Evaluating PMBOK and PRINCE2 in the Project Management Life Cycle

This report defines methodology and its role in project management, comparing PMBOK (Project Management Body of Knowledge) and PRINCE2 methodologies. It explores their similarities and differences, highlighting that PMBOK provides a comprehensive guide with tools and techniques, while PRINCE2 offers practical knowledge for managing projects in a controlled environment. PMBOK is knowledge-based, focusing on risk minimization, whereas PRINCE2 is process-based. Both methodologies are then related to the project life cycle (PLC), emphasizing their roles in ensuring successful project execution, with PMBOK used globally and PRINCE2 often applied in construction project management. The report concludes that both methodologies are beneficial for managing projects through their various phases.

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

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Table of Contents
Introduction..........................................................................................................................2
1. Definition of Methodology and its role in project Management.....................................2
2. Comparison between PMBOK and PRINCE2................................................................2
2.1. PMBOK....................................................................................................................2
2.2. PRINCE2..................................................................................................................3
2.3. Similarities and Differences between PRINCE2 and PMBOK................................4
3. PRINCE2 and PMBOK in PLC.......................................................................................5
Conclusion...........................................................................................................................5
References............................................................................................................................7

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Introduction
The purpose of the report is to understand the concept of methodology and its role in
project management. Methodology is a collection of different tools and processes that ensure
easier management of a task by binding the same with a pre evaluated methods, rules and
postulates. The focus of this report is to evaluate the concept and role of methodology in
management of a project. In this context, two project management methodologies, PMBOK and
PRINCE2 will be evaluated in order to understand its role in project life cycle (PLC).
1. Definition of Methodology and its role in project Management
Methodology can be defined as broad principles of rules with which the specific process
and methods can be derived. Methodology is an important consideration since it ensures a
systematic implementation of a specific task (Heagney, 2016). Methodology has an important
role to play in management of a project and project manager is responsible to ensure an accurate
project methodology is chosen for the project under consideration (Kerzner & Kerzner, 2017).
There are a number of project management methodologies, out of which the POMBOK and
PRINCE2 project methodologies will be evaluated to understand their roles in project
management life cycle.
2. Comparison between PMBOK and PRINCE2
2.1. PMBOK
Project management body of knowledge is a collection of different tools, processes and
procedures and a set of standard terminology that guides an easy implementation of a project. It

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is a publication of project management institute that comprises of 5 process groups and 9
knowledge areas.
Figure 1: Representing the five process groups
(Source: Matos & Lopes, 2013)
2.2. PRINCE2
PRINCE2 is a methodology of execution of a project in a controlled environment. It is a
well recognized standard which is mainly finds its place in private sector. PRINCE2 focuses on
business justification and is mainly considered as a product based planning. PRINCE2
methodology is based on seven principles which is represented in the following picture-

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Figure 2: Representing the 7 Principles of PRINCE2
(Source: Skogmar, 2015)
2.3. Similarities and Differences between PRINCE2 and PMBOK
PRINCE2 and PMBOK are quite similar in certain respect and yet possess a number of
contrasting characteristics. PRINCE2 and PMBOK are complementary methodologies as
PMBOK provides the knowledge about the tools and techniques while that of PRINCE2 enable
the project manager to make an effective use of the knowledge gained. Both PRINCE2 and
PMBOK provide an internationally proven approach of implementation of a project.
However, there are a number of dissimilarities between PMBOK and PRINCE2 which
are as follows-
1. PMBOK provides a comprehensive guide for all the different aspects of project
management while that of PRINCE2 provide a practical knowledge of managing a project (Mir
& Pinnington, 2014).

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2. PRINCE2 is a process based approach while that of PMBOK is a knowledge based
approach.
3. PRINCE2 implements the project is a controlled environment while that of PMBOK
ensure that the overall project risk is minimized.
4. PMBOK is more of a guide while that of PRINCE2 is a methodology for practical
implementation of a project.
3. PRINCE2 and PMBOK in PLC
Project management life cycle is a framework of managing and controlling a particular
project from its initiation phase to project closure phase. It is a sequence of phases that directs a
project towards its completion. The project management life cycle is therefore in integral part of
any project.
PMBOK and PRINCE2 relates to project life cycle as both the methodologies work for
successful execution of a project management. PMBOK project methodology is used in a global
scale for execution of a project. PRINCE2 project methodology on the other hand is mainly used
in construction project management (Saad et al., 2013). Both PMBOK and PRINCE2 ensure that
the corresponding phases of life cycle of a project are executed during the implementation of a
project and thus it can be commented that both PMBOK and PRINCE2 is related to project life
cycle (PLC).
Conclusion
Project management methodology and role of project management methodology in
management of a project are discussed in the report. The report provides a concise idea of two

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project management methodologies PMBOK and PRINCE2, to evaluate the similarities and the
differences between the two. The report further relates these two methodologies with project life
cycle and establishes its benefits.

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References
Heagney, J. (2016). Fundamentals of project management. Amacom.
Kerzner, H., & Kerzner, H. R. (2017). Project management: a systems approach to planning,
scheduling, and controlling. John Wiley & Sons.
Matos, S., & Lopes, E. (2013). Prince2 or PMBOK–a question of choice. Procedia
Technology, 9, 787-794.
Mir, F. A., & Pinnington, A. H. (2014). Exploring the value of project management: linking
project management performance and project success. International journal of project
management, 32(2), 202-217.
Saad, S., Abdullah, I., Asma, O., Muhammad Saad, K., & Abdul Qadir, A. (2013). PRINCE2
Methodology: An Innovative Way of Project Management.
Skogmar, K. (2015). PRINCE2®, the PMBOK® Guide and ISO 21500: 2012. White Paper,
AXELOS.