PMBOK and PRINCE 2

Running head: PMBOK AND PRINCE 2
PMBOK AND PRINCE 2
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PMBOK AND PRINCE 2
Table of Contents
PMBOK...........................................................................................................................................2
PRINCE 2........................................................................................................................................3
References........................................................................................................................................6

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PMBOK AND PRINCE 2
PMBOK
PMBOK finds its usage in the field of departmental programs, engineering projects,
processes that are specific for industries, product development process, Government programs,
management programs, and other development programs (Reich & Wee 2019).
Project Management Body of Knowledge is a well-known and internationally recognized
standard which helps in better processing of the application of skills, knowledge, differential
tools for meeting of the project requirement. The entire structure of PMBOK is subdivided into
10 knowledge areas (Varajão et al., 2017). The areas are namely Integration management, scope
management, Stakeholder management, Human resource management, Time management,
Communication management, Cost management, Risk management, procurement management
and Quality management.
As per the usage of the PMBOK system, initiating stage of the project is considered as
the first stage of the venture. After accomplishment of the initiation project, planning stage will
be performed. After performing the planning stage, executing stage comes into action. After this
stage controlling stage comes into action (Karaman & Kurt 2015). The output of the controlling
stage affects 3 different phases and make them mutual to each other. The phase that are affected
by the output of the controlling stage is the executing stage, planning stage as well as the closing
of the project stage.
The main elements that are taken into consideration in the initiation phase of the scheme
management are the authorization of the scheme, setting the overall direction of the project,
assigning project managers, developing project charter are also considered as the important
elements of the initiation stage. In the planning stage, defining of project scope, defining of