PRINCE2 vs. PMBOK: A Comparative Analysis

This assignment provides a comparative analysis of two prominent project management methodologies: PRINCE2 and PMBOK. It delves into their key differences, including approach to methodology frameworks versus bodies of knowledge, ease of application, project control mechanisms, and integration within the project life cycle. The assignment specifically examines how PRINCE2's stage-based approach influences project planning and execution, emphasizing its role in risk mitigation and ensuring project success.

Running head: INFORMATION SYSTEM PROJECT MANAGEMENT
Information System Project Management
Name of the Student
Name of the University
Author Note

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Table of Contents
1. What is project methodology?.........................................................................................2
2. What is PRINCE2?..........................................................................................................3
3. Similarities between PMBOK and PRINCE2.................................................................3
4. Differences between PRINCE2 and PMBOK.................................................................4
5. PRINCE2 in Project Life Cycle.......................................................................................4
References............................................................................................................................6

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1. What is project methodology?
According to Špundak (2014), the project methodology is a set of standards for defining
the methods, techniques, procedures, rules and templates that is practically used in a project. it is
a project management approach that generally defines a set of principal and guideline for
defining the way as project is to be managed. Project methodology in a more simple term can be
described as a process that ensures project success. Proper project methodologies helps in
specifying the best way for initiation of a particular project. Many different project
methodologies are generally followed while executing a project. This includes waterfall model,
agile scrum, extreme programming and so on. These methodologies strategically explain and
suggest a proper method for implementing the project successfully. The different components of
project management include proper project planning and scheduling of the project. A proper
project plan helps in better implementation of a project as the project manager has the idea which
stages should follow a particular phase. Developing a proper project plan ensures that a proper
feasibility study and the risk assessment is done before the initiation of the project, and therefore,
it reduces the risk of project failure or the project going over budget (Smith, 2013). Furthermore,
identification of a proper project methodology is essential for predicting the schedule and the
project success. The project manager assigned for a particular project helps in identifying a
proper project management methodology, that the project management team is needed to follow
in order to achieve a complete success in the project (Schwalbe, 2015). It is a model or standard
that is generally employed by a project manager in order to design, plan and implement a project
and reach the project goal. The example of different project methodology includes PMBOK,
PRINCE2, Agile, XP, Waterfall and agile scrum. PMBOK stands for Project Management Body
of Knowledge. It is a framework of project management that consists of a collection of processes

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and practices that are considered as a standard all throughout the project management industry.
There is a striking similarity between PMBOK and PRINCE2 as PRINCE2 defines an approach
of managing the different types of projects (Kerzner, 2013).
2. What is PRINCE2?
PRINCE2 is a process based method that helps in effective project management. It
describes what a project should do and defines the different activities that a project should
follow. In PRINCE2, the project manager is responsible for organizing and controlling the
project. He is responsible for proper selection of the project work in order to ensure that the
entire project is completed on time (Saad et al., 2014). PRINCE2 also has a project board that is
to be informed about the project progress and any problems faced by the project. PRINCE2
further provides the description of the people who are involved with the project. It is a technique
that is associated with controlling the changes that a project can face. It further explains the
process of work that guarantees the project progress.
3. Similarities between PMBOK and PRINCE2
The similarities between PMBOK and PRINCE2 are as follows-
1. The striking similarities between PMBOK and PRINCE2 are that, both the
methodologies define certain standard rules and techniques that are needed to be followed in
order to ensure the project success (Karaman & Kurt, 2015).
2. Both the methodologies intend to identify and reduce the different risks that are
associated with the project. This helps in eliminating the chances of the project going over

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budget or not meeting its objectives. Therefore, both the methodologies help in ensuring the
project success.
3. The methodologies help in identifying and analyzing the problems that a project can
face. This further helps in setting up of a realistic goal. Furthermore, these methodologies
accelerate the process of implementing the project with the help of the allocated budget (Sanjuan
& Froese, 2015).
4. Differences between PRINCE2 and PMBOK
The differences between PMBOM and PRINCE2 are as follows-
1. The PRINCE2 methodology mainly concentrates on the configuration records, reports
and baseline documents of a project.
2. Prince2 is more perspective than PMBOK as PRINCE2 is generally a methodology
framework while PMBOK is a body of knowledge that is concerned with the best practices.
3. PRINCE2 is easier to apply even if the project manager has no previous experience.
On the other hand, PMBOK is easier for learning and gaining knowledge about the project
management skills.
4. PRINCE2 ensures that the project is reviewed on a regular basis in order to supervise
the project properly. However, in PMBOK the project manager generally cannot control the
project after the project has been initiated (Matos & Lopes, 2013).
5. PRINCE2 in Project Life Cycle

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PRINCE2 methodology is widely used in project management for ensuring the success of
the project. PRINCE2 methodology manage by stages and therefore it develops a project plan
that is associated with planning a project in a realistic way. The project is generally planned in
controlled environment. The high level project planning in generally developed at the beginning
of the project, which includes some stage plans that are generally prepared at the management
stage. The team plans made are strictly followed for proper execution of the project.
PRINCE2 provides a tailored and scalable method of project management, where every
process is defined by evaluating the key inputs and outputs of a project. The key processes of the
project life cycle following a PRINCE2 approach consists of a project board that consists of
different stages such as the project initiation, stage boundaries, ad hoc direction and project
closure. The project is supervised throughout the execution phase of the project that helps in
eliminating the risk of the project not meeting its requirement. PRINCE2 therefore provides a
framework of proper management of the project in order to ensure project success (Tomanek &
Juricek, 2015).

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References
Karaman, E., & Kurt, M. (2015). Comparison of project management methodologies: prince 2
versus PMBOK for it projects. Int. Journal of Applied Sciences and Engineering
Research, 4(5), 657-664.
Kerzner, H. (2013). Project management: a systems approach to planning, scheduling, and
controlling. John Wiley & Sons.
Matos, S., & Lopes, E. (2013). Prince2 or PMBOK–a question of choice. Procedia
Technology, 9, 787-794.
Saad, S., Ibrahim, A., Asma, O., Khan, M. S., & Akhter, J. (2014). PRINCE2 MEthodology: AN
INNovAtIvE WAy foR IMPRovINg PERfoRMANCE of MAlAysIAN AutoMotIvE
INdustRy. The Journal of Technology Management and Technopreneurship
(JTMT), 1(1).
Sanjuan, A. G., & Froese, T. (2015). Principles, characteristics, and methodology to develop a
project management assessment tool at the construction project level.
Schwalbe, K. (2015). Information technology project management. Cengage Learning.
Smith, L. T. (2013). Decolonizing methodologies: Research and indigenous peoples. Zed Books
Ltd..
Špundak, M. (2014). Mixed agile/traditional project management methodology–reality or
illusion?. Procedia-Social and Behavioral Sciences, 119, 939-948.

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Tomanek, M., & Juricek, J. (2015). Project risk management model based on PRINCE2 and
SCRUM frameworks. arXiv preprint arXiv:1502.03595.