Project Management: PMBOK Vs PRINCE2 and PRINCE2 in Project Life Cycle

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

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PROJECT MANAGEMENT
Table of Contents
1. Definition of Project methodology..................................................................................2
2. PMBOK Vs PRINCE2....................................................................................................2
2.1. What is PMBOK?.....................................................................................................2
2.2. What is PRINCE2?...................................................................................................3
2.3. Similarities between PMBOK and PRINCE2..........................................................3
2.4. Differences between PRINCE2 and PMBOK..........................................................4
3. PRINCE2 in Project Life Cycle (PLC)............................................................................5
References............................................................................................................................6

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PROJECT MANAGEMENT
1. Definition of Project methodology
Špundak, (2014) defined project methodology as the set of standards which is used to
define the process of project implementation. Project methodology plays an integral role in
successful project delivery. Kerzner and Kerzner, (2017) defined the project methodology as
method of application of knowledge, skills and project management tools, which will ensure the
successful implementation of the project. Leau et al., (2012), defined project methodology as a
technique that ensures quick and successful delivery of a project. According to Schwalbe,
(2015), project methodology is an application of knowledge of project management in successful
implementation of the project.
Therefore, it can be said that the project methodology is an integral part of successful
project implementation. Use of a proper project methodology ensures successful implementation
of a project. Choice of a proper project methodology largely relies on the type of the project and
correct choice of a project methodology is necessary for ensuring project success. The different
various project methodologies are PRINCE2, Agile XP, Waterfall and Agile Scrum. PRINCE2
project methodology is chosen in order to evaluate the characteristics of this project management
approach with the Project Management Body of Knowledge or PMBOK. PRINCE and PMBOK
are compared in the following section.
2. PMBOK Vs PRINCE2
2.1. What is PMBOK?
Project management Body of knowledge provides a guide for undertaking the different
project management works. It provides a guide to the project manager in choosing the best tools
and techniques required for successful implementation of a project (Snyder, 2014). There are