A research Study on the Challenges Faced in the Oil and Gas Industry - Free Essay Example

Abstract This study is aimed at using the mixed method techniques to evaluate the results and theoretical background related to the oil and gas industry usage in gearing up the employeeà ¢Ã¢â€š ¬Ã¢â€ž ¢s safety and benefits. Employees are the key parties of the organizational framework. There is an utmost effort required to inherent the rules and regulations those must be supposed to be followed by the employees at organization for their personal safety as one who think for his safety would also contribute towards the safety measures of the others as a whole. Introduction Oil and gas industry has various growing and devastating aspects that can be considered in the studies but it is hard to find any study regarding the effective safety measuring tasks associated with the employeeà ¢Ã¢â€š ¬Ã¢â€ž ¢s satisfaction and safety. Oil and gas industry issues has been arisen in the last five years as there has been more transverse of ideologies towards social responsibility and sustainability through ethical measures adaptability. Employees have not focused on the labor laws yet before in the apart structure of unions (Boone, 2002). They have been communicated about their rights and labour rules those must be conform by each and every industry to avoid any contemporary issues. OSHA has provided with the certain rules regarding managing the labour laws and getting all the employees assured for the Health issues they are to be catered with the oil and gas industry onshore working (Gallagher, 1969). Background and Issues of Oil and Gas Industry There is a specific change in the history or background of the oil and gas industry as there had been political, technical and geological difference created and covered up in different regions of the world. There is difference in the historical background in parallel movement of the control and system development in differ eras through last 100 years of evolution (Hinkle, 1951). Oil and gas industry has various m odes of working that are varied as per the country in which the organization is working (Angle and Perry, 1981). Taxation, mode of organization, leasing, places and the mode of dealing with the governmental and external bodies are the key factors that make it differentiable from the country to country. Surveys made it clear that there is 60 percent energy needs provided by the oil and gas industry to the 7 million people in the world (Eisenberger et al., 1986). It has made it easy for people to survive for their needs along with the basis of oil and gas. Remained 40 percent is due from the nuclear, coal and hydroelectric power, renewables like solar, wind, and tidal power, and firewood type products based upon biomass. Oil and gas keep the weather warm in in the result of cold weather (Huie, 1965). For many years, there has been usage of oil and gas in our homes and industries as well. Areas of oil in shallow reservoirs, there might be a natural development of seeps of crude oil. Some of the oil reserves might be gotten from the tar ponds or seepage. Going background, there is eternal fire tales, and gas was burnt and ignited. One major example of this can be cited as the building of oracle of Delphi around one thousand B.C years ago (Jin and Jorion, 2006). Chinese researchers have developed the rules and regulations to use the natural gas for boiling water. Until 1859, it was impossible till the first well was drilled by Edwin Drake successfully, as he was working with the sole aim of discovery oil. Through modern standards, these wells were shallow. Soon there was a replacement of the motorized transport fuels by the oil (Kerr, 1989). The automobile industry was developed till the end of the 19th century and soon it changed into the oil centered industry. It was essential for gasoline engines to be used in aircrafts designing for a successful completion. There was no boom in oil industry till 1821, as after World War II, pipe rolling, welding technique s, metallurgical advances were used for reliable distant gas lines constructions that gave a boom to the natural gas usage (Hinkle, 1951). At the meantime, there were remote sites economical transfer of the natural gas in liquefied form that made an increased market share for the petrochemical industry. There is a vast product line increased by the oil and gas usage in producing and using the material, fibers, and daily life products (Lilien and Pastena, 1981). Major challenges or the recent accidents faced by the oil and gas industries in the recent years can be dividing up in the four categories, operational, market, social and security issues. Global oil and gas industry shares have been increased and decreased as per the challenges and world level political, export or trade based and human resources issues. There is long time ago investment in the oil and gas infrastructure technology and supply to meet the demand needs of the system (Reck, 1984, Galvin, 1960, Mead et al., 1982, Lowe, 1986). On one side there is continuous processing towards meeting the needs of technical lifetime and on the other hand, manipulation of the latest energy fields along with the more effective manipulation of already existing fields is demanding more sophisticated technical modes (Peach and Starbuck, 2011). Going specifically, it has been an issue in the international and local industries to more effectively manipulate the ongoing and detected fields as there has been an increased competition in the market. Exchange rates and volatility of the oil prices has also been observed in the market since last few years. Skilled workforce is also not available to the organizations as there is old and already serving employees who do not have sufficient knowledge about the technical us and implementation of the softwareà ¢Ã¢â€š ¬Ã¢â€ž ¢s as well as techniques. It is challenging to educate the people and get them trained according to the new diverging requirements. Foreign experti se are not willing to serve as there is a difference of monetary values and certain issues related to host country movement (Rajgopal, 1999). Non associated gas with limited reserves has created the deficiency to produce the gas reservoirs and meeting the demands at local and international level in order to receive the monetary level of the country. Most of the countries are supposed to be an importer of the gas as their demand is accumulative in a reckless mode, in outcome of the population growth. In this essence there is requirement of effective organizational models and strategic planning that not only consider needs for supply but also the needs for exporting energy to attain income from system based upon national welfare (Hanson, 2007). It too, consider eccentric system of energy supply like, renewable technologies of energy or measures related to energy efficiency, in effect to alternate sources of domestic energy stock. Next major challenge or the recent accidental form f or the oil and gas industry is based upon the market. There are certain rules and regulations associated with the export and import of the oil and gas industry crude and final products. Those regions whose oil and gas resources are high and huge in nature are enjoying the benefits of revenue at international level through exporting their oil and gas to other countries like GCC countries. Energy markets have no end in the demand and supply all over the world. Regional market prices of those high exporting countries depend upon the eventual outcome of total supply and demand in addition to specific risk premium (Schallenberger, 1980). Recent development s and growth strategies have put a large responsibility on the part of the countries involved in the supply and demand of the oil and gas. In case of the fast growth of the oil and gas industry would result in the transformation of the donor to the acceptor as that of United States of America case. Eventually, there has been a strik ing effect on the prices of energy reservoirs whilst going global for the surplus of oil and gas effect. There is a short and long term time span is designed for whole of the countries to tackle with the abrupt decrease in the oil and gas prices (Anonymous, 1942). It is resulted in the competitive nature of the supplier in oil and gas industry. Social accidents and security accidents faced by the oil and gas industry include the issues based upon the workers welfare. Major issues of the workers in oil and gas industries are based upon insufficient supply of the external candidates as the organizations have insufficient people available for the organization (Hanson, 1979). Compensation competiveness must be provided to the employees whereas it is absent in the oil and gas industry in some of the countries whilst the other are providing on a random development method (Cantonati and Lowe). Career opportunities are no sufficient to motivate employees for the career development and the m ost important factor that this study is aimed considering is related to working conditions and environmental issues. Thesis Statement à ¢Ã¢â€š ¬Ã…“What is the impact of personal protective equipment evaluation on productivity of employees in oil and gas industryà ¢Ã¢â€š ¬Ã‚  This study is aimed at arriving relationship of being the responsible for the safety measures and labour laws to meet the needs associated with employeeà ¢Ã¢â€š ¬Ã¢â€ž ¢s motivation. Personal protective equipment can be used at the certain places of the organization but it is not mandatory nor are they in conformity with the organizational rules. All the oil and gas industry related organizations in the world wide system has been using certain rules and regulation to protect their employees along with the country level rules. Changing mode of the rules and the result of employeeà ¢Ã¢â€š ¬Ã¢â€ž ¢s issues in various organizations there is an essence of system evaluation to adhere with the employeeà ƒ ¢Ã¢â€š ¬Ã¢â€ž ¢s safety measures. All the key issues and rules as discussed in the terms and conditions of the organizations are not being followed up in the teams and organizations. So, there is a need of observing and calculation of the factors those must be kept in mind whilst going for the employeeà ¢Ã¢â€š ¬Ã¢â€ž ¢s safety. Protection tools and safety measures must not be bound up to the theoretical level of the organizational documentation but it is the need of the hour to train the employees and get them assured of their role in the self-protection and organizational plans execution. Self-Protection would also be helpful for the employee and the organization as there would be minimal chances related to the issues in the international and national level. Hypothesis Hypothesis is based upon the major research aims and critical questions those must be answered in this study context through mixed method usage. Hypothesis 1 H0= Usage of personal protective equipment has positive effect on productivity H1= Usage of personal protective equipment does not has positive effect on productivity Hypothesis 2 H0= Personal Protection Evaluation has positive effect on profits of the company H2= Personal Protection Evaluation does not has positive effect on productivity Hypothesis 3 H0= Evaluation of the personal protection equipment has positive effect on preventing accidents and major losses H3= Evaluation of the personal protection equipment does not has positive effect on preventing accidents and major losses Hypothesis 4 H0= Evaluation of the personal protection equipment has positive effect on Employees safety protocol H4= Evaluation of the personal protection equipment does not has positive effect on Employees safety protocol Conclusion This section has provided the fundamental rules and the background of the oil and gas industry evolution as well as challenges mainly faced by them in last few years. Next sections would enumerate the research and prolific methodologies adopted for this sort of studies. References ANGLE, H. L. PERRY, J. L. 1981. An empirical assessment of organization commitment and organizational effectiveness. Administrative Science Quarterly, 26, 1-13. ANONYMOUS 1942. Oil and Gas. Interest Created by Grant of Oil and Gas When Right to Use Surface Has Expired. The University of Chicago Law Review, 9, 345-348. BOONE, J. P. 2002. Revisiting the Reportedly Weak Value Relevance of Oil and Gas Asset Present Values: The Roles of Measurement Error, Model Misspecification, and Time-Period Idiosyncrasy. The Accounting Review, 77, 73-106. CANTONATI, M. LOWE, R. L. Lake benthic algae: toward an understanding of their ecology. Freshwater Science, 0, 000. EISENBERGER, R., FASOLO, P. DAVIS-LAMASTRO., V. 1986. Percieved Organizational Support. Journal of Applied Psychology, 71, 500-507. GALLAGHER, J. P. 1969. Oil and Gas Potential on the North Slope. Financial Anal ysts Journal, 25, 44-56. GALVIN, C. O. 1960. The Ought and Is of Oil-and-Gas Taxation. Harvard Law Review, 73, 1441-1509. HANSON, P. 1979. International Affairs (Royal Institute of International Affairs 1944-), 55, 628-629. HANSON, P. 2007. International Affairs (Royal Institute of International Affairs 1944-), 83, 402. HINKLE, C. E. 1951. Fundamentals of Oil and Gas Law: An Outline for the General Practitioner. American Bar Association Journal, 37, 571-636. HUIE, W. O. 1965. Apportionment of Oil and Gas Royalties. Harvard Law Review, 78, 1113-1145. JIN, Y. JORION, P. 2006. Firm Value and Hedging: Evidence from U.S. Oil and Gas Producers. The Journal of Finance, 61, 893-919. KERR, R. A. 1989. Oil and Gas Estimates Plummet. Science, 245, 1330-1331. LILIEN, S. PASTENA, V. 1981. Intramethod Comparability: The Case of the Oil and Gas Industry. The Accounting Review, 56, 690-703. LOWE, J. S. 1986. Oil and Gas. Natural Resources Environment, 2, 46-72. MEAD , W. J., MURAOKA, D. D. SORENSEN, P. E. 1982. THE EFFECT OF TAXES ON THE PROFITABILITY OF U.S. OIL AND GAS PRODUCTION: A CASE STUDY OF THE OCS RECORD. National Tax Journal, 35, 21-29. PEACH, J. STARBUCK, C. M. 2011. Oil and Gas Production and Economic Growth in New Mexico. Journal of Economic Issues, 45, 511-526. RAJGOPAL, S. 1999. Early Evidence on the Informativeness of the SECs Market Risk Disclosures: The Case of Commodity Price Risk Exposure of Oil and Gas Producers. The Accounting Review, 74, 251-280. RECK, A. J. 1984. ENERGY: THE RELATIONSHIP OF OIL AND GAS TO WORLD PEACE. International Journal on World Peace, 1, 74-83. SCHALLENBERGER, A. 1980. Review of Oil and Gas Exploitation Impacts on Grizzly Bears. Bears: Their Biology and Management, 4, 271-276.

Essay about Global Warming - 601 Words

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Human Trafficking Is A Sinful Deed - 1950 Words

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Mastering Graduate Studies 1e - 32499 Words

ACADEMIC INTEGRITY RESEARCH LIBRARY KNOWLEDGE SKILLS COMMUNICATION EXPECTATIONS CAREER PATH  IMPRINT Title Mastering Graduate Studies EDITION 1 CONTRIBUTORS Editor: Alexis DiVincenzo Consulting Editors: Mark Alexander, Nicole Quow-Thomason Art Direction Senior Art Director: Miranda Hildebrand Art Development and Design: Jo DeSnyder-Rolfe Permissions contact Grand Canyon University 3300 W Camelback Rd Phoenix, AZ 85017 602.639.7500 Copyright Information Grand Canyon University. All rights reserved. No part of this book may be reproduced, in any form or by any means, without permission in writing from the publisher  custom textbook usage The following icons have been created to assist students’ interactive experience in†¦show more content†¦. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Methods of Effective Communication . . . . . . . . . . . . . . . . . . . . . . . . . . . Communicating in Forums. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Communicating in Teams. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Classroom Etiquette . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Conclusion. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Chapter Review . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . References. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 19 20 25 27 28 28 29 4 Chapter 4: Developing Prior Knowledge and Academic Skills. . . . . . . . . . . . . 30 Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Prior Knowledge. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Advancing Basic Academic Skills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Peer-Review Process. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Chapter Review. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Polio As A Deadly Disease - 1500 Words

Polio was a deadly disease that struck the United States hard with various epidemic breakouts throughout the country. There are many books written about the disease and how it was controlled. Polio is a well-researched topic in today’s medical world but in this book, Heather Green Wooten, takes it one step further. She placed the focus of the book in the south, a place where the disease struck almost last yet it claimed many lives. It specifies on the state of Texas. In addition to that, she combined the disease epidemic with the social and economic development of the state in the twentieth century. The book follows a well-organized chronological order stating by the early cases of polio and its spread. Then it talks about Franklin D†¦show more content†¦The purpose of the chapter is to provide the readers with some background information. Along with this, it also shows how panic overtook the American communities. The uncertainty of what the virus was or where it cam e from caused a paranoia in many cities. The initial reaction was to quarantine victims and keep them away from the general public. The spread of the epidemic from northern states to Texas is accredited, according to Wooten, by the mass immigration into Texas by residents of other states during the oil industry’s boom in Texas in the early twentieth century. This exposed many people to polio as they moved into cities and the coastal area of Texas became more and more urbanized. The high standards of American hygene made polio a death threat. The body did not have the ability of fighting a small dose of the disease as new born did when hygene in the country was not so clean. By not being exposed to the virus the body did not produce the adequate antibodies to fight it off. When it struck at a later age the body was defenseless and so the epidemic started. The result of the urbanization of Texas and the many polio outbreaks helped the area create many hospitals and lead the fig ht against polio. The book also highlights the life of Franklin D. Roosevelt, who also suffered of polio. Wooten describes how the president acquired the disease andShow MoreRelatedA Brief Look at Poliomyelitis1287 Words   |  5 PagesPolio or poliomyelitis is a viral infection that normally affects kids below the age of 5years old. This childhood killer disease has been around for my centuries. Polio was first discovered my Jacob Heine in 1840 and later identified by Karl Landsteiner as poliomyelitis caused by polio virus from the enteric family of viruses. The polio virus is acquired through oral-fecal transmission. The Latin name simply means grey matter, and it is meaning inflation. There is a more serious form that can spreadRead MoreWhy The Disease Has Been An Enemy Of A Human Ever Since It First?856 Words   |  4 PagesHyun Hwang Mrs. McGee Section 3 27 April 2015 The disease has been an enemy of a human ever since it first appeared. In fact, humankind has been at war with the disease for most of history, often at the losing end. However, the principle of immunization equalized this adversarial relationship. The concept of vaccination has been one of the most significant medical advancements in history because it has prevented the onset of deadly diseases, has eradicated previously malignant maladies, and hasRead MoreBenefits Of Getting Vaccinated Far Out Weigh The Risks Essay1453 Words   |  6 Pagesalong. But it is due to these vaccines that most children today have never experienced diseases such as polio or the measles such as their grandparents have. Since they have not seen these diseases, parents feel it is unnecessary to vaccinate them for fear of developing the possible side effects or because of reports they cause autism. However, these vaccines are critical for eradicating these deadly infectious diseases, and are vitally needed t o keep them under control. Which makes it absolutely necessaryRead MoreVaccines A Cure Or Curse?984 Words   |  4 Pagesprotect humans against disease. However, currently many people are questioning their use and many Americans are not vaccinating their children. Vaccines are used to prevent disease not cause more health problems which is why they should be encouraged by health clinics across America and required for children to attend public schools. Public schools should require students to be vaccinated to attend school to protect the health of every student and to prevent the spread of diseases in public places. Read MoreReducing Deaths from Infectious Disease in Austrailia948 Words   |  4 Pagesmortality rates from infectious diseases over the last century Introduction Over the last century, the mortality rate from infectious diseases in Australia has declined significantly3. Along with highly successful research to develop effective vaccines, public health campaigns have contributed substantially to this outcome. Organisations such as the World Health Organisation (WHO) and UNICEF have been heavily involved in finding vaccines to treat these diseases and promoting education and communityRead MoreVaccines And The Diseases Of Vaccines1542 Words   |  7 PagesVaccines and the diseases they are used for have been an incredible scientific feat that has changed the way we live drastically. Before vaccines, people were dying rapidly from many diseases that are now either eradicated or controlled. Vaccines have saved millions of lives and are continuing to do so today. People no longer live in fear of catching a disease from other people due to vaccinations and what they do to the body. Diseases come in all shapes and sizes, and science has been able to successfullyRead MoreThe Importance Of Vaccines And Its Effect On Children915 Words   |  4 Pageschildren are not able to get vaccinated due to medical conditions and due to that they have a weak immune system that is incredibly vulnerable to infections. Everyday that these children go to school they are put at a prodigious risk for contacting a disease that could compromise their immune system and their lives. By implementing a vaccination requirement in all public schools we will be able to better protect our children. Vaccines are important for a number of reasons, three of which I will discussRead MoreThe 1944 Polio Epidemic of Newark, New Jersey during World War II 693 Words   |  3 PagesPhilip Roth constructs a dynamic between disease and a reinvention of the self through Bucky Cantor’s attempts at heroism. Set in the 1944 polio epidemic of Newark, New Jersey during World War II, the novel tells the story of a young man, Bucky, whose town lives in a state of fe ar of the disease. Bucky’s futile attempts to overcome the fear of this deadly pestilence and become a hero ultimately bring him to his downfall. Through Bucky’s endeavors, the disease consumes him, both literally and metaphoricallyRead MorePrevention Of The Anti Vaccination Movement1472 Words   |  6 Pagesheadaches, aches and pains, fever, or runny noses are all common symptoms. They are symptoms that can lead to anything from the common cold to a deadly viral infection. It is because of this that vaccinations are a fundamental part of society and why doctors and parents alike advocate for hand washing, hydrating, and staying home when you are ill. Disease prevention is a corner stone in today’s society and has been one for around 200 years since; Edward Jenner created and administered the first smallpoxRead MoreThe Vaccination Of A Vaccine1586 Words   |  7 Pagesadministered in one of three ways: (1) via syringe and needle injected into a muscle, (2) a nasal spray though the sinus canals, or (3) a liquid that is ingested via mouth. If a person is getting a polio vaccine, for example, then the vaccine would be made up of the the weakened or dead virus of polio and administered as mentioned above. The body then reacts to the virus creating an antibody to be produced and used by your immune system; the antibody’s job is to identify and neutralize the virus

ICT Project Management and Methodology †MyAssignmenthelp.com

Question: Discuss about the ICT Project Management and Methodology. Answer: Definition of Project Methodology Project methodology is the five phases of project management, namely, defining, planning, launching, managing and closing. According to Kerzner and Kerzner, 2017, each of these phases address any particular feature for the successful management of a project right from definition until closing of it. Project management can be defined as the application of various methods, procedures, skills, experience and knowledge for achieving the objectives of any particular project. As per Burke, 2013, it is the simple practice of starting, planning, completing, controlling and finally closing the team work for attaining few goals and thus meeting the success criteria in a given time. A project is the temporary venture that is solely designed for producing any unique service, product or result. A project always has a definite starting and ending point and is normally time constrained. Larson and Gray, 2013 state that, the proper management of these projects with the help of management approaches as well as technical skills is known as project management. The main objective of project management is to produce the project by meeting all the criteria within deadline. According to Pinto, 2015, there are several methodologies for project management, viz. Agile, Scrum, Waterfall, PRINCE2, PMBOK and many more. These methodologies help the project manager to complete project management properly. However, there are few drawbacks in the project management methodologies. The most significant challenge or problem in project management is achieving each and every goal and objective of the project within the given time and resources. Schwalbe, 2015 state that, this type of information is always described in the project documentation that is made in the starting of the process of development. There are various constraints in any project. The primary constraints of any particular project are time, scope, budget and quality. The secondary constraint is the optimization of allocation of all the required inputs and further applying them for meeting the previously defined goals and objectives. The requirements provided by the client should be met and the project should be completed within time provided. The methodologies play vital role in the project management life cycle or PLC. The above mentioned five methodologies help the project manager to solve all the procedures within the project that work with project management (Burke, 2015). The most important service provided by the project management methodology is the connection of Internet. There are several standards and disciplines given by the project management methodology, which help to design and create all the objectives of the project. Moreover, these methodologies help to make the project successful. Similarities and Differences between PRINCE2 and PMBOK There are various similarities as well as differences between the two methodologies of PRINCE2 andProject Management Body of Knowledge or PMBOK (Snyder, 2014). The similarities between the two are as follows: i) Project Handling: The most significant similarity between PRINCE2 and PMBOK is that both of them help in handling all the projects, having similar features and also the ability in handling every problematic project (Matos Lopes, 2013). All these methodologies help in inputting unique change, accelerating the change and thus providing all new deliverables for the projects, which can be handled by them. ii) Providing Techniques: The second most important similarity between PRINCE2 and PMBOK is that both of them usually give a particular set of techniques and tools or successfully managing the projects and recreating the project requirements (Burke, 2013). iii) Security: The third major similarity between the two methodology is that both of them are extremely secured and thus the project manager can easily utilize for their project management. In spite of the similarities, there are some of the most significant differences between PRINCE2 and PMBOK (Snyder, 2014). They are as follows: i) Providing Output: The most important difference between PRINCE2 and PMBOK is that PRINCE2 has the capability to provide all types of outputs in the project; whereas PMBOK never gives outputs for few projects with baseline documents and logs. ii) Guidelines: The second difference between PRINCE2 and PMBOK is that PRINCE2 does not have any specific guidelines (Kerzner Kerzner, 2017). however PMBOK has specific guidelines for the perfect selection of tools and techniques, for utilizing them in estimating three points and thus gathering important information. iii) Control on Project: This is the third difference between PRINCE2 and PMBOK. PRINCE2 has a proper control over project and does a complete review on that particular project (Matos Lopes, 2013). However, PMBOK method does not have control over the project and thus it is difficult to keep track of the project. Relating PRINCE2 with Project Life Cycle The methodology of PRINCE2 can be solely related to the project life cycle. The main feature of this particular methodology is that it helps to complete the project successfully and systematically. There are two distinct factors in the PRINCE2 methodology that provides utmost success in the project. The two factors are as follows: i) Management by Stages: This is the first and the foremost factor of PRINCE2 in project life cycle (Turley, 2018). The procedures of the project management are properly managed by stages. It is nearly impossible to manage the project without proper planning. In case of bigger projects, handling cannot be done without steps. Thus, the project processes are segregated in stages for systematic handling. ii) Processes: Since the beginning of the project with the methodology of PRINCE2, usually three processes can be executed out of the seven procedures, included in this particular methodology (Turley, 2018). These above mentioned factors clearly depict the importance and value of the methodology of PRINCE2 in project management. PRINCE2 is extremely important and significant for any project as it helps to reduce the risk as well as complexity of the project. moreover, this methodology is cost effective and thus all project managers can easily afford them. References Burke, R. (2013). Project management: planning and control techniques.New Jersey, USA. Kerzner, H., Kerzner, H. R. (2017).Project management: a systems approach to planning, scheduling, and controlling. John Wiley Sons. Larson, E. W., Gray, C. (2013).Project management: The managerial process with MS project. McGraw-Hill. Matos, S., Lopes, E. (2013). Prince2 or PMBOKa question of choice.Procedia Technology,9, 787-794. Pinto, J. K. (2015).Project management: achieving competitive advantage. Prentice Hall. Schwalbe, K. (2015).Information technology project management. Cengage Learning. Snyder, C. S. (2014). A guide to the project management body of knowledge: PMBOK () guide.Project Management Institute: Newtown Square, PA, USA. Turley, F. (2018).PRINCE2 Foundation Training Manual. Van Haren.