Design Thinking and Innovation at Apple - 1000 Words

BACKGROUND: Apple has been a leader in innovation for years and has been able to achieve so by striving hard to deliver insanely great products with simplicity and sophistication. The constant need for innovation, development of unique product development strategies and their prompt execution, the presence of the visionary, Steve Jobs and their bold attitude at business experimentation formed the basis of principles at Apple. During mid-1970s, computers were mere automation devices and were not perceived to be used for personal work. Apple reasoned the impact personal computing will have on individuals once they were able to see how beneficial the personal computers could be. It was essential these machines were highly user friendly.†¦show more content†¦Jobs demanded products with ultimate sophistication, high quality, and superior capabilities yet, simple UIs. It was his persuasion to have Apple computers for personal computing, when the rest of the industry was busy creating enterprise solutions. His drive for excellence, and total involvement in every stage of product development and its presentation to the customer, have been the principal elements responsible for the innovation at Apple and the way the company is shaped up. Apple manages to create hype about its products and makes grand presentation to launch them in the market. The launched product is immediately available in the retails and on-line stores for customers to review and purchase. Apple values its secrecy and guards it fiercely. This creates additional hype around the product as they have been known for delivering innovative and appealing products. The constant innovation at Apple ensured they had improved versions of previously launched products, which were then marketed to promote users to have a portfolio of a single product. Apple took a bold step by moving to retail and having commercial stores for Apple products in a hope to attract non-Apple customers and retain the Apple fan base by providing elegant store designs and easy accessibility to their products. The intent was to generate foot traffic by luring shoppers andShow MoreRelatedDesign Thinking and Innovation at Apple1406 Words   |  6 PagesApple Case Assignment Abstract The purpose of this assignment is to access the â€Å"Apple way† and understand the source of their systematic innovation and the way to sustain it. The major source of innovation is design thinking, which is also discussed based on Apple case. Finally, Steve Jobs is compared to other major industry player, Bill Gates, in order to understand their major difference and compare their success stories. Is there a systematic approach to Innovation at Apple? How would you characterizeRead MoreDesign, Thinking and Innovation at Apple1387 Words   |  6 Pages1. Executive Summary Apple as one of the most famous and successful corporations and brands in the world can attribute its past success to Steve Jobs and their employees. The whole organisation understands the companies (mainly Steve Jobs) vision and philosophy. In Apple, employees think that they can change the world and bring completely new values to the customers by design and innovation. They not only want to deliver these new values in a simple way, but also want to provide the customersRead MoreDesign Thinking and Innovation at Apple1398 Words   |  6 PagesApple Case Assignment Abstract The purpose of this assignment is to access the â€Å"Apple way† and understand the source of their systematic innovation and the way to sustain it. The major source of innovation is design thinking, which is also discussed based on Apple case. Finally, Steve Jobs is compared to other major industry player, Bill Gates, in order to understand their major difference and compare their success stories. Is there a systematic approach to Innovation at Apple? How would youRead MoreApple - Design Thinking and Innovation at Apple7835 Words   |  32 Pagesbeginnin ined in the U cial strength a the worst rec n and annua General Elec firms had larg ned to Apple, Jobs, after all as coming bac ore commitme nce being fou uter hardwa hone, and re els. Moreover ublishing bus r and its appl hs after launc one who used miliar object. So pple’s succes g. It came fro ire to develop c within the f dreams of mi its eyes on the s Apple ven etitors, the r any often def _______________ and independent r solely as the basis ineffectiveRead MoreApple s Design Thinking And Innovation At Apple906 Words   |  4 PagesKierson Wilfley October 29, 2014 BBUS 471 Apple Ideas Case 1. After reading Design Thinking and Innovation at Apple, it is quit obvious why Apple has been so successful. One reason is that they had great products and services to offer such as design thinking and clear development strategy. Their Design Thinking is what connected Apple’s designers and customers because of the emotion that was transferred. This was seen with the original Macintosh. Bill Atkinson said â€Å" . . . There was an emotionalRead MoreDesign Thinking1006 Words   |  5 Pagesreport---Design Thinking and Innovation at Apple Qi YU Q1. Why has Apple been so successful? What do you attribute it to? For several years, Apple has been ranked as the most innovative company in the world, but how it has achieved such success remains mysterious because of the company s obsession with secrecy. Now researchers and business men have found more about its success. According to the case, the main reasons are showed as following. Product: 1. Technology innovation ComputersRead MoreSteve Jobs s Uses Great Business Strategy Lead The Apple Company1247 Words   |  5 PagesIntroduction: Many years ago people will think apple is a fruit. Nowadays, when people talking about Apple, we will think they are talking about Apple products. Apple Inc. is a famous company in creating new products and launching innovative technology. It leads the word to a new technology on many kinds of electronic products, and creates many kinds of products such as cell phone, portable computer, table computer, media player, and monitor. Apple during many times leadership change, they foundRead MoreEmpathy And Design Thinking Steve Jobs1544 Words   |  7 Pagessignificant characteristic of a design thinker and leads to ultimate success in the business environment. Empathy allows an entrepreneur such as Steve Jobs to gain an understanding of the human experience and develop Apple products that adhere to the desirability of customers. This human centred methodology and culture of innovation allows a design thinker to examine and understand perspectives of others both imaginatively and affecti vely. By utilising empathy in design thinking Steve Jobs was able to developRead MoreEssay about Apple Strategy1710 Words   |  7 Pagesï » ¿ Magical Apple Apple’s over-arching company strategy follows an innovative, mysterious and customer-centered strategy. One of the main reasons for Apple’s success has to do with their large commitment to satisfying customers while continuously innovating their products and design without creating a sense of â€Å"too much† or confusing their consumers through new operating systems. These goals, which create a unique and successful company, are achieved through the ways in which they use the fiveRead Moreâ€Å"anti-hierarchy† environment in an organization Essay969 Words   |  4 Pagesconfusion sets in different organizational units without proper management and direction of any creative thinking. Another way to encourage creative deviance is create a contemporary organizational design that inspires it. Team structure, boundaryless structure, matrix-project structure, and learning structure can promote the idea of â€Å"thinking outside the box† and innovate where innovation is not really expected. Such environments are highly flexible and responsive and strive best in less mechanistic

How Managerial Accounting Adds Value to Organization

HOW MANAGERIAL ACCOUNTING ADDS VALUE TO ORGANIZATION 1. INTRODUCTION Management accounting provides accounting and related information to support the management of an organization in its internal decision-making. It includes product costing, relevant costing, cost-volume-profit analysis, capital budgeting, and operational, tactical, and strategic planning. A major activity included in the management accounting is the measurement of costs of processes that create value. Management accounting is performed inside organizations. It is the internal business-building role of accounting and finance professionals, who design, implement, and manage internal systems that support effective decision support, planning, and control over the†¦show more content†¦The differences are as follows: - Management Accounting Financial Accounting Users Is largely used by the people within the organization (internal users). E.g. the managers who make plan as well as financial decisions. The users of financial accounting consist of people within the organization as well as people external to the organization. E.g. investors, customers and suppliers Reporting regulation framework Not regulated by any framework, since only the management intends it. Regulated by law and the preparation of report must conform to requirements of accounting standards other regulatory authorities. Nature of report Based on combination of historical data, estimates and projection of future events. Information supplied is based on historical transaction data. Reporting scope Information included normally focused on certain section of the organization such as product lines, jobs, departments or divisions. Report focus on all transactions occurred within the organization as a whole. Report frequency Report is prepared as it is required. It depends on the management need. Report is usually prepared annually in accordance to the organizations accounting period. 5. MANAGERIAL ACCOUNTING TOOLS/TECHNIQUES Today, the management accounting embraces a variety of sophisticated Systems, tools, and techniques, such as activity-based costing, enterprise value analysis, value-chain analysis, and the balanced scorecard.Show MoreRelatedThe Changing Role of Managerial Accounting in a Dynamic Business Environment1723 Words   |  7 PagesROLE OF MANAGERIAL ACCOUNTING IN A DYNAMIC BUSINESS ENVIRONMENT Learning Objectives 1. Define managerial accounting and describe its role in the management process. 2. Explain four fundamental management processes that help organizations attain their goals. 3. List and describe five objectives of managerial accounting activity. 4. Explain the major differences between managerial and financial accounting. 5. Explain where managerial accountants are located in an organization, in termsRead MoreWhat Are The Four Basic Types Of Financial Ratios Used For Measure A Company s Performance?829 Words   |  4 PagesActivity #8 - Questions Is it possible for companies both to maximize financial value and be socially responsible? Explain Yes, I think so because a company can gain profits and keep at a good financial rating and still be responsible for social things as well. This all comes as a good business strategy and business management. 2. List the four basic types of financial ratios used to measure a company’s performance, give an example of each type of ratio and explain its significance. 1. LiquidRead MoreResponsibility Accounting949 Words   |  4 PagesRESPONSIBILITY ACCOUNTING IN FOSTERING GOAL CONGRUENCE RATIONALE: It is impossible for top managers to make all the necessary decisions about everything except in very small organizations. Somehow at some point he has to delegate some decisions to those who are at the lower levels and are more knowledgeable to the everyday detail of the company’s operation. By empowering lower level managers to make decisions, decision-making authority is spread throughout the organization rather than beingRead MoreThe Role of a Manager Within the Functional Areas of Business762 Words   |  4 Pagesactivities. It is all depends on the size of organizations.   Leading people is usually part of what a manager does, but the manager is also responsible for leadership over a segment of work, a sub-section of the organization’s results or a functional are of business. The manager is an employee who is responsible to plan, direct and oversee the operations and fiscal health of business unit, division, department, or an operating unit within an organization. The manager is responsible for overseeingRead MoreFunctional Areas of Business Essay1174 Words   |  5 Pagesnine-to-five work week become less the norm, the human resources departments have had to adapt and change to make sure they can continue to bridge the gap between the workforce and employers. Instead of simply treated as an administrative position, the HR managerial role is being reformatted as a strategic tool for business (Payne, 2010). â€Å"During the 1980s, personnel departments were responsible for handing out applications, providing employees with insurance enrollment forms and processing payroll. The roleRead MoreManagerial Accounting Is A Set Of Methods Used By Managers2674 Words   |  11 PagesFinal BUS630: Managerial Accounting Dr. John  Kuhn Windell K Smith Jr December 21, 2014 Managerial accounting is a set of methods used by managers to help them make effective and efficient decisions about financial resources. These methods were primarily designed to educate the decision makers within an organization. Managerial accounting primary focus is the whole company as well as segments within the organization, which are of major importance. Managerial accounting can be usedRead MoreEvolution of Performance Measurement Models in Management Accounting1594 Words   |  7 PagesManagement Accounting Name Grade course Tutor’s name 2nd October 2010 Abstract Changes in management accounting have gone by unnoticed in the recent years. This article tries to explain by how much management accounting has altered through the years, since the 1950s to date, and the reasons that led to the changes. This work also focuses on various performance evaluation models, their applications and their effectiveness. Introduction There was little advancement in accounting in theRead MoreCase Study : The Owners Of Price And Carter Accounting 1592 Words   |  7 PagesIntroduction - Ricki We have been hired by Price and Carter Accounting, LLC, a small startup accounting firm located in Columbus, Indiana that has only been open for about three months. They have hired us to look into their current situation and make recommendations based on that information for how they should begin acting on their goal of expanding within their market. Given that they are still a young company, they indicated their plans for expansion will not happen for the next few years. Read MoreManagement Practices Traditional vs Modern Innovative997 Words   |  4 Pagesfew management accounting innovations has been developed. Managers have to make decision on a daily basis as well make decisions regarding the future and how to survive and grow in an energetic market place with ever growing uncertain circumstances. Traditional or modern management accounting system give relevant information to all levels of management, financial and other information to make decisions about planning, control o f operations and identifying opportunities to add value. The modernRead MoreManagerial Accounting Analysis of Concepts and Techniques4204 Words   |  17 PagesManagerial Accounting Analysis of Concepts and Techniques Managerial Accounting BUS 630 Managerial Accounting Analysis of Concepts and Techniques Introduction/Thesis Statement Managerial accounting is a concept used in businesses to manage internal systems. Understanding the importance of effective decision making, planning and control creates a foundation for value within the company on a more in depth level. Planning and controlling is measured by performance based on budgeting accounts

Military Bearing Essay - 1046 Words

In the United States Army, military bearing is the root in which every service member practices in order to carry out good discipline and ethics throughout ones military careers. The Three General Orders of a Soldier, The articles of UCMJ, as well as our own Sailors Creed illustrates how a military service member should conduct himself or herself on a daily basis, on and off duty. Dependability is a major aspect of military bearing. Without dependability, one can neither perform properly in the workspace nor be depended upon by their coworkers, or chain of command to carry out their military duties adequately. A military member is required to be PUNCTUAL, and RELIABLE. Lack of this in a service member not only hinders the mission of†¦show more content†¦As service members, military bearing is a vast assortment of rules and ethics that govern our everyday life. For instance, a clean and presentable uniform, knowing ones facing movements, how to respectively address a senior officer, as well as being prompt for basic soldier tasks. Keeping a clean uniform shows to other members the pride that you take in the obligations you hold in serving your country. Personnel inspections as well as award ceremonies demonstrate to ones chain of command how the effectiveness of this military bearing takes place. Knowing how to properly march, stand at attention, parade rest, as well as all other facing movements establishes one’s ability to follow orders precisely. Respecting senior officers is imperative in order to maintain good military order up and down the chain of command. Punctuality is key aspect of one’s Army career. Tardiness can affect the mission of the command. In such an event as recall, one cannot afford to be late in carrying out their assigned tasks, for the repercussions can be severe to ones fellow soldiers as well as to the integrity of the unit. Being late to ones place of duty can affect the quality of work being done in the work environment. First call is a vital necessity within our Army where ones chain of command can brief all soldiers on new information concerning either the mission or ones specific job. Guard is every soldiers duty. Without a proper and thorough turnover it hinders theShow MoreRelatedMilitary Bearing1023 Words   |  5 Pagesâ€Å"Military Bearing† and how it affects the Army as a whole Bearing, put simply, is the appearance and demeanor of a person throughout the activities and circumstances that an individual is seen or observed. An individual is largely judged by others through the bearing that the individual exudes as he goes about his daily affairs, and thus it is very important that the person shows a bearing of competence and professionalism at all times. Militaries since the beginning of recorded history have setRead MoreEssay on Military Bearing2093 Words   |  9 PagesImportance of Military Bearing Military bearing is the root in which every soldier practices in order to carry out good discipline and ethics throughout ones military career. Army regulations and soldiers on our own creed illustrate how a military service member should conduct themselves on a daily basis, on and off duty. Loyalty, duty, respect, commitment, honor, punctuality, reliable, integrity, and personal courage are Army core values. Courage is the ability to stand up for ones beliefs andRead MoreMilitary Bearing Essay example851 Words   |  4 PagesMilitary bearing is ones outward appearance. The sharp uniform, perfect haircut, and their motivation and pride in their appearance. Military bearing is the way you take pride in your accomplishments and the majority of your experiences. It is also the way you maintain your composure and contain your emotions at all times. even when some might think it is neccessary to speak ones thoughts, that is where military bearing comes into play and maintains the composure of the soldier himself. MilitaryRead MoreMilitary Bearing Essay618 Words   |  3 PagesIn the United States Army, military bearing is the root in which every service member practices in order to carry out good discipline and ethics throughout their military careers. Army regulations and The Articles of the Uniform Code of Military Justice show us how a military service member should conduct themselves on a daily basis. All military soldiers have an obligation to conduct themselves like they are adults and to show respect to the ranks above them. If a Soldier fails toRead MoreEssay Military Bearing1013 Words   |  5 PagesIn the United States NAVY, military bearing is the root in which every service member practices in order to carry out good discipline and ethics throughout ones military careers. The Eleven General Orders of a Sentry, The Articles of the UCMJ, as well as our own Sailors Creed illustrates how a military service member should conduct himself or herself on a daily basis, on and off duty. Dependability is a major aspect of military bearing. Without dependability, one can neither perform properlyRead MoreCorrective Essay: Military Bearing and Respect857 Words   |  4 PagesAccording to Field Manual 6-22, â€Å"Military Bearing is defined as having or projecting a commanding presence and a professional image of authority†. The United States Army is structured on several values and principles that it upholds, among these are military bearing, discipline and respect. Leaders should be able to make these big decisions with all his confidence projecting out with his military bearing. A leader should look like a leader, disciplined, confident, and has the skills and abilitiesRead MoreMilitary Bearing, Respect and Discipline1989 Words   |  8 PagesMILITARY BEARING, DISCIPLINE AND RESPECT The United States Army is structured on several values and principles that it upholds, among these are military bearing, discipline and respect. These principles represents what the organization strongly believes in and governs the most basic customs and courtesies that all its members should abide by, otherwise legal repercussion and punishment is enforced that could ultimately result in separation from the organization. According to Field Manual 6-22Read MoreMilitary Bearing in Context of the US Navy663 Words   |  3 PagesNavy Military Bearing Military bearing is something that applies to all branches of the United States Navy but it manifests itself a little differently depending on the branch in question. This report will focus on the United States Navy and military bearing and the core competencies and codes that define said military bearing in a Navy context. A lot of what will be said below can be applied, in whole or in part, to other branches of the United States Armed Forces. Navy Military Bearing The OhioRead MoreProper Military and Professional Bearing Essay2425 Words   |  10 PagesProper Military and Professional Bearing, Order, Discipline, and Respect IAW AR 600-20 amp; FM 6-22 1. Military Discipline a. Military discipline is founded upon self-discipline, respect for properly constituted authority, and the embracing of the professional Army ethic with its supporting individual values. Military discipline will be developed by individual and group training to create a mental attitude resulting in proper conduct and prompt obedience to lawful military authority. Read MoreSoldier and Appearance Military Appearance Essay634 Words   |  3 PagesWords 5 Pages Always Maintain Good Military Appearance Military Appearance In this paper I will discuss the importance of why a NCO or Drill Sergeant should maintain proper military appearance and why it is important. The NCO’s Creed first states that â€Å"no one is more professional than I†, so I am sure that means more than just appearance. It Premium 1553 Words 7 Pages Appearance Is a Very Important and Highly Regarded Concept in the Military. Appearance is a very important and

Anne De France The Tradition Of Chivalry, Use Of Power,...

In the basis of ancient medieval literature, there were at least three principle concepts that were guidelines for writers: the tradition of chivalry, use of power, and the art of courtly love. In her lais, or lyrical narrative, Marie de France uses all three of them, but not exactly in the traditional sense that men of her time favored. Through her writings, Marie de France has shown great focus on members of the aristocracy that were not as prominently acknowledged, which included both women and single knights, and portrayed characters that she observed in real life in ways that did or did not conform to their stereotypes. Additionally, she challenged the roles often found in 12th century writings by using ordinary heroines and heroes to work through both genuine and figurative conflicts. Through the lai of â€Å"Lanval†, Marie subtly works through the theme of courtly love in a separate ideal setting that both challenges and reverses the typical gender roles without complet ely letting go of the accepted cultural standards of that time. In order for a gender role reversal to happen there needs to be a set stereotype. In the 12th century, English men and women were divided into set roles. The male characters, typically knights and those of noble status, we’re expected to be very wealthy, had a group of both knights and comrades he was close with that happened to be part of the upper class system, and, of course, handsome. They often searched for the affections of women and

How Can Tax Cuts Help Revive the Economy Free Essays

There are many opinions and predictions about how the economy will get back on track or how it will sink, and what should be the best approach of the government to take on this economic crisis. How important is the role of the government and how much a government should interfere in the economy? Introduction Unemployment has been one of the major concerns for many governments; historically unemployment reached 25% in the United States during the great depression in 1933. When there are no jobs people don’t have the money to spend, and demand for products decreases. We will write a custom essay sample on How Can Tax Cuts Help Revive the Economy or any similar topic only for you Order Now When demand decreases many companies go out of business or just hire fewer workers, while unemployment keeps growing. The government has a very powerful tool called fiscal policy to manipulate the economy and control and manage the levels of demand. Fiscal Policy Fiscal policy is based on the theories of John Maynard Keynes also known as the Keynesian economics. The theory of Keynes state that the government can influence the economy by manipulating the increase or decrease of taxes and at the same time the level of government spending. By controlling the level of government spending what fiscal policy can do is to change the position of the Aggregated Demand curve (AD), since Government (G) is part of the aggregated demand. At the same time the government could cut taxes putting more money into the pockets of consumers called â€Å"disposable income†, which is another way of busting the Aggregated Demand since Consumers (C) is also part of the Aggregated Demand. The Multiplier Effect I think that there is a good question that we can formulate here: If government cut taxes and raises the level of government spending, how can the economy get better if by cutting taxes the government has less coming in, and at the same time by spending more the government is has more coming out? The multiplier effect states that when a part of the Aggregated Demand (C+I+G+(X-N) is changed, any of this components which usually is (G), the result is an increase even greater than what was originally impacted by the changed and by doing this the government could push out the Aggregated Demand curve according to this rule. To explain the multiplier effect a little better let’s imagine that the government has 1 million dollars to spend, and it has several choices to do so, so let’s say that they decide to construct a new bridge. They hired 10 people who are now being paid and will spend part of that money each on another 10 more individuals. They spend 80% as disposable income and basic needs and save 20%. By spending 80% they are creating revenue for somebody else, who will use it as disposable money, at the same time by saving money they are creating more resources for a bank to e able to invest. At the end the initial money the government spent is not lost is only multiply and has created jobs, it has raised the level of demand, and it has boosted the (AD). The answer to the initial question: We can guess that the government expects to boost or better the economy by spending more, because eventually this spending will result into a greater impact into the economy by the consumers (C) Ob stacles Reaching the Goals Fiscal Policies have some obstacles that can make the goals very hard to reach, and it could reverse the process and create inflation if these policies are not monitored constantly. The way this could happen is if too much money is injected into the economy while taxes are still down, and the consumer demands for goods and services are lower than the production supply. The increase in economic productivity can cross over a very fine line devaluating the real value of money and pushing the prices up, hence inflation occurs. At the same time the Multiplier effect can work in reverse because the success of the multiplier effect is based on the level of consumer spending. If the consumer doesn’t want to spend any money during difficult times there will be no money injected into the economy and the impact will be a decrease on the aggregated output. Conclusion The government plays a very important role in the economy, the decisions the government makes has a tremendous impact in the lives of its citizens. Making smart decisions in an economy that seems very volatile and probably unpredictable is very difficult. I believe that by making tax cuts and spending which I would call (Investing) the government is making the right decisions because in the long run my generation is eager to be part of this economy and very soon become a big spender after I am done with school, after I graduate. Bibliography/References Heakal, Reem. What is Fiscal Policy? Investopedia AForbes Digital Company File under: Bonds, Economics, Retirement URL Web Site: http://www. investopedia. com/articles/04/051904. asp Wikipedia: Fiscal Multiplier:URL Web site: http://en. wikipedia. org/wiki/Fiscal_multiplier Holden, Paj. Teacher of Economics:PajHolden’s Channel In Youtube fiscal policy and the multiplier effect URL Web Site: http://www. youtube. com/watch? v=0CjNlyiDAno New Law’s Tax Cuts Mean Extra Cash: IRS Web Site http://www. irs. gov/newsroom/article/0,,id=109816,00. html How to cite How Can Tax Cuts Help Revive the Economy, Papers

Compare Of PMBOK with PRINCE2-Free-Samples-Myassignmenthelp.com

Questions: 1.Define the Project Methodology and the role that it serves in Project Management. 2.Discuss about the Compare and contrast of PMBOK with PRINCE2 project methodology. 3.How PRINCE2 is related to project life cycle. Answers: 1.Definition of project methodology and the role that it serves in project management According to Brioso (2015, pp.76), project methodology is mainly defined as the combination of different logically related processes, practices as well as methods that generally helps in determining the procedure to develop, plan, control and deliver a project within the entire continuous implementation procedure until successful termination as well as completion within the project is achieved. On the other hand, it is stated by Chaves et al., (2016, pp.28) that project methodology is a model that is mainly utilized by the project managers in order to employ planning, designing, implementation as well as achievement of varies project objectives. Moreover, it is opined by Coppola, D'Ambrogio and Gianni (2016, pp.8) that project methodology is one of the critical success factors as well as one of the core competency of the project management team that generally helps in avoiding failures as well as reducing project related risks. Project methodologies are generally a series of various types of processes that are mainly designed to complete the project related task within proper time by handling the issues that arises within the project. It is used as it mainly helps in guiding the project by providing proper steps to follow in order to meet the project goals and objectives (Brioso, 2015, pp.77). In addition to this, there are number of other benefits that project gets with the utilization project methodologies. The benefits include: Involve project staff: The utilization of project methodology within project management assists in overcoming the challenges as well as issues by creating proper situation in which the staffs are involved and hence from the conceptual stage they got involved within the project. Clarify the project goals: Project management methodology not only clarifies the goal of the project but it also assists in checking the feasibility of the project in order to identify the benefits that are associated with the project (Chaves et al., 2016, pp.28). Proper feasibility analysis is needed before the initiation of the project in order to make sure that the project will be executed successfully as per the goals and objectives of the project. Track the project: Project methodology helps in tracking the objectives of the project in order to ensure that the activities of the project are successfully executing in context to quality perspective. Tracking project activities also helps in resolving issues and challenges that are associated with the project. 2.Compare and contrast of PMBOK with PRINCE2 project methodology The similarities of PMBOK and PRINCE2 methodology are provided below: Similarities: It is identified that both PMBOK and PRINCE2 project management methodology helps in providing an internationally proven approach that is quite useful as well as beneficial for implementing projects. It is stated by Joslin andMuller (2015, pp.1377) that both PRINCE2 project methodologies as well as PMBOK are considered as best practices of project management. In addition to this, both PRINCE2 as well as PMBOK serves as a good foundation for successfully doing different types of projects. The differences of PMBOK and PRINCE2 methodology are provided in the table below: PMBOK PRINCE2 Differences 1. The PMBOK (Project Management body of Knowledge) is mainly intended to encapsulate all the different types of knowledge that is mainly related to project management (Hornstein 2015, pp.291). 2. It generally helps in providing guidance as well as knowledge on project management process, leadership and interpersonal skills. 3. It main aim is to guide different aspects of project management 4. PMBOK generally helps in illustrating the roles of the project manager 1. PRINCE2 is one of the methodology or process that helps in managing a project in any sector which generally helps in improving the chances of successful project outcomes. 2. It generally helps in aligning the business case throughout the lifecycle of the project and assist in defining various roles and responsibilities of various stakeholders of the project (Stark, 2015, pp.27). 3. It mainly helps in guiding practical project based on various principles of project methodology 4. PRINCE2 methodology assists in defining the roles of every staffs of the project that are mainly related with the project including project board members, project planner, human resource manager, financial manager, supervisor as well as risk analyst (JoslinMuller, 2015, pp.1388). 3.PRINCE2 is related to project life cycle According to Brioso (2015, pp.77), Project life cycle is mainly defined as one of the four step procedure that is mainly followed by the project managers while proceeding with the different stages of project completion. It generally assists in providing a framework that helps in managing any type of project within the business. Similarly, PRINCE2 project methodology is one of the process based method that is mainly utilized for managing the project effectively. PRINCE2 methodology breaks a project in seven stages within its life cycle in order to complete the project successfully. The stages of the project include starting stage, initiation stage, managing stage, controlling stage, managing product delivery stage and closure stage of the project (Al-Zwainy, Mohammed Raheem, 2016, pp.2494). Thus, it is identified that PRINCE2 methodology is a project life cycle based processes that helps in successfully executing the project. The PRINCE2 project life cycle do not initiate with proper original need, feasibility studies as well as solutions and thus they are considered as an input for the project life cycle. Additionally, it is found to be quite important to ensure that PRINCE2 project lifecycle is utilized within the project in order to carry out the project work by splitting it into different manageable phases. References Al-Zwainy, F. M. S., Mohammed, I. A., Raheem, S. H. (2016). Investigation and assessment of the project management methodology in Iraqi construction sector.International Journal of Applied Engineering Research,11(4), 2494-2507. Brioso, X. (2015). Integrating ISO 21500 guidance on project management, lean construction and PMBOK.Procedia Engineering,123, 76-84. Chaves, M. S., Arajo, C. D., Teixeira, L., Rosa, D., Jnior, I., Nogueira, C. (2016). A new approach to managing Lessons Learned in PMBoK process groups: the Ballistic 2.0 Model.International Journal of Information Systems and Project Management,4(1), 27-45. Coppola, D., D'Ambrogio, A., Gianni, D. (2016).Bringing Model-based Systems Engineering Capabilities to Project Management: an Application to PRINCE2. InCIISE(pp. 6-15 Hornstein, H. A. (2015). The integration of project management and organizational change management is now a necessity.International Journal of Project Management,33(2), 291-298. Joslin, R., Mller, R. (2015).Relationships between a project management methodology and project success in different project governance contexts.International Journal of Project Management,33(6), 1377-1392. Stark, J. (2015). Product lifecycle management. InProduct Lifecycle Management (Volume 1)(pp. 1-29). Springer, Cham.