Advantages And Disadvantages Of Methodology And Its Concept

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Methodology and its concept
To better understand the advantages and disadvantages of using a project management approach based on model-based methodologies, I will begin with reviewing the concepts and definitions. Then I 'll discuss about the major differences of PMBOK® and PRINCE2® project management standards.
Methodology defines a system of practices, techniques, procedures and rules used by those who work in a discipline. For example risk or time management methodology defines the approaches, tools and data sources that will be used to perform risk management or time management on the entire project or its segments.
PMBOK® is the American standard of project management which is accepted worldwide. It’s a knowledge-based approach which
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The majority of the companies using it experienced better control and higher reliability as well as more accuracy and less deviation to the target. On the negative side, some organizations faced complexity in their routine operations.
 Advantages:
1. Less Complexity: A project consist of different phases which sequentially begin by initiation and ends by closure. Evidently when we divide any activity into smaller and well organized components, we shall expect less complexity in accomplishing the activity.
2. Ease in communication: Project Management standard and its operational methodologies, have a simpler look into the roles and responsibilities of project manager, its subordinates and the stakeholders.
3. Less Deviation: Before beginning any project, the project management team precisely scheduling the whole project-in term of time, cost…-. Meanwhile at any stage of the project-in case of change or constancy-they monitor and review the entire project frequently. It increases the level of accuracy of the project.
4. Higher morality of work: When a team is formed, all the members see themselves as part of the project. This is due to the specific incentive approach to project

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