Global Project Management Business Methodologies

Question: Describe about the Global Project Management for Business Methodologies. Answer: Global Project Management There are various methodologies available that can be used for management of projects. But the three most commonly used methodologies are PMBOK, PRINCE2 and ISO. PMBOK Methodology It is Project Management Body of Knowledge. All users of this methodology find that it has more significant framework for managing contracts, scope and other essential aspects which are not so much strong in PRINCE 2 methodology of project management. But there are some users who are not satisfied from this system due to this limitations in decision making for managers of project. It makes difficult for handling over aspects of the management for other parties and also for senior managers. According PMBOK methodology, project manager is considered main decision maker, planer and problem solver. (Management, 2016). PRINCE2 Methodology This methodology stands for Projects in a Controlled Environment. Both financial and functional authorities are shared by this methodology with project manager and with senior management. Other major program of this methodology is to emphasize on aiding that project manager requires in oversee projects. The main pros of this project methodology is that it provides a single standard approach to the management projects. That is why both government and global organizations prefer PRINCE2 Methodology (Prince2.com, 2016). ISO Methodology ISO is an essential guideline for project management and any business organization can use this ISO methodology such as public, private and community and any type of project such as irrespective of complexity, size and duration. ISO methodology encourages knowledge transformation between organizations and projects which is required for improving project delivery. It provides universal project management principles and processes that are required for both global and local business. These are some reasons that ISO methodology is considered better than PRINCE2 and PMBOK methodologies at some extent. It also consists of risk management principles and guidelines and other specific standards that are required for better and effective management of project. Any of these project methodology can be used in organization according to requirement for managing projects (ISO, 2016). How might answer change if project were global? If there is a situation that project is global, then we would like prefer to ISO methodology as compare to PMBOK and PRINCE2 methodologies. As we have discussed that ISO methodology is effective and can provide help for handling risk management. Besides this, at global level both cross cultural and international teams will be involved. References Management, P. (2016). PMBOK vs PRINCE2 vs Agile project management. CIO. Retrieved 30 November 2016, from https://www.cio.com.au/article/402347/pmbok_vs_prince2_vs_agile_project_management Prince2.com. (2016). PRINCE2 Processes - 7 Processes Of PRINCE2 Explained | USA. (2016). Retrieved 30 November 2016, from https://www.prince2.com/uk/prince2-processes ISO. (2016). New ISO standard on project management (2012-10-10) - ISO. Retrieved 30 November 2016, from https://www.iso.org/iso/news.htm?refid=Ref1662