that function as blueprints of how everything will be executed; therefore, a successful project depends on how they are applied. PRINCE2 has 7 themes that should be perfectly handled from initiation to closing stage (Reiter et al., 2021). Themes define responsibilities and assign them to individuals who are held accountable at a predetermined time. Themes equate to 7 processes that are divided into different activities for timely implementation. PRINCE2 describes tailoring techniques to some projects based on their complexity, risk levels, and sizes. 6 Application PRINCE2 would be the best project management methodology to apply when organizing and launching ePropertyWatch. PRINCE2 approaches suit all projects regardless of the sizes just like the techniques employed to suit all MLSs. In PRINCE2, all stakeholders understand their dut...