Project Management: PRINCE2 and PMBOK

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. Project Methodology.......................................................................................................2
2. What is PRINCE2?..........................................................................................................3
3. Similarities between PRINCE2 and PMBOK.................................................................3
4. Differences between PRINCE2 and PMBOK.................................................................4
5. PRINCE2 in Project Management Life Cycle.................................................................4
References............................................................................................................................6

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PROJECT MANAGEMENT
1. Project Methodology
Project methodology can be termed as a intelligent combination of logically related
processes, practices and methods, which is helps in determining the best plan and control to
develop and deliver a project by implementing it in an effective manner. The purpose of the
project methodology is to allow proper control to the entire project in order to ensure the success
of the project. It defines the approaches, techniques, methods and technologies that is adapted for
successful completion of a project. A project methodology provides the structure or the skeleton
for describing the every stages of project management in depth by properly analyzing the project
requirements. The project manager appointed for a project is responsible for identifying a proper
methodology for implementing the project according to the budget, schedule and the
specifications given by the client. A proper methodology helps in identifying and defining the
needs of the stakeholders, estimating the cost of the project and resolving the conflicts that may
arise while implementing the project (Špundak 2014).
Project management consists of varieties of methods, which are employed for managing
the different project types. The project methodologies can be broadly divided into two parts, the
traditional and the modern approaches (Smith, 2013). The traditional project management
methodology consist of pre defined phases such as project initiation, project planning and design,
project execution, project control and integration, project validation and project closure
(Schwalbe, 2015). The modern project management methodologies include PMBOK, PRINCE2,
Six Sigma, XP, scrum agile and so on. There are a number of similarities in PMBOK and
PRINCE2 in terms of the project management approach both the methodology employ for
managing a project (Kerzner, 2013).