Project Management Methodologies and Life Cycle

This assignment delves into the world of project management methodologies, starting with a comprehensive definition and its significance in project management. It also compares and contrasts PMBOK (Project Management Body of Knowledge) and PRINCE2, highlighting their similarities and differences. Furthermore, it explains how PRINCE2 is related to project life cycle, emphasizing the importance of utilizing PRINCE2 within project work by splitting it into manageable phases. The assignment references various studies and research papers on project management methodologies and life cycles.

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

1
PROJECT MANAGEMENT
Table of Contents
1. Definition of project methodology and the role that it serves in project management..........2
2. Compare and contrast of PMBOK with PRINCE2 project methodology..............................3
3. How PRINCE2 is related to project life cycle.......................................................................5
References..................................................................................................................................6

2
PROJECT MANAGEMENT
1. Definition of project methodology and the role that it serves in project
management
According to Brioso (2015, pp.76), project methodology is mainly defined as the
combination of different logically related processes, practices as well as methods that
generally helps in determining the procedure to develop, plan, control and deliver a project
within the entire continuous implementation procedure until successful termination as well as
completion within the project is achieved. On the other hand, it is stated by Chaves et al.,
(2016, pp.28) that project methodology is a model that is mainly utilized by the project
managers in order to employ planning, designing, implementation as well as achievement of
varies project objectives. Moreover, it is opined by Coppola, D'Ambrogio and Gianni (2016,
pp.8) that project methodology is one of the critical success factors as well as one of the core
competency of the project management team that generally helps in avoiding failures as well
as reducing project related risks.
Project methodologies are generally a series of various types of processes that are
mainly designed to complete the project related task within proper time by handling the
issues that arises within the project. It is used as it mainly helps in guiding the project by
providing proper steps to follow in order to meet the project goals and objectives (Brioso,
2015, pp.77). In addition to this, there are number of other benefits that project gets with the
utilization project methodologies. The benefits include:
Involve project staff: The utilization of project methodology within project
management assists in overcoming the challenges as well as issues by creating proper
situation in which the staffs are involved and hence from the conceptual stage they got
involved within the project.

3
PROJECT MANAGEMENT
Clarify the project goals: Project management methodology not only clarifies the
goal of the project but it also assists in checking the feasibility of the project in order to
identify the benefits that are associated with the project (Chaves et al., 2016, pp.28). Proper
feasibility analysis is needed before the initiation of the project in order to make sure that the
project will be executed successfully as per the goals and objectives of the project.
Track the project: Project methodology helps in tracking the objectives of the
project in order to ensure that the activities of the project are successfully executing in
context to quality perspective. Tracking project activities also helps in resolving issues and
challenges that are associated with the project.
2. Compare and contrast of PMBOK with PRINCE2 project methodology
The similarities of PMBOK and PRINCE2 methodology are provided below:
Similarities: It is identified that both PMBOK and PRINCE2 project management
methodology helps in providing an internationally proven approach that is quite useful as
well as beneficial for implementing projects. It is stated by Joslin andMuller (2015, pp.1377)
that both PRINCE2 project methodologies as well as PMBOK are considered as best
practices of project management. In addition to this, both PRINCE2 as well as PMBOK
serves as a good foundation for successfully doing different types of projects.
The differences of PMBOK and PRINCE2 methodology are provided in the table
below:
PMBOK PRINCE2
Differences 1. The PMBOK (Project
Management body of
Knowledge) is mainly
1. PRINCE2 is one of the
methodology or process
that helps in managing a

4
PROJECT MANAGEMENT
intended to encapsulate
all the different types of
knowledge that is
mainly related to project
management (Hornstein
2015, pp.291).
2. It generally helps in
providing guidance as
well as knowledge on
project management
process, leadership and
interpersonal skills.
3. It main aim is to guide
different aspects of
project management
4. PMBOK generally
helps in illustrating the
roles of the project
manager
project in any sector
which generally helps in
improving the chances of
successful project
outcomes.
2. It generally helps in
aligning the business case
throughout the lifecycle
of the project and assist
in defining various roles
and responsibilities of
various stakeholders of
the project (Stark, 2015,
pp.27).
3. It mainly helps in
guiding practical project
based on various
principles of project
methodology
4. PRINCE2 methodology
assists in defining the
roles of every staffs of
the project that are
mainly related with the
project including project

5
PROJECT MANAGEMENT
board members, project
planner, human resource
manager, financial
manager, supervisor as
well as risk analyst
(Joslin&Muller, 2015,
pp.1388).
3. How PRINCE2 is related to project life cycle
According to Brioso (2015, pp.77), Project life cycle is mainly defined as one of the
four step procedure that is mainly followed by the project managers while proceeding with
the different stages of project completion. It generally assists in providing a framework that
helps in managing any type of project within the business. Similarly, PRINCE2 project
methodology is one of the process based method that is mainly utilized for managing the
project effectively. PRINCE2 methodology breaks a project in seven stages within its life
cycle in order to complete the project successfully. The stages of the project include starting
stage, initiation stage, managing stage, controlling stage, managing product delivery stage
and closure stage of the project (Al-Zwainy, Mohammed & Raheem, 2016, pp.2494). Thus,
it is identified that PRINCE2 methodology is a project life cycle based processes that helps in
successfully executing the project. The PRINCE2 project life cycle do not initiate with proper
original need, feasibility studies as well as solutions and thus they are considered as an input
for the project life cycle. Additionally, it is found to be quite important to ensure that
PRINCE2 project lifecycle is utilized within the project in order to carry out the project work
by splitting it into different manageable phases.

6
PROJECT MANAGEMENT