KEY ASPECTS OF PROJECT MANAGEMENT: AN OVERVIEW OF THE EXISTING METHODOLOGIES AND THEORIES
The current comprehensive report critically evaluated the PMBOK, PRINCE2 and Agile methodologies with advantages, disadvantages and key performance indicators in global practices such as Refurbishment of Heathrow Airport terminal 1, London Olympic Constriction Project and Intel Agile Development. In contemporary project management practice, the well-known methodologies and theories are Project Management Body of Knowledge (PMBOK), Association for Project Management Body of Knowledge (APMBOK), Projects in Controlled Environments (PRINCE2), Waterfall and Agile Project Management where PRINCE2 is a process-based method for effective project management. Data of this report collected from various secondary sources included books, journals, articles, case studies and business reports. From this evaluation it is found that PMBOK is originated in USA by the Project Management Institute which is spend significant time on planning stages and commonly used in Industrial and infrastructure development project; PRINCE2 is a milestone in project management practice originated as a method in United Kingdom by the Office of the Government Commerce and main focuses on products; Agile methodologies originated by a group of software practitioners for software development and main focus on customer value. PRINCE2 does not cover the organizational assets and factors as well as procurement, PMBOK provides only guideline and Agile bears unpredictable budget. Finally, the report draws conclusion and recommendations that one methodology may not be fit for all projects and in this case a combined or hybrid methodology may require. Also recommend for up gradation for methodology by gathering knowledge from experience. The study was conducted during the period of January-2017 to October-2018.