PRINCE2 and PMBOK Comparison

Question: Discuss about the PRINCE2 and PMBOK Comparison. Answer: The report is about the risk management that needs to be done before the beginning of any new project. The report is done taking into account the Superconducting Super collider project. The research is done taking into account the projects similarities and differences with its European counterpart, the Large Hadron Collider. The analysis is done to locate the exact reason for the failure of the American project and the reason behind The European Projects success(George, 2013). From what we can see, the report has made it very clear that both the projects depended on untested technology and were the first of their kinds. While the Superconducting Super collider experiment did not involve any risk analysis before beginning the project, it ended in a failure. However, the Large Hadron Collider was a complete work that included a thorough risk analysis. The report brings to light the fact that the Large Hadron Collider was behind the scheduled time and thus incorporated an EVMS to track the projects cost, schedule and performance(Wysocki, 2014). Although it was not successful in performing what it was meant to do, the team immediately executed their call on contingency process to secure the factors. However, the outcome of the SSC could have been different if it had incorporated a similar risk management strategy. Now, I have found out that the American project was not without a risk analysis plan. It is quite evident from my readings that the project did undergo a risk analysis as it was untested technology that they were using. But from what I have found out, it can be seen that they did not have a backup plan(A guide to the project management body of knowledge, 2013). The moment they were running behind schedule, they put into use some immediate planning which was designed to fail. This is because; those plans were not part of a previous risk analysis plan. The risk analysis plan for the Large Hadron Collider, on the other hand, involved a step by step risk anal ysis procedure that involved a hierarchical process. Under such a planning, the team members of the project were always equipped with a measure in case something went wrong(Wysocki, R. K., 2014). The Semiconducting super collider project, on the other hand, did not possess any such step by step process which made them unclear with what to do in case something went wrong. Thus, they made immediate plans which were not always in accordance with the problems that really arose at those points. As a result, the experiment faced such a failure. The report is about the utilization of different standards based on their utility. The report takes into account the two standards, PRINCE2 and the PEMBOK which are the standards used in the UK and the USA respectively(CTE Solutions Inc., 2014). The two standards have for long been utilized to create a framework for the organizations that are new and need some sort of instruction manual on how should one proceed. As the report rightly points out, the PEMBOK is an effective standard but it is limited to only the US owing to its certain limitations(Sunohara, 2011). However, the PEMBOK caters to the large client base even out of the UK. As a result, the report states that the PEMBOK is an effective solution for organizations that aim at growing not only their business but also their client base and goodwill among the customers. Although PRINCE2 is easy to follow and can be used for upcoming industries who need an easy methodology for their various functions, the report does point out th e fact that the contemporary society is a complex sphere that comprises of a diverse mix and eventually, all organizations need to shift to the PEMBOK standard. From what I know, the PRINCE2 is an easy method that follows the regular processes. That is to say, the PRINCE2 is a system that measures the degree of safety and health associated with the process of manufacturing and delivering them to the clients (PRINCE2 methodology, 2014). However, it does not take into account if the purpose of the product or service is fulfilled. As a result, I can say that the method is an easy one to follow in the case of setting up something. But the PEMBOK standard is something far more precise (PMBOX vs PRINCE2 vs Agile project management, 2011). This is because, from what I can understand, PEMBOK follows a strict utility and quality standard that is not easy to follow. As a result, as soon as a company begins to gain a large market, it should implement this standard to gain better access and dev elop a brand value. References Clements, J. (2012). Project Risk Management. https://www.youtube.com/watch?v=64SYPlMTz9U Project Management Institute. (2013a). A guide to the project management body of knowledge (PMBOK guide) (5th ed.). Newtown Square, PA: Author [Vital Source e-reader]. Chapter 11, Project Risk Management Wysocki, R. K. (2014). Effective project management: Traditional, agile, extreme (7th ed.). Indianapolis, IN: Wiley [Vital Source e-reader]. Chapter 3, What Are the Project Management Process Groups Module 4 Discussion Topic #2 use this refrence for topic 2 Required Resources CIO Staff. (2011, 29 September). PMBOX vs PRINCE2 vs Agile project management. Retrieved from https://www.cio.com.au/article/******/pmbok_vs_prince2_vs_agile_project_management/ ILX Group. (2014a). PRINCE2 methodology. George, (2013).The Large Hadron Collider. Retrieved from oxinabox.ucc.asn.au/files/Uni/assignments/GENG5505/Report.pdf Wysocki, R. K. (2014).Effective project management: Traditional, agile, extreme(7th ed.). Indianapolis, IN: Wiley CTE Solutions Inc. (2014).PRINCE2 PMBOK Comparison Demystified. Retrieved fromhttps://www.slideshare.net/CTESolutions/prince2-pmbok-comparison-demystified-29846454 Sunohara, D. (2011).PRINCE2 vs PMBOK: Comparing apples and oranges.Retrieved fromhttps://www.deltapartners.ca/blog/prince2-vs-pmbok-comparing-apples-and-oranges