PMBoK versus PRINCE2 or Agile in contemporary projects

PMBoK versus PRINCE2 in
contemporary projects

Table of Contents
INTRODUCTION...........................................................................................................................3
Similarities between PMBoK and PRINCE2.............................................................................3
Differences between PMBoK and PRINCE2.............................................................................4
Method to control project risk....................................................................................................5
Use of project..............................................................................................................................6
CONCLUSION...............................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Project management engage planning and organising of all resources which is required
for completion of project, task and event. This involve one-time project or constant activities that
is managed by managing resources that undertakes, personnel, technology, finance and
intellectual property. Moreover, this report highlights on PMBoK and PRINCE2 method and
their use in project management. Similarities and differences between both method and their way
to manage project risk will also included in this report. In the last, types of project is also
considered in the upcoming report.
The term PMBOK is an abbreviation of project management body of knowledge, it refers
to the entire collection of processes, terminologies, best practices, guidelines etc. which is
accepted as standards and states within project management industry (Azman, Mohamed and
Odzaly, 2020). PMBOK is considered as a valuable factor for company as it support
organisation for implement of different practices among all departments in order to complete
project in a coordinated manner. The first editions of standards was identified in the year 1996
and this is used into various geographic for figure out universal practices related with project
management.
PRINCE2 is explained as a process-based method and it is used for managing project
actions and activities in an effective manner. Fundamental skills is explained by PRINCE2
method and it aids to complete a project in a successful manner. This stands for Projects IN
Controlled Environment which is universal and implement in all over the project. Further, the
main role of PRINCE2 method is completion of project in a consistent approach to complete all
project in a systematic manner (Bassi, 2016). This was first established in the year 1989 by the
central computer and telecommunication agency.
Similarities between PMBoK and PRINCE2
Similarities PMBoK PRINCE2
Basis This is identified as a guide and it
intend about practitioners for
recognising the process of project
management for completion task and
event of project in proper manner.
There are various task performed
by management and this is used
to structure, process and
activities. This benefits project
management to manage all task