Traditional Project Management is integrated with the Agile Methodologies

You are to write an essay that argues in favour of a new approach to project management. This essay should discuss the elements of traditional project management and the elements of agile project management that can be used in combination to create a better management process. The essay must focus upon the three greatest challenges of such a combination. The first is the risk of scope control, the second is stakeholder and shareholder management, and the third is project management leadership. Your essay must explain how to deal with these three challenges, and how they can be successfully achieved in a large-scale complex ICT project with a value of more than $50 Million.
Consider:
Many large scale projects (those over $25 Million) are subject to a thick layer of traditional project management because they are required to show accurate scope, time and budgetary elements that will satisfy boards, shareholders, directors and a complex range of highly varied stakeholders.
At the same time much of the IT Project Management industry has moved to embrace the Agile Project Method, citing its rapid development strategies and its flexible, iterative and non-hierarchical systems as highly favourable in terms of time and cost efficiencies.
Whilst Traditional Project Management establishes the full scope up front, Agile Management allows simply enough design up front to establish general scoping. The agile project often ends up with highly effective products, but that sometimes differ from their original formative ideas. What is scoped at the beginning may not be the product that is delivered at the end. The traditional project retains a much firmer grip on the scope, ensuring funding and personal commitments are honoured and achieved.
The challenge, therefore – is to establish how the best of both worlds (Traditional and Agile Project Management) can be integrated to achieve better project outcomes, that are developed more rapidly, more successfully, and with the best possible user, stakeholder, shareholder, and sponsor satisfaction.
Your job is to describe a project plan that incorporates all necessary project management elements (both Traditional and Agile) required to qualify as an integrated project with both agile and traditional elements.
The essay should consider the theory of both methods – and describe the various ways in which they have already been thrown together. Your essay should explain what has worked in the past and what has not worked. Please look for at least one (large scale) real world example of a project that deploys across both methods. This should form a case study for your essay – allowing you to discuss the pros and cons of this kind of integration.
This assignment has three parts.
1. Part 1. Discuss the theory of traditional PM, the theory of Agile PM, and the ways in which (in theory) it should work together. Discuss the risks using a critical approach that recognises “Risk” in terms of financial, reputational, and human qualities.(1000 words)
2. Part 2. Explain any new approaches or new adaptations that may mitigate the risks that you outline.1500 words (Use case studies and examples where possible).
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Your part 1 and 2 answers should incorporate the 10 Knowledge Areas of Project Management that are described in the Schwalbe Unit Text Book and are also described in PMBOK 5th Edition.
Please do NOT simply describe the knowledge areas. This essay should outline a high-level approach that uses best – practice, critical thinking, and current business practices.
DO NOT LIST the 10 Knowledge Areas in your answers. Your answers should DISCUSS the appropriate knowledge areas only when they are relevant to that particular answer.