Comparison of PMBOK and PRINCE2 Project Management Methodologies

This report compares and contrasts the two widely used project management methodologies, PMBOK and PRINCE2. It defines project methodologies and covers the project life cycle and how it is related to both methodologies. The report concludes that project management methodologies provide a mechanism to achieve project success by providing guidelines to handle project risks and conflicts.

Project Management Methodologies
PRINCE2 & PMBOK
12/1/2017

Project Management Methodologies
Table of Contents
Introduction.................................................................................................................................................3
Project Methodologies Definitions..............................................................................................................3
Comparison & Contrast: PMBOK and PRINCE2.......................................................................................3
Project Life Cycle (PLC).............................................................................................................................4
PMBOK and Project Life Cycle (PLC).......................................................................................................4
PRINCE2 and PLC......................................................................................................................................5
Conclusion...................................................................................................................................................5
References...................................................................................................................................................6
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Project Management Methodologies
Introduction
There are several projects that are carried out in the business organizations. All of these projects
have their respective set of project goals and objectives that shall be achieved in-line with the
organizational goals. Project Management is a discipline that allows easier organization and
management of the projects so that project and organizational goals are met. There are various
project management methodologies that have been defined to provide the Project Managers and
other resources in the project team with the guidelines to carry out project tasks and activities
efficiently (Axon, 2007).
The report covers the comparison and contrast between the two widely used project management
methodologies viz. PMBOK and PRINCE2.
Project Methodologies Definitions
Ben Aston defines project methodologies as a set of procedures, processes and methods to
achieve a set of goals that are associated with a particular project (Aston, 2017).
Eric McConnell defines project methodology as a logical set of step to plan, execute, control and
deliver the project deliverables (McConnell, 2010).
Project methodology, as defined by James Charvat states that it is a set of processes that are
carried out to achieve certain objectives in a specific business situation (Charvat, 2003).
Comparison & Contrast: PMBOK and PRINCE2
PMBOK is a project management methodology that stands for Project Management Body of
Knowledge. It is a methodology that defines a number of different knowledge areas which are
applied during the management of project tasks and activities. These knowledge areas come
under different knowledge domains. In this case, the basic approach that is followed is
knowledge based in nature. There are five phases that come under PMBOK as project initiation,
project planning, project execution, project control and project closure (Chaves, 2016).
PRINCE2 stands for Projects in Controlled Environment and it is a project management
methodology that is based upon seven different principles for the management of project tasks
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Project Management Methodologies
and activities. These principles define the themes and processes that are applied to manage the
project activities along with the project related risks and conflicts (Karaman, 2015). This
methodology is predictive in nature and offers lesser scope for handling and management of
changes.
The basic motive that is involved behind the creation of both the management methodologies is
to make sure that the projects are efficiently managed. There are several resources that are
involved in a particular project. There may be conflicts and disputes that may come up among
the resources. Also, there may be certain risk situations that may appear as well. Both of these
methodologies provide the guidelines to handle such situations (Wideman, 2002). In spite of all
of such similarities, there are certain points of differences that are associated with PMBOK and
PRINCE2 methodologies.
PMBOK PRINCE2
The processes under PMBOK are designed on
the basis of specifications presented by the
customer.
Business cases determine the processes under
PRINCE2 methodology.
The basic approach that is followed in this case
is the knowledge based approach.
It is based upon the seven principles defined
for project management.
The primary resource as per this methodology
is the Project Manager that is held responsible
and accountable for the majority of tasks.
Project Manager is a mediator between the
internal and external stakeholders.
There is limited documentation involved. There is a lot of documentation carried out.
This methodology is non-perspective in nature. This methodology is perspective in nature.
Project Life Cycle (PLC)
There are specific set of phases that are present in a project timeline. It is necessary to carry out
all of such steps to make sure that the project objectives are met. Project Life Cycle (PLC) covers
the steps that are associated during the project timeline.
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Project Management Methodologies
PMBOK and Project Life Cycle (PLC)
There are four basic steps that come under the life cycle of a project as initiation, planning,
execution and closure.
There are five phases that come under PMBOK as project initiation, project planning, project
execution, project control and project closure. These phases have close relation with the ones that
are defined under the PLC. However, there is one major difference between PLC and PMBOK as
the former follows predictive approach while the latter is based upon the knowledge based
approach (Ghosh, 2012). There may be certain unexpected changes that may come up during the
project timeline. Such changes can be easily handled by PMBOK.
PRINCE2 and PLC
There are seven principles that are defined under PRINCE2 that form the base for the themes and
processes of the methodology. PRINCE2 has a close correlation with PLC as the phases and
steps that are involved in both the cases are similar in nature (Turley, 2009). Also, planning is
one of the most significant activities that are associated in PLC as well as PRINCE2. There is a
lot of documentation that is involved in PRINCE2 which is supported by PLC as well.
Conclusion
There are a large number of projects that are simultaneously handled and carried out by the
business organizations. It is necessary that the customer expectations and project goals are met
for all the projects and project management methodologies provide a mechanism to achieve the
same. There may be scenarios during the project life cycle that may include conflict among the
resources, security risks, technical faults, operational errors and other issues. Such issues can be
easily handled by project management methodologies and their respective guidelines. These
guidelines provide the Project Manager along with the other project resources with the steps to
handle the project risks and conflicts to achieve the project success.
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Project Management Methodologies
References
Aston, B. (2017). 9 Project Management Methodologies Made Simple: The Complete Guide For
Project Managers - The Digital Project Manager. The Digital Project Manager. Retrieved
1 December 2017, from http://www.thedigitalprojectmanager.com/project-management-
methodologies-made-simple/
Axon, S. (2007). Would you use PMBOK or PRINCE2 for Project Management?. Retrieved 1
December 2017, from http://www.laptech.co.uk/downloads/pmbok_or_prince2_final.pdf
Chaves, M. (2016). A new approach to managing Lessons Learned in PMBoK process groups:
the Ballistic 2.0 Model. Retrieved 1 December 2017, from
http://www.sciencesphere.org/ijispm/archive/ijispm-040102.pdf
Charvat, J. (2003). Project management methodologies (pp. 31-35). New Jersey: John Wiley &
Sons, Inc.
Ghosh, S. (2012). Enhance PMBOK by Comparing it with P2M, ICB, PRINCE2, APM and
Scrum Project Management Standards. Retrieved 1 December 2017, from
http://pmkb.com.br/uploads/2013/08/95598999-Comparison-of-PM-Frameworks.pdf
Karaman, E. (2015). Comparison of project management methodologies: prince 2 versus
PMBOK for it projects. Retrieved 1 December 2017, from
http://www.ijaser.com/articles/vol4issue42015/vol4issue4/JASER4059.pdf
McConnell, E. (2010). Project Management Methodology: Definition, Types, Examples.
Mymanagementguide.com. Retrieved 1 December 2017, from
http://www.mymanagementguide.com/basics/project-methodology-definition/
Turley, F. (2009). An Introduction to PRINCE2. Retrieved 1 December 2017, from
https://www.projectsmart.co.uk/docs/prince2-introduction-ps.pdf
Wideman, R. (2002). Comparing PRINCE2 with PMBoK. Retrieved 1 December 2017, from
https://pdfs.semanticscholar.org/6d9f/811b7e5e95242b9f2e0fd18753a6f453bc8d.pdf
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