The paper "Identification, Prioritisation, and Implementation of Strategic Initiatives" is a great example of management coursework. It is essential for project managers and executives of an organisation to understand the various concepts of project methodologies and processes, its relations to projects, and ways in which project methodologies relate to organizational processes. A project management methodology provides a standard to guide the project team and this includes identification of the roles and responsibilities. PRINCE2 project management methodology requires the existence of a viable business case before a project can begin while PMBOK and AGILE require the availability of body of knowledge and people’ s mindset respectively.
The following chapter discusses three popular project management methodologies and how each methodology affects or influence the identification, prioritisation, and implementation of strategic initiatives. METHODOLOGIES OF PROJECT MANAGEMENT PRINCE2 INTRODUCTION PRINCE2 or Projects in Control Environments is generally considered as an approach to management that guides managers on how to make changes to product lines, services, and some other aspect of the organisation in an effective way (Fox 2007, p. 5). In other words, it provides a comprehensive, flexible, and fully integrated set of best practices for setting up appropriate project management (Office of Government Commerce 2007, p. 10) It provides the structure for the project management team and definitions of responsibilities and relationships of all roles involved in the project.
It also offers a series of plan levels that can be customised to the needs and size of a project (Office of Government Commerce, 2002, p. 17). According to (Bentley p. 6), PRINCE2 is much more focus on the products to be produced rather than the activities that will produce them. It encourages organisations to be aware of the links between strategic objectives and the goals of individual programmes and projects (Office of Government Commerce 2006, p. 70).
The components of PRINCE2 include a ‘ business case’ where it emphasizes that this component must exist before a project can begin. Moreover, a viable business case should lead and drive a project (Bentley 2005, p. 2). PRINCE2 project methodology requires projects to be headed by a Project Board that will review the business cases regularly to ensure that the projects are still feasible to the strategic needs of the organisation (Steel 2008, p. 305). PRINCE2 generally allows the organisation to avoid the drawbacks of trial and error and gain a fast track to effective programme together with the benefits that come from managing change effectively.
More importantly, PRINCE2 supports training, accreditation and professional development structures (Office of Government Commerce p. 12). The following section discusses the various ways in which PRINCE2 support the identification, prioritisation, and implementation of an organisation's strategic alternatives. IDENTIFICATION OF STRATEGIC INITIATIVES As mentioned earlier, PRINCE2 projects are expected to always focus on delivering the specified products to meet a specified Business Case.
This Business Case contains essential principles that can make investment decisions better such as justifying the investment, rigid organisation structure, planning based on products, flexible phrasing, and flexible methodology (Bouwman et al. 2005, p. 81). The justification for an initiative such as programme and project activity, which normally contains costs, benefits, risks, and time scales, is usually included in the established business case (Richards 2007, p. 81). In other words, in order for a project to qualify, PRINCE2 requires the project to be worth the effort and cost and must result in something worthwhile (Graham p. 145).
Since PRINCE2 advocates product-based planning where the first move is to identify and analyse products, the resulting information becomes the basis in estimating the effort and the initiatives required (Bentley & Davis 2009. p. 80).
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