04-May-2018 PPMP20009: Assessment 2 – Methodology assessment Supplementary information about organisations Hi everyone, The following information is provided to complement the existing information...

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Answered Same DayMay 14, 2020PPMP20009Central Queensland University

Answer To: 04-May-2018 PPMP20009: Assessment 2 – Methodology assessment Supplementary information about...

Ahmedali answered on May 17 2020
141 Votes
1.0 Introduction
Any large scale project needs a formal methodology if it has the deliver results within boundaries of budget and timeline. Use of a project management methodolo
gy can be used for understanding and formalizing various processes that are needed to completed a project successfully including communications, stakeholder management, risk management, scheduling, budgeting, and more. PMBOK and PRINCE 2 are two most common and exhaustive methodologies that can be applied to most projects. In the case of the Organization B which is suspecting an increase the financial risks to the company, management is looking for a methodology that would allow them to assess risks at every stage of the project such that the project is forwarded to next stage only after a previous stage is bring reviewed for risk.
In the PMBOK guide, the risk assessment is an ongoing process which begins at the time of planning and the risk logs are created that get updated along the project milestones. However, managing risks in this way do not put any mandatory restrictions for risk assessment before moving on to the next stage. PRINCE 2 methodology on the other side is a methodology which is managed by stages such that the stages of projects are managed with defined boundaries. Thus, PRINCE 2 methodology can be easily tailored for the organization to accommodate this need by putting risk assessment as a mandatory process after completion of every stage.
Project management has different definitions depending on different scales of complexity, objectives, and tackles. It is moreover a strategy, which is indiscriminately field of management formulated to manage the projects in different ways. For every projects success, there needs to be a methodology, which describes...
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