Project Management Methodologies: A Comparative Analysis

The provided assignment is an in-depth analysis of project management methodologies, specifically comparing PMBOK (Project Management Body of Knowledge) and PRINCE2 (Projects IN Controlled Environments). The document discusses the seven phases of PRINCE2 and its relationship with the project lifecycle, as well as exploring how these methodologies relate to project success. It also provides a reference list with relevant studies and research papers on this topic.

Running head: PROJECT MANAGEMENT
Project Management
Name of the Student
Name of the University
Author Note

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Table of Contents
1. Definition of Project Methodology..................................................................................2
2. Analyzing PMBOK and PRINCE2.................................................................................2
2.1. Analysis of Similarities between PMBOK and PRINCE2.......................................3
2.2. Dissimilarities between PMBOK and PRINCE2.....................................................3
3. PRINCE2 and Project Life Cycle (PLC).........................................................................4
References............................................................................................................................6

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1. Definition of Project Methodology
The word methodology refers to the system of methods used in a particular activity.
Project methodology is a therefore a guiding process that helps in proper implementation of a
project. Project methodology is not tool specific but a set of rules that helps in proper
implementation of a project. It therefore provides a proper strategic plan for successful project
implementation (Leau et al., 2012). According to Špundak, (2014), methodology of a project can
be defined as a standard for choosing different process, procedures and techniques for
implementation of a project. Project methodology can further be defined as proper application of
project management knowledge, tools and techniques for successful project implementation
(Schwalbe, 2015). Therefore, it can be said that a project methodology plays a significant role in
ensuring a project success. There is an increasing need for using a proper project methodology in
project implementation as it ensures implementation of a project in a planned approach. There
are different project management methodologies that can be undertaken by analysing the project
requirements. The different types of project management methodology include waterfall,
PRINCE2, Agile XP and agile scrum.
2. Analyzing PMBOK and PRINCE2
PMBOK is a project management standard that defines the different tools and techniques
required for successful project implementation. The Project Management Body of Knowledge
provides a set of guidelines that gives an overview of the different project management practices.
The 10 knowledge areas of PMBOK provide a detailed overview of the different processes
associated with the process of project planning and implementation of a project. The PRINCE2
project methodology can be defined as a process based method that provides an effective project

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management solution. PRINCE2 is a widely recognized project management methodology that
manages the project after dividing it into certain controllable units. Segregation of a project into
certain manageable units makes it easier to track and update the project progress. The similarities
and the differences between these two approach of project management is discussed in the
following section-
2.1. Analysis of Similarities between PMBOK and PRINCE2
The similarities between PMBOK and PRINCE2 are as follows-
1. PMBOK and PRINCE2 both provide an idea of structured project implementation.
PMBOM ensures that proper project management tools and techniques are used to implement a
project in a planned approach. The PRINCE2 project methodology ensures implementation of a
project in a controlled environment (Karaman & Kurt, 2015). Therefore, both the processes can
be used to implement a project thorough supervision.
2. Both PMBOK and PRINCE2 ensure that the project undergoes proper processes of risk
management before its implementation. Risk management is an important aspect of project
management and both this approaches includes risk management at the initiation phase of the
project.
3. Both the approaches ensure there is a proper communication flow in the project.
Communication plan therefore is a major necessity for both the approaches.
However, both PMBOK and PRINCE2 differ from each other in a number of aspects.
The dissimilarities between PRINCE2 and PMBOK are discussed in the following section.
2.2. Dissimilarities between PMBOK and PRINCE2

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The dissimilarities between PMBOK and PRINCE2 are as follows-
1. PMBOK is a standard while PRINCE2 is a project methodology. Therefore, there is
huge difference in the implementation approach of both the processes (Matos & Lopes, 2013).
2. The working principle of PRINCE2 methodology includes implementation of a project
in controlled environment. This makes the process of tracking the project progress easier.
PRINCE2 methodology further allows the project team in controlling the project implementation
process. Project control however, is not possible in PMBOK.
3. Quite contrast to PRINCE2 methodology, in PMBOK, the project manager is the
central decision maker of the project (Ghosh et al., 2012).
4. PMBOK process is generally based on project plan and proper planning is the driving
force of the project. IN PRINCE2 business case acts as the driving force for controlling and
managing a project.
5. PMBOK follows a knowledge based approach while PRINCE2 is process oriented.
6. PRINCE2 although does not incorporate all the knowledge areas of PMBOK, the
principles, themes and processes of PMBOK are consistent with the PMBOK guide.
7. PMBOK is administered by PMI while PRINCE2 is administered by the APMG>
8. PRINCE2 methodology is tailorable while PMBOK is follows a non prescriptive
approach.
3. PRINCE2 and Project Life Cycle (PLC)

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Project lifecycle gives a proper overview of initiation, planning, execution and closure of
a project. PLC is followed by almost all the project managers irrespective of the project
management approach chosen for the project. The project life cycle creates a proper framework
for managing a particular project (Joslin & Müller, 2015).
PRINCE2 project methodology relates to the project life cycle as in PRINCE2 as well, he
entire project is divided into a number of phases. Unlike project life cycle that consists of four
major phases, in PRINCE2 project methodology, the project is subdivided into seven phases
which are Pre initiation phase, project initiation, direction of a project, project control, project
management, management of project delivery and the project closure. Proper execution of all the
phases of the project ensures success of a particular project.
Project life cycle holds a very important place in management of a project as it helps in
managing any type of project (Kerzner & Kerzner, 2017). PLC helps a project manager in
coordinating the different aspects of a project thus ensuring proper project implementation and
successful delivery of a project.

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References
Ghosh, S., Forrest, D., DiNetta, T., Wolfe, B., & Lambert, D. C. (2012). Enhance PMBOK®
by comparing it with P2M, ICB, PRINCE2, APM and Scrum project management
standards. PM World Today, 14(1), 1-77.
Joslin, R., & Müller, 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.
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., & Kerzner, H. R. (2017). Project management: a systems approach to planning,
scheduling, and controlling. John Wiley & Sons.
Leau, Y. B., Loo, W. K., Tham, W. Y., & Tan, S. F. (2012). Software development life cycle
AGILE vs traditional approaches. In International Conference on Information and
Network Technology (Vol. 37, No. 1, pp. 162-167).
Matos, S., & Lopes, E. (2013). Prince2 or PMBOK–a question of choice. Procedia
Technology, 9, 787-794.
Schwalbe, K. (2015). Information technology project management. Cengage Learning.
Špundak, M. (2014). Mixed agile/traditional project management methodology–reality or
illusion?. Procedia-Social and Behavioral Sciences, 119, 939-948.