This essay mainly focuses on the methodologies of project management. Choosing the correct methodology is significantly important before starting of a project. Each methodology has its own advantages and disadvantages. The essay discusses the definition of methodologies and its role in project management. Then a broad discussion on any two methodologies will be done followed by comparing the two. The two methodologies discussed are Prince2 and Waterfall. The essay also discusses the similarities and dissimilarities between the two methodologies. The relationship of project lifecycle with waterfall and Prince2 methodology is also discussed.