Comparison of Project Management Methodologies

The provided assignment involves a detailed comparison of two prominent project management methodologies: PRINCE2 and PMBOK. The main objectives are to identify the key similarities and differences between these methodologies, discuss their applications, and assess their effectiveness in managing projects. It also requires an analysis of how PRINCE2 relates to the project life cycle (PLC) and its four phases: initiation, planning, execution, and closure.

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

1
ITC PROJECT MANAGEMENT
Table of Contents
1. Project Methodology......................................................................................................2
2. PRINCE2 Vs PMBOK....................................................................................................2
2.1. PMBOK and PRINCE2: Similarities........................................................................3
2.2. Advantages of PRINCE2 and PMBOK........................................................................3
2.2.1. PMBOK.............................................................................................................4
2.2.2. PRINCE2...........................................................................................................4
2.3. Disadvantages of PMBOK and PRINCE2...............................................................4
2.3.1. PMBOK.............................................................................................................4
2.3.2. PRINCE 2..........................................................................................................5
2.4. Projects that suits PMBOK/ PRINCE2.....................................................................5
2.5. PMBOK and PRINCE2: Differences.......................................................................5
3. PRINCE2 on PLC............................................................................................................6
References............................................................................................................................7

2
ITC PROJECT MANAGEMENT
1. Project Methodology
“A project methodology is an application of knowledge, tools and techniques in order to
implement a project in such a way that it meets all the identified requirements” (Schwalbe,
2015). This indicates that the project methodology plays a significant role in evaluating the
project requirements. Project management methodology is “a set of standard used for defining
the techniques and procedure of project implementation” (Špundak, 2014). Therefore, it can be
said that project management has a vital role in planning and implementation of a project. A
project management methodology is “a standard that counters the dangers and risk of the front
end planning methods of project development” (Serrador & Pinto, 2015). The role of a proper
methodology is to identify and evaluate the risks associated with a project. “Project methodology
or project management is a procedure of proper application of knowledge, skills and tools
necessary for implementation of a project” (Kerzner & Kerzner, 2017). Identification of a proper
project methodology therefore, plays a major role in identification of proper skills needed for
successful project implementation. A project methodology “possesses the ability to successfully
deliver the result quickly and inexpensively even in complex project” (Leau et al. 2012).
Therefore, it can be said that project methodology plays a very important role in successful
delivery of a project.
2. PRINCE2 Vs PMBOK
PMBOK or project management body of knowledge is a guide that helps in standardizing
the different project management tasks so that the project managers and the team members are
on a same page while the implementation of the project. The PMBOK process includes five
major phases such as initiating, planning, execution and control and closing.

3
ITC PROJECT MANAGEMENT
Figure 1: Representing PMBOK process
(Source: Chaves, et al., 2016)
PRINCE2 on the other hand is a process based project management methodology that
defines and describes the different activities that a project needs to follow for its successful
implementation.
2.1. PMBOK and PRINCE2: Similarities
The similarities between PMBOK and PRINCE2 are as follows-
1. The PMBOK and PRINCE2 set up some standard rules for the processes and
techniques to be used in project management, which ensures project success (Karaman & Kurt,
2015).
2. PMBOK and PRINCE2 both help in identification of the associated risks in a project
and propose different solutions for eliminating the identified risks from the project. Both
PMBOK and PRINCE2 furthermore help in analyzing the different problems that is generally
faced by a project while its execution.
2.2. Advantages of PRINCE2 and PMBOK

4
ITC PROJECT MANAGEMENT
2.2.1. PMBOK
The advantages of PMBOK are as follows-
1. Helps in breaking down the projects in easy manageable steps.
2. Provides standardization in different project processes (Snyder, 2014).
3. It helps in reducing the overhead cost of the project management team
4. It helps in increasing the accuracy in critical project management and complex
projects.
2.2.2. PRINCE2
The advantages of PRINCE2 methodology are as follows-
1. It s one of the most commonly used project management approach and therefore is
easier to implement.
2. PRINCE2 methodology focuses in what a project needs to deliver thus helps in proper
planning of the project (Saad et al., 2014).
3. PRINCE2 methodology is flexible and therefore is the most preferable project
management approach.
2.3. Disadvantages of PMBOK and PRINCE2
2.3.1. PMBOK
The disadvantages of PMBOK are as follows-

5
ITC PROJECT MANAGEMENT
1. It is a bit complex to understand and implement.
2. It is very costly to implement in small projects.
2.3.2. PRINCE 2
The disadvantages of PRINCE2 methodology are as follows-
1. PRINCE2 methodology may not provide accurate measurement of the success of a
project.
2. PRINCE2 methodology is complex and cannot be implemented without having a
proper experience.
3. Change requests are difficult to accommodate in PRINCE2.
2.4. Projects that suits PMBOK/ PRINCE2
Analyzing the different needs, requirements, advantages and disadvantages of PMBOK
and PRINCE2, it can be said that PMBOK can be applied to the projects that need growing
attention and methodical planning such as construction projects. PRINCE2 can be applied in less
complex project which has clear requirements, as it is difficult to implement change in projects
following the PRINCE2 approach.
2.5. PMBOK and PRINCE2: Differences
The differences between PMBOK and PRINCE2 are as follows-
1. PRINCE2 is a project methodology while PMBOK is a body of knowledge that is
concerned with the application of best practices in a project.

6
ITC PROJECT MANAGEMENT
2. PRINCE2 is comparatively easier to apply in different projects as PMBOK is
comparatively complex (Matos & Lopes, 2013).
3. Project control is an issue in PMBOK, while PRINCE2 ensures that there is proper
review of the project progress on a regular basis.
4. PMBOK is useful in learning and gaining knowledge and achieving project
management skills while PRINCE2 is a methodology framework.
3. PRINCE2 on PLC
PLC or project life cycle has four phases such as project initiation, project planning
project execution and project closure. PRINCE2 is a project management process that ensures
success of a project by managing every stages or phases of the project by thorough supervision
of the same. In PRINCE2 approach, project is planned in a control environment and is generally
carried out at the beginning of the project. PRINCE2 therefore relates to the project life cycle as
the planning phase is an important stage of PLC. In the execution phase, PRINCE2 methodology
ensures proper project supervision and risk elimination (Tomanek & Juricek, 2015). Testing and
bugs elimination is followed by the project closure phase. Thus, PRINCE2 not only ensures
proper project implementation but also ensures project success.

7
ITC PROJECT MANAGEMENT
References
Chaves, M. S., Araújo, C. D., Teixeira, L., Rosa, D., Júnior, 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.
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.
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).
Schwalbe, K. (2015). Information technology project management. Cengage Learning.

8
ITC PROJECT MANAGEMENT
Serrador, P., & Pinto, J. K. (2015). Does Agile work?—A quantitative analysis of agile
project success. International Journal of Project Management, 33(5), 1040-1051.
Snyder, C. S. (2014). A guide to the project management body of knowledge: PMBOK (®)
guide. Project Management Institute: Newtown Square, PA, USA.
Špundak, M. (2014). Mixed agile/traditional project management methodology–reality or
illusion?. Procedia-Social and Behavioral Sciences, 119, 939-948.
Tomanek, M., & Juricek, J. (2015). Project risk management model based on PRINCE2 and
SCRUM frameworks. arXiv preprint arXiv:1502.03595.