PRINCE2 Project Life Cycle Analysis

This assignment delves into the PRINCE2 project life cycle, consisting of four management stages: Initiation, Planning, Execution, and Closure. It also explores the integration of PRINCE2 with PMBoK guidelines for a comprehensive approach to project management. The analysis highlights the importance of understanding the PRINCE2 project life cycle for successful project execution.

Running head: COMPARISON OF PROJECT MANAGEMENT METHODOLOGIES
Comparison of Project Management Methodologies
Name of student
Name of University
Author’s Note

1COMPARISON OF PROJECT MANAGEMENT METHODOLOGIES
Table of Contents
1. Definitions and Roles of project methodology by various author:..........................................................2
2. PMBoK versus PIRNCE2........................................................................................................................2
3. Finally, describing the project life cycle in PRINCE2:...........................................................................6
References:..................................................................................................................................................8

2COMPARISON OF PROJECT MANAGEMENT METHODOLOGIES
1. Definitions and Roles of project methodology by various author:
According to the author, the project management methodology has defined as
standardization PMM, Customization PMM or the combination of both (Joslin & Müller, 2015).
A standardization PMM referred to the degrees of Standardization implied by the organizational
processes (Braglia & Frosolini, 2014). The project management owners, a corporate control and
Project management office often focuses on standardizing the organizational PMM. A
customization PMM has variation that results in better report when the type and size of the
project procedures are tailored (Stoshikj, Kryvinska & Strauss, 2014). The ITS group of project
management methodology defines the methodology as a set of individual project that has a
standard with the project team (Serra & Kunc, 2015). According to the author the tools of the
methodology makes the job of the project manager little easier. The methodology contains
guidelines, templates and definitions for various project management activities in were
successful delivery of the project. Samuel MantelJack R. Meredith and Jack Meredith and
Samuel J. Mantel, Jr. in an article of Project Management: A Managerial Approach, define the
methodology of project management as the outcomes of the project that are produce as an
objectives of schedule, cost and specifications (Ribeiro & da Silva, 2015). According to the view
of the author, project manager does everything to meet the basic parameter for the application of
project management to meet the requirements of the project.
2. PMBoK versus PIRNCE2
PMBoK is a guide that encapsulates the related knowledge of Project Management (Brioso,
2015). This guide helps the practitioners to recognize the process of practicing the project

3COMPARISON OF PROJECT MANAGEMENT METHODOLOGIES
management, the application techniques and the input and output associated with it (de Carvalho,
Patah, & de Souza Bido, 2015).
The methodology of PRINCE2 is a process to manage industries or public or private sectors to
improve the chance for a successful outcome of the project.

4COMPARISON OF PROJECT MANAGEMENT METHODOLOGIES
PMBOK PRINCE2
Purpose A comprehensive guide for project
management on every aspects
A practical principles of project
management methodology
Content Techniques of wide range to describe
the core practices
the process of project management
with 7 series
Approach Project Management approach based
on knowledge
7 series of process management
that defines who, how, when and
what
Inclusions AR management, Procurement, in-
depth Critical Path, estimating, EVM
and many more technique
Project assurance, planning based
on product, clarity in authorities
and role, exception management,
Business case
Roles Primary role is of the project manager everyone’s role is defined, namely
PM, PA, PS, TM who are involve
in a project
Certifications CAPM and PMP are the certification
require for any project management
Practitioner, Professional, or
Foundation are the certification
require for any project
management
Utilization best practices, Non-prescriptive it is perspective, still needs project
tailor
Table 1: Understanding PMBoK and PRINCE2
Source: Author

5COMPARISON OF PROJECT MANAGEMENT METHODOLOGIES
The Processes, Principles and Themes of PRINCE2 are consistent with the guide of PMBoK,
however, all the areas of knowledge and the details that is specified in the PMBoK guide does
not include in PRINCE2 (Rehacek, 2017).
Process Comparison:
PMBoK PRINCE2
Initiating a project is start
direct
manage the stage of Boundaries
Planning A project is initiating
manage the stage of Boundaries
manage the delivery of the product
make a plan
Executing A stage is control
manage the delivery of the product
direct
Monitoring and control A stage is control
Closing manage the stage of Boundaries
a project is closing
Table 2: Process Comparison
Source: Author

6COMPARISON OF PROJECT MANAGEMENT METHODOLOGIES
Information provided based on the knowledge area of PMBoK and the Elements of
PRINCE2
PMBoK Area of Knowledge Elements of PRINCE2
Integration What are the plans
What are the planning done
Changing the control
Scope Case of Business, plans, planning based on
product, Changing the control
Time What are the plans
planning based on product, Changing the
control
Cost What are the plans
What are the planning done
Changing the control
Quality Management of the Configuration, Reviewing
the quality/quantity
Risk Risk Management
Communications Controls, A stage is control, a project is closing
Human Resources Organization covered only the Roles and
Responsibilities
Procurement PRINCE2 does not cover this information
Table 3: Knowledge area of PMBoK and the Elements of PRINCE2
Source: Author

7COMPARISON OF PROJECT MANAGEMENT METHODOLOGIES
Unlike PMBoK, there are few techniques of PRINCE2. This offers a product based on
the planning, the Product Breakdown Structure has aligned to the Work Breakdown Structure
(Todorović et al., 2015). It also includes the descriptions of product and Flow Diagrams of the
Product. The second technique is the approach towards the Change Control and lastly the
technique to review the quality of the product (Joslin & Müller, 2015).
3. Finally, describing the project life cycle in PRINCE2:
Today PRINCE2 along with the guide of PMBoK are the most important standards of a
project management (Vaníčková, 2017). The standard of PRINCE2 manually defines the project
life cycle in three main parts(Sharon & Dori, 2017):
 Managing by stages which is the core principle
 Plans which is the themes
 Three processes out of seven, that is “project initiation”, “managing the boundary
stage”, and “ starting a project”
The following figure will describe the project life cycle in PRINCE2 with four stages of
management:

8COMPARISON OF PROJECT MANAGEMENT METHODOLOGIES
Time
Creating
Project Plan
Revise Project Plan
Project
Plan
Plannning
initiation
stage
Preparing
Plan 1
Stage
Preparing
Plan 2
Stage
Preparing
Plan 3
Stage
Stage Plan
Revising initiation paln Revising plan 1
stage
Revising plan
2 stage
Revising
plan 3
stage
Team Plan
Revising stage 1
team plans
Revising
stage 2 team
plans
Revising
stage 3
team plans
Stage 1
Execution
Stage 2
Execution
Stage 3
Execution
Pre project Stage of Initiation Stage1 Stage 2 Stage 3
Figure 1: PRINCE2 Project life cycle with four management stage
Source: Author
From the above article, it has concluded that PRINCE2 along with the guide of PMBoK
are the most important standards of a project management today (Durrani & Baroudi, 2015).
PRINCE2 needs more experience and depth of PMBoK to make it useful. Finally, the article
gives a clear understanding of the PRINCE2 project life cycle for successful project.

9COMPARISON OF PROJECT MANAGEMENT METHODOLOGIES
References:
Braglia, M., & Frosolini, M. (2014). An integrated approach to implement project management
information systems within the extended enterprise. International Journal of Project
Management, 32(1), 18-29.
Brioso, X. (2015). Integrating ISO 21500 guidance on project management, lean construction
and PMBOK. Procedia Engineering, 123, 76-84.
de Carvalho, M. M., Patah, L. A., & de Souza Bido, D. (2015). Project management and its
effects on project success: Cross-country and cross-industry comparisons. International
Journal of Project Management, 33(7), 1509-1522.
Durrani, Z. A., & Baroudi, B. (2015). A Practitioner Based Evaluation of Project Management
Knowledge and Education: The Australian Case. International Journal of Knowledge-
Based Organizations (IJKBO), 5(4), 19-36.
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.
Rehacek, P. (2017). Application and Usage of the Standards for Project Management and their
Comparison. Journal of Engineering and Applied Sciences, 12(4), 994-1002.
Ribeiro, F., & da Silva, A. M. (2015). Information Management in Project Management:
Theoretical Guidelines for. Handbook of Research on Effective Project Management
through the Integration of Knowledge and Innovation, 44.

10COMPARISON OF PROJECT MANAGEMENT METHODOLOGIES
Serra, C. E. M., & Kunc, M. (2015). Benefits realisation management and its influence on
project success and on the execution of business strategies. International Journal of
Project Management, 33(1), 53-66.
Sharon, A., & Dori, D. (2017). Model‐Based Project‐Product Lifecycle Management and Gantt
Chart Models: A Comparative Study. Systems Engineering, 20(5), 447-466.
Stoshikj, M., Kryvinska, N., & Strauss, C. (2014). Efficient managing of complex programs with
project management services. Global Journal of Flexible Systems Management, 15(1),
25-38.
Todorović, M. L., Petrović, D. Č., Mihić, M. M., Obradović, V. L., & Bushuyev, S. D. (2015).
Project success analysis framework: A knowledge-based approach in project
management. International Journal of Project Management, 33(4), 772-783.
Vaníčková, R. (2017). Application of PRINCE2 Project Management Methodology. Studia
Commercialia Bratislavensia, 10(38), 227-238.