This article discusses project management methodologies, their role in project management, and their categories. It also explores the relation between project life cycle, Prince2, and PMBoK. The article covers Agile Methodology, Waterfall methodology, Prince2, SDLC, and PMBoK. The similarities and differences between Prince2 and PMBoK are also discussed. The article concludes by highlighting the importance of project methodologies in improving the decision-making capabilities of project managers.