Evaluating Agile and Prince2 Methodologies in Project Management

This report provides a detailed analysis of project management methodologies, focusing on Agile and Prince2. It explores the theoretical underpinnings of methodologies in project management, highlighting their importance in achieving organizational goals. The report outlines the characteristics, advantages, and disadvantages of the Agile methodology, emphasizing its iterative nature and client-focused approach. Similarly, it examines the Prince2 methodology, discussing its structured framework, principles, and applications, particularly in government sectors. A comparative analysis is presented, contrasting the predictive nature of Prince2 with the adaptive nature of Agile, and considering the cost-effectiveness of each approach. The report concludes by referencing relevant literature and studies in the field of project management.

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Project Management Methodology

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Contents
Project Management Methodology......................................................................................................2
Type of project management methodologies.......................................................................................2
Agile methodology................................................................................................................................2
Advantages........................................................................................................................................3
Disadvantages....................................................................................................................................3
Prince2 methodology............................................................................................................................3
The advantage of Prince2 process.....................................................................................................3
Disadvantages of Prince2 process.....................................................................................................4
Comparison between Prince2 process and agile process......................................................................4

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Project Management Methodology
The term methodology refers to a process which is a theoretical and
investigation process of any research topic. It provides a platform for the analysis of any
research idea and also gives a learning stage. It gives a theoretical examination of any
exploration and also associated with a division of learning. The methodology is
considered as an analysis technique that provides an approach by which examination of
evidence or data is to be embraced (Batselier, & Vanhoucke, 2017). According to the
PMI board, a methodology is a process of the system which is used by any employee or
manager to manage any project strategies (Koskela, & Howell, 2002). There are many
organization and industries which are using the methodology in the field of project and
it provides theoretical information for any research project. Methodology plays an
important role in the field of project management and it provides a platform to
investigate research ideas and project related theory and also help to achieve goal or
objective of any organization (Chen, 2017).
Type of project management methodologies
Generally, in any organization and industry, five types of methodologies are used
such as
 PRINCE2
 Agile
 PMBOK
 SDLC
 Waterfall
Agile methodology
This methodology provides a constant project lifecycle and testing process for
any research project. This is a type of methodology which is used to investigate and
analysis research strategies of any research idea. Agile methodology is used by much
organization and generally, it is used for large projects in an organization. The main
benefit of this methodology is that it provides both advancement and testing process as
compared to the waterfall method (Rai, Agrawal, & Khaliq, 2017). There are some steps

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involve in this research process such as DSDM, extraordinary programming, lean
advancement, and FDD. There are many advantages to this process such as
Advantages
 This process is a self-organized process
 Provide better results
 This process is based on the development method
 It follows the clients and customers process
Disadvantages
 It includes the whole process for a small project
 Cannot use for small projects
 Require an expert who takes a judgment
 Very costly process
 Step by step process
Prince2 methodology
Prince2 is a project in controlled environments which is used for large projects.
It is defined as a client-focused methodology which is used by many organization and
industries to achieve their goals and objectives. It provides a set of principles, theories,
and processes to managers in an organization that can help to manage their projects. It
also focuses on project efficiency and productivity of any organization. This
methodology was developed by the government of the UK in the 1996 year and this
process is also called a generic process (Mousaei, & Gandomani, 2018). The cost of this
methodology is around 100 pounds and some of the organization uses this process to
achieve their goals. The main application of this methodology is government sectors.
This process is famous in only the UK and other some countries in Europe because this
process is not widely recognized. The main disadvantage of this process is that it cannot
apply to small projects. There are a few steps involved in this methodology such as
starting Up a plan, initiating, directing a stage, controlling, managing products,
managing plan boundaries, and closing a plan.
The advantage of the Prince2 process
 Flexible process
 Common vocabulary

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 Built for Uncertainty
 Perfect starter qualification
 widely recognized
Disadvantages of Prince2 process
 Very costly process
 Less effective
 Management by exception
Comparison between Prince2 process and agile process
Prince2 method Agile method
Useful for the client to justify a plan Useful for the dealer
Focuses on high-level management Focuses on low-level management
More predictive process More adaptive process
The agile development is very valuable for the project life cycle since this
procedure spreads the improvement stresses in the project life cycle. Agile project
lifecycle comprises numerous product improvements, for example, DAD, coordinated
demonstrating, scrum, Kanab, extraordinary programming, DSDM, versatile
programming improvement and lean programming advancement (Turner, & Ledwith,
2018). Agile lifecycle includes the development, generation, idea, and retirement stages.
The Prince2 project life cycle includes a few stages, for example, prerequisites,
framework outline, usage, testing, sending of framework and support. Therefore both
methodologies can be used for large projects but the main difference is that the prince2
method is more predictive and agile process is a more adaptive process. The prince2
process is more costly rather than agile therefore some of the organizations are using
this methodology to achieve their goals.

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References
Batselier, J., & Vanhoucke, M. (2017). Improving project forecast accuracy by integrating
earned value management with exponential smoothing and reference class
forecasting. International journal of project management, 35(1), 28-43.
Chen, K. (2017). From Industry Experiments to Formal Standards-The Evolution of Agile
Project Management. Communications of the ICISA, 18(1), 42-54.
Koskela, L. J., & Howell, G. (2002). The underlying theory of project management is
obsolete. In Proceedings of the PMI Research Conference, 13, pp. 293-302.
Mousaei, M., & Gandomani, T. J. (2018). A New Project Risk Management Model based
on Scrum Framework and Prince2 Methodology. development, 9(4), 12-14.
Rai, A. K., Agrawal, S., & KHALIQ, E. (2017). Identification of Agile Software Risk
Indicators and Evaluation of Agile Software Development Project Risk
Occurrence Probability. International Journal of Engineering Technology,
Management, and Applied Sciences, 5(7), 403-408.
Turner, R., & Ledwith, A. (2018). Project Management in Small to Medium‐Sized
Enterprises: Fitting the Practices to the Needs of the Firm to Deliver
Benefit. Journal of Small Business Management, 56(3), 475-493.