PROJ6000: Individual Report Assignment Help
Question
PROJ6000: This individual report for PROJ6000 constitutes the second part of the Principles of Project Management Assignment of Torrens University Australia. The assessment revolves around the importance of Project management in contemporary projects by remarking on the applicability of PMBoK and Agile approaches in projects.
Solution
The solution incorporates an analysis of PMBOK and Agile approaches in contemporary project management. Our experts have divided the solution into various sub-sections. These include- an Introduction, Similarities and Differences between Agile and PMBOK, Approaches to risk management, Projects undertaken by the PMBOK and Agile approaches, Lifecycle implications, and the Application of the project management approach.
Introduction
The solution begins by providing a short introduction for the report which also incorporates the purpose of writing this report.
Project Management Body of Knowledge (PMBOK) refers to a process-based project management methodology that applies as a reference guide on effectively proposing and completing a project. The concept was introduced by Project Management Institute (PMI) in 1987 due to the inefficiency many industry leaders face in managing projects and providing effective results in an organisation. Owing to this concern, a methodology or reference guide of PMBOK was presented as a standardised practice to effectively manage projects by helping and associating with the project managers (Guide, 2001; Abyad, 2018; Heldman, 2018).
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Similarities and Differences between Agile and PMBOK
This section highlights all the key similarities and distinctions between the Agile and PMBOK project management approaches. Our experts have used evidence from relevant and credible literature sources.
The PMBOK approach is a guideline applied to various types of projects to complete them within specified time and budget (Sirshar, Amir and Daud, 2019). On the other hand, Agile methodology helps in improving efficiency through cost control and quality improvement by incorporating changes at any stage of the project. Referring to the case study, PMBOK is suitable for both partners Rodrigo and Ignacio to setup El Charrua Restaurant at the decided small space. It is because restaurant setup is one time process and require fixed cost and needs to be completed in the fixed budget as partners had limited fund to invest into setup.
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Strategic approach to project risk management
The next section remarks on the strategies that have been proposed by various researchers to address the challenges associated with project management. Our experts have written clear and detailed answers for each section, a snippet of which you can read below.
PMBOK project management approach proactively treats risks by anticipating all uncertainties in advance. It mainly consists of six main processes, including risk management planning and identification, qualitative and quantitative risk analysis, risk response planning, risk monitoring as well as controlling (Sari et al. 2020; Guide, 2001). It is helpful for Rodrigo 7 and Ignacio to assess the environment of A Coruña city first to find out consequences of opening the barbecue restaurant in relation to proximity to suppliers and in case of nonavailability of suppliers, alternative options etc. Since there was no restaurant in the street; therefore, PMBoK could make both partners cum friends Rodrigo and Ignacio aware of the risk of reduced customer visits and the need for marketing efforts for the same which was witnessed through the use of Facebook and referral marketing in the case.
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Projects undertaken by the PMBOK and Agile approaches
Different projects that have used PMBOK and Agile approaches are highlighted here. The evidence provided here by our experts demonstrates an in-depth understanding of the methodologies and approaches, as well as their relevance in contemporary projects.
The PMBoK is the traditional setup of project management technique which generally provides a set of rules related to quality, cost and time etc. In this context, it is applied to projects such as construction, relocation project and railway etc., which go for a long time and demand an advanced pre-defined set of instructions to finalise the project (Lyandau, 2022). Putting this into case, PMBoK is helpful in changing the interior of the restaurant and helping management establish a new setup without affecting the ongoing operation.
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Lifecycle implications
This section elaborates on the various phases of the two project management approaches. You can read some parts of the complete section written by our experts here.
The table above shows that while initiating, PMBOK focuses on approving new projects or phases, while Agile mainly focuses on product development by investigating business requirements and how the team is shaped. Further, during the planning phase, PMBOK follows a chronological pattern of designing and prioritising completing the project through execution, while Agile focuses on separate stages of each iteration to execute the plan by analysing the progress of each iteration.
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Application of project management approach
This last section highlights the various areas of application of PMBOk and Agile project management approaches along with proper citations of key evidence from contemporary projects by our experts.
In the given case, the El Charrua Restaurant relies on insights of friends, the experience of Rodrigo and Ignacio and known people regarding updating the menu, selecting a location and price revision. On this note, agile methodology proves to be effective as it is a flexible approach which allows incorporating changes quickly. It will help Rodrigo and Ignacio to identify cost-effective suppliers in order to source necessary items like wine for reducing the overall cost of operation. Apart from this, the Agile approach of project management is best fitted since it resolves issues by segregating tasks into small groups to minimise the risks. The issues that arise with changing customer preferences and demands are managed as they changed the menu of El Charrua Restaurant according to the demanded dishes, which turned out to be the best approach and was possible with the agile methodology.
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