Project Management Approach

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Introduction
The paper aims to highlight PRINCE2 and its themes that is one of the most popular project management approach use by different organisation in the UK in regards of maintaining their internal functioning. The focus of the research paper is to highlight the similarities and differences between PRINCE2 and Scrum project management approach so is to analyse their working in their respective working approach.
PRINCE2
PRINCE2 is a developed type of an earlier project management approach called PROMPTII. PRINCE project management approach, which was an initio formulated in late 80s by the Telecommunications Agency (CCTA) and Central Computer as the UK Government standard for data innovation frameworks project management, whereas with
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Moreover, in business market, risk is one of the most essential things for companies to take in order to expand in the market place. The PRINCE2’s Risk Management Strategy gives insights around two specific risk management parts: the risk proprietor and the risk action. Risk proprietor is the person who oversees, screens, and controls the risk, and the responses to it. The risk actionee is the individual who performs the genuine exercises required for the risk reaction (Bannerman,…show more content…
The Project Manager figures a risk assuming to spend plan suitable for the venture a financial way to deal with the appraisal of task risks that is the assessing their effect and probability, and the appropriate responses (Lianying, Jing, & Xinxing, 2012). The risk management technique prescribed by PRINCE2 includes five stages:
Identify
Context
• The initial step in the risk management strategies is to obtain the information regarding the project that includes the risk management policies of the company.
• It further clarifies the objectives of the complete objectives that help them to identify the risks and help the project manager to formulate the Risk management strategy in order to control the negative side of the project and enhance the positive side (Sanchez, Robert, Bourgault, & Pellerin, 2009).
Risks
• It aims to identify the risk, threats and opportunities that might affect the internal and external environment and assets of the organisation. It further intents to analyse even minor details that might affect the company in any term and plan contingency plans to control the

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