ITC Project Management: Methodology, PRINCE2 and PMBOK Comparison, Project Life Cycle

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

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ITC PROJECT MANAGEMENT
Table of Contents
1. Definition of Methodology and its Role in Project Management..........................................2
2. Compare and Contrast between PRINCE2 and PMBOK......................................................2
3. PRINCE2 and PMBOK in Project Life Cycle.......................................................................3
References..................................................................................................................................5

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ITC PROJECT MANAGEMENT
1. Definition of Methodology and its Role in Project Management
The systematic as well as theoretical analysis of the various methods, which could be
easily applied to any particular field, is known as methodology. The methodology majorly
consists of the theoretical analysis with proper details of the various principles and methods,
which are completely associated with any knowledge branch (Turner, 2014). This
methodology even is responsible for encompassing the several concepts like the paradigms,
quantitative techniques, qualitative techniques, phases and few theoretical models.
Methodology plays one of the most important roles in project management. The
methodology of project management is the significant combination of various processes,
practices and logical methods (Fleming & Koppelman, 2016). This helps in determining the
vital process of development, control and delivery of the project by means of a process of
implementation. The decision making and problem solving are done with the help of project
management methodology. A framework is selected for planning and delivering all types of
projects. The chosen methodological approaches help to bring out the required changes
within the project management framework. The most important and significant change is
required that is completed in terms of time, quality and cost (Burke, 2013). The change that
takes place in project management is systematic in nature. The two major methodology types
within project management are modern approach and traditional approach.
2. Compare and Contrast between PRINCE2 and PMBOK
The contrast and comparison of PRINCE2 and PMBOK methodologies is as follows:
i) The methodology of PRINCE2 was eventually released by UK government and this
methodology is completely based on the previous versions of PRINCE or Projects in
Controlled Environments.