Project Methodologies: Comparing PMBOK, Prince2, and Agile Approaches

This report provides a comprehensive overview of project methodologies, focusing on the definition, role, and types of project management approaches. It delves into the specifics of Agile and Waterfall methodologies, highlighting their strengths and weaknesses. The report then examines Prince2 and PMBOK (Project Management Body of Knowledge) methodologies, comparing their critical areas, knowledge areas, associated activities, and principles. It illustrates the relationship between PMBOK and Prince2 with the project life cycle, emphasizing how they contribute to project success. The report concludes by summarizing the key findings and references relevant sources, providing a valuable resource for project managers and students seeking to understand and apply different project management methodologies.

Assignment on Project Methodologies

Project methodologies
Contents
Definition:.............................................................................................................................................2
Role of methodology:............................................................................................................................2
Types of project management methodologies:......................................................................................2
Relation of PMBOK and Prince2 with project life cycle:......................................................................4
Conclusion:............................................................................................................................................5
References:............................................................................................................................................6
1

Project methodologies
Definition:
Project methodology is defined as the set of rules and standards provided to the project team
for managing the project. It makes the job of the project manager lighter and easier. The
guidelines and the template help in successful delivery of the project. The flexibility can be
associated with the approved design. The project methodology uses top down approach for
evaluating the progress in terms of goal, deliverables, and objectives.
Role of methodology:
The methodologies are used for managing the tasks with the limited amount of time and
resources. The methodologies help in defining the project scope, constraints in time,
availability of resources, and needs of project delivery. The series of subsequent steps is
organised for completing the project.
Types of project management methodologies:
Agile Methodology: The aim of this methodologies helps in empowering the teams by
encouraging the involvement of customers and managing the risks associated with the
project. This methodology is usually derived for team development, monitoring of the
project, responsiveness in relation to change. The continuous communication should be
arranged throughout the lifecycle of the project.
Waterfall Methodology: The waterfall methodologies help in effective utilization of the
team. The different roles and responsibilities are allocated to the different team members of
the project. The completion of the assigned task helps in reaching the goal of the project. The
waterfall methodology does not allow changes in the scope of the project. The phases
involved in the waterfall methodology are specification of the requirement, designing,
construction, integration, debugging and testing, installation, and maintenance.
Prince2: The Prince2 methodology is based on the facts and standards. It follows the process
based approach for managing the project.
System development life cycle: The software development project follows the conceptual
model for the management of the project. It is the accumulation of different methodologies.
The documentation preparation is the major concern area of the system development life
cycle.
Project management body of knowledge: PMBoK is the collection of standard terminology
and guidelines for managing the project. It provides the complete management of the project
in terms of critical path method and work breakdown structure. “It is useful for financial
forecasting, management of the organization behaviour, budgeting, management science, and
others” (Skogmar, 2015). The success of the project depends on knowledge, skill,
technology, and tools. The inputs required for the processes are documents, design, and plans.
The outputs received from the input provided to the methodology are documents, design, and
plans.
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Project methodologies
The project methodologies which are mostly preferred are PMBOK and PRINCE2. The
PMBOK and Prince2 is the substantial framework for managing contract, scope, and other
robust practices. The decision making capability of the project manager can be improved by
initializing these methodologies. “The primary decision maker actively participates in
planning, problem solving, management of human resource, and others” (Ghosh, 2012).
The following table show the high level comparison between prince2 and pmbok:
Particular features PRINCE2 PMBOK
Defined as It follows the structured
approach of project
management
“It is the set of rules and
standards which act as a
guide for project manager”
(Chin & Spowage, 2015)
Critical areas Critical areas are practically
focused
Critical areas are
comprehensive focused
Knowledge areas and themes
associated
Prince2 methodology
depends on 7 themes
PMBOK methodology
depends on 10 knowledge
areas
Associated activities and
processes
It is the collection of 35
activities and 7 themes
It is the collection of 45
processes and 5 process
group
Principles It makes use of 7 principles There are no such principles
applied
Technology Specific techniques are
applicable
Every process involves
specific technique
Focus on interpersonal skills Not focused and covered Focused and covered
Coverage Business case, processes, and
product
It focuses on the need and
requirement of the customers
Role played by the board of
directors
Regular meetings are
arranged for oversight
Only suggestion given by the
sponsor
Factors responsible for
organizational and
environmental assets
Focused partially Focused completely
Principles of management Exceptions are taken into
consideration
None
The following table shows the difference between the methodologies on the basis of coverage
areas:
Themes of Prince2 Coverage of PMBOK Comments
Business Case Reviewed periodically Emphasis given on reviewing
continuous business case
Organization Covers the areas of
stakeholder and human
resource
Stronger mechanisms used
by the PMBoK
Quality Focuses on quality
management
-
Plan Management of scope, time, -
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Project methodologies
and cost
Risks Management of risk -
Change Processes used for
monitoring and control
-
Progress Processes used for
monitoring and control
-
The following table shows the knowledge areas covered between the PMBoK and prince2:
PMBoK Prince2 Result
Integration management Partly focused on integration
mechanism
“Completely focused on
integration mechanism”
(Matos, 2013)
Scope management Planning -
Cost management Planning -
Time management Planning -
Communication management Partly focused Completely focused
Human Resource
management
Based on organization theme Strongly used in PMBoK
Project risks management “Risk associated with the
project” (Rad, 2013)
-
Procurement management Not covered Only focused and covered in
detailed in PMBOK
Stakeholder management Partly focused Completely focused
Relation of PMBOK and Prince2 with project life cycle:
The PMBOK is used in the project life cycle to select the set of appropriate processes which
is used for meeting objective of the organization. “The defined approach is used for adapting
the product specification to comply with the project requirements” (Vieira, 2014). The
requirements are defied according to the need and expectation of the stakeholders. It keeps
the balance between competing demand of the product quality in terms of time, scope,
quality, and costs. The prince2 methodology is used for managing the quality of the project
by indulging the concept of quality and control and assurance tools. The work packages
should be clearly defined and handled. The consistency can be maintained by using the
quality tools in the management system. “The quality control is focused on working products
manufacturing” (Wideman, 2012). The text oriented deliverables are the key feature of the
prince2 methodology which can be preferred for future reference. The following diagram
shows the interrelationship of project life cycle with Prince2 and PMBoK methodologies:
4

Project methodologies
Conclusion:
The PMBOK guide is worldwide accepted by the project manager or managing the project in
the right direction. The project can be easily adapted according to the changing requirement
of the customers.
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Project methodologies
References:
Chin, C., & Spowage, A. (2015). Project management methodologies: A comparative
analysis. Retrieved from http://cibw117.com/journal/index.php/performance-info-
and-value/article/viewFile/75/73
Ghosh, S. (2012). Enhance PMBOK by comparing it with PRINCE2 and P2M standards.
Retrieved from http://pmkb.com.br/uploads/2013/08/95598999-Comparison-of-PM-
Frameworks.pdf
Karaman, E. (2015). Comparison of project management methodologies: Prince2 versus
PMBoK for its project. Retrieved from
http://www.ijaser.com/articles/vol4issue42015/vol4issue4/JASER4059.pdf
Matos, S. (2013). Prince2 or PMBoK- A question of choice. Retrieved from
http://www.sciencedirect.com/science/article/pii/S2212017313002417
Rad, N. (2013). Project lifecycle in Prince2. Retrieved from
https://www.projectsmart.co.uk/planning-lifecycle-in-prince2.php
Skogmar, K. (2015). Prince2 and PMBoK guide. Retrieved from
https://www.axelos.com/CMSPages/GetFile.aspx?guid=4bf6bd26-2805-4b7f-8cba-
c56a899eb871
Vieira, D. (2014). Integrating PMBOK standards, lean and agile methods in project
management activities. Retrieved from
http://research.ijcaonline.org/volume88/number4/pxc3893680.pdf
Wideman, R. (2012). Comparison prince2 with PMBoK. Retrieved from
https://pdfs.semanticscholar.org/6d9f/811b7e5e95242b9f2e0fd18753a6f453bc8d.pdf
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