How Does A Formal Project Management Methodology (Such As The One Pmi Prescribes), Combined With Strict Corporate Governance Policy Affect Project Success Or Failure Of Information Technology (It) Projects?
[How does a formal Project Management Methodology (such as the one PMI prescribes), combined with strict corporate governance policy affect project success or failure of Information Technology (IT) projects?]
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CHAPTER 2: LITERATURE REVIEW1
A Brief History of Project Management1
Modern Project Management4
Project Management Methodologies9
PRINCE2 Project Methodology9
Project Management Methodology Used for the Study13
PMI project methodology13
Initiating process group14
Planning process group14
Executing process group15
Monitoring and controlling process group.15
Closing process group15
Project integration management16
Project cost management17
Project time management18
Project risk management18
Project human resource management18
Project quality management18
Project procurement management19
Project communications management19
Project scope management19
Project Knowledge Areas24
CHAPTER 2: LITERATURE REVIEW
A Brief History of Project Management
A temporary endeavor undertaken to create a unique produce, service or result with the application of knowledge, skills, tools, and techniques to project activities to meet project requirements is called project management and it has been defined by PMI (2008). The practice of project management and projects is not a new concept introduced in the 20th century. The ancient people also worked on projects and they also had their techniques to manage the project and this can be proved from evidence from earliest civilizations.
The construction of Great Wall of China and pyramids of Egypt are brilliant examples of project management. The artifacts give testimony to the project because the documentation of these projects is not available. The need for new artifacts or strategies has been found by examination of historical documents and they gave an idea as to how and why the artifacts or strategies evolved. The strategic need for the action being considered was provided by these documents. In order to guide the designs and execution of an initiative these documents are similar to project charter. Due to Rapid industrialization, the munition production in World War 1, the scientific management of Frederick Taylor, the project management concept came into being. The theories of worker productivity were tested by Taylor in the in the early 1900s, and he did this by forming a methodology for measuring performance of certain task by workers in the steel mills. (Allen 1980 13)
Taylor did this experiment because he wanted to increase the worker output of loading pig iron into a rail car. The job was broken down into smallest possible movements and each movement was timed by the Taylor. After the results the job was redesigned with minimal movements and efforts.
The definition of corporate governance which has been given by OECD is a set of relationships between a company's management, its board, its shareholders and other stakeholders. Corporate governance also provides the structure through which the objectives of the company are set, and the means of attaining ...