Project Management: Definition, Methodologies, and Comparison

This article discusses project management methodologies, their role, and comparison between PRINCE2 and waterfall methodology. It also explains how PRINCE2 and Waterfall fit into the Project Life Cycle (PLC). The article is relevant for students studying project management or professionals working in the field.

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

1
PROJECT MANAGEMENT
Table of Contents
1. Definition of methodology and its role in Project Management.....................................2
2. Similarities and Differences between PRINCE2 and waterfall methodology.................2
3. PRINCE2 and Waterfall in Project Life Cycle (PLC).....................................................4
References............................................................................................................................7

2
PROJECT MANAGEMENT
1. Definition of methodology and its role in Project Management
The Project management is a collection of methods, rules and disciplines that
demonstrates the process by which a project is executed. It can be described a system of broad
principles and rules from which the specific methods or procedures can be derived. A project
methodology plays a significant role in the management of any project (Kerzner & Kerzner,
2017). Methodology has an important role in management of a project since the project
managers make use of project management methodology to design, implement and employ the
objectives identified for the project. The tactical benefit of project management methodology is
that the project manager can ensure the validity of status assessments with the help of project
management methodology. There are a number of project management methodologies that is
used by project managers across the world, which includes PMBOK, PRINCE2, SDLC, Agile
and Waterfall. The characteristic of each project methodology is different. The comparison
between PRINCE2 and waterfall project methodology is discussed in the following paragraphs.
2. Similarities and Differences between PRINCE2 and waterfall methodology
The waterfall project methodology is one the traditional approaches of implementation of
a project while PRINCE2 is a newer methodology of project management (Mahalakshmi &
Sundararajan, 2013). The similarities and dissimilarities of project management methodology is
discussed below-
Similarities
The similarities of PRINCE2 and waterfall methodology are as follows-

3
PROJECT MANAGEMENT
1. Both PRINCE2 and waterfall project methodology aims at delivering a project within a
set schedule.
2. Both the methodologies provide a high level view of the work processes that is
involved with a project.
3. In both the project methodologies, the entire project is divided into a number of phases.
This helps in easier management of the project (Saxena & Upadhyay, 2016).
4. PRINCE2 is often considered as a waterfall model as like waterfall, in PRINCE2 as
well a sequential approach is followed.
Dissimilarities
There are a number of differences between PRINCE2 and waterfall project methodology.
The differences between PRINCE2 and waterfall project methodologies are as follows-.
1. Waterfall project methodology is one of the oldest project methodologies that follow a
sequential approach of project management. PRINCE2 on the other hand is methodology for
implementation of projects in controlled environment (Matos & Lopes, 2013).
2. PRINCE2 is a leading project management methodology that is used in a number of projects
across the world mainly in construction projects. The waterfall project methodology on the other
hand is one of the oldest project management methodologies and therefore is used only in small
scale projects.
3. In waterfall, testing of the project processes are mainly done at the end of the project while in
PRINCE2, testing is done in regular interval so that any issues present in the project can be
identified while the project is in its implementation stage (Saad et al., 2013).

4
PROJECT MANAGEMENT
4. Waterfall model is a sequential model of software development while PRINCE2 is a
structured approach of project management. There are a number of differences in the process of
implementation of project with PRINCE2 and waterfall methodology. The processes of
PRINCE2 project methodology is defined into 45 separate sub processes that provides a well
structured platform for management of a project.
3. PRINCE2 and Waterfall in Project Life Cycle (PLC)
Project management life cycle play a significant role in successful implementation of a
project. A PLC mainly incorporates five phases which include project initiation, project
planning, execution, closure and evaluation.
Figure 1: Representing PLC

5
PROJECT MANAGEMENT
(Source: Book Reference)
In PLC, each phase is needed to be completed for successful project implementation.
Both waterfall and PRINCE2 follows this approach of project management as in both the
methodologies, project is divided into a number of controllable project management phases. In
waterfall each phase follows a sequential approach while that in PRINCE2 a more structured
process of project implementation is followed. The following picture represents the phases of
waterfall project methodology –
Figure 2: Representing the phases of Waterfall methodology
(Source: Mahalakshmi & Sundararajan, 2013)
The above picture provides an idea of the phases of waterfall model, which is similar to
the project life cycle. Similarly PRINCE2 project methodology ensures segregation of entire task
in smaller controllable units.

6
PROJECT MANAGEMENT
Figure 3: Representing the processes of PRINCE2
(Source: Book Reference)
Successful execution of each process of PRINCE2 ensures that the project is delivered
within the scheduled time which is one important goal of PLC. Thus it can be said that both
PRINCE2 and waterfall model relates to PLC.

7
PROJECT MANAGEMENT
References
Kerzner, H., & Kerzner, H. R. (2017). Project management: a systems approach to planning,
scheduling, and controlling. John Wiley & Sons.
Larson, E. W., Gray, C. F., Danlin, U., Honig, B., & Bacarini, D. (2014). Project management:
The managerial process (Vol. 6). Grandview Heights, OH: McGraw-Hill Education.
Mahalakshmi, M., & Sundararajan, M. (2013). Traditional SDLC Vs Scrum Methodology–A
Comparative Study. International Journal of Emerging Technology and Advanced
Engineering, 3(6), 192-196.
Matos, S., & Lopes, E. (2013). Prince2 or PMBOK–a question of choice. Procedia
Technology, 9, 787-794.
Saad, S., Abdullah, I., Asma, O., Muhammad Saad, K., & Abdul Qadir, A. (2013). PRINCE2
Methodology: An Innovative Way of Project Management.
Saxena, A., & Upadhyay, P. (2016). Waterfall vs. prototype: Comparative study of sdlc. Imperial
Journal of Interdisciplinary Research, 2(6).