A Comparative Analysis of PMBOK and PRINCE2 Methodologies in Project

This essay defines project management methodologies and examines their role in project management. It compares and contrasts two prominent methodologies, PMBOK and PRINCE2, analyzing their similarities and differences, and relates them to the project lifecycle. The essay highlights the importance of selecting the right methodology based on project type and scope, and discusses the various stages and processes within each methodology, including initiation, planning, execution, control, and closure. It concludes that project management methodologies are significant in managing project development, with the selection dependent on the project's specific requirements.

Running head: PROJECT MANAGEMNT METHODOLOGY
PROJECT MANAGEMNT METHODOLOGY
Name of the Student:
Name of the University:
Author Note:

1PROJECT MANAGEMNT METHODOLOGY
Introduction
The project management methodology is a significant stage of managing and
development of the project. There are several stages in the development of the life cycle of the
project. The selection of the right methodology will help to mitigate the chance of the project
failure. There are several project management methodologies present in the practice (Hornstein,
2015). The selection of the project management methodology for a specific project is dependent
on the type of the project. In this discussion, the role of the project management methodologies
in development of project has been discussed along with discussion about different attributes of
the project management methodologies.
Discussion
Project management methodologies are the set of guidelines which will help the project
managers to develop and complete the project (de Carvalho, Patah & de Souza Bido,2015).
These set of principals will help the project managers to follow the guidelines so that the
outcome of the project meets all the requirements specified by the client (Snyder & Dionisio,
2017). Selecting the right project management methodology and following the guideline of that
methodology s dependent on the project type and scope of project. Without selection of right
project methodology compilation of the project may not be successful.
Different project management methodologies and processes:
Project Management Body of Knowledge (PMBOK): Project Management Body of
Knowledge is not a project management methodology, but a guide book for the development of
the methodology. According to the PMBOK there are five stages in the life cycle. These stages
are initialization, planning, execution, control and monitoring, closing of project. The

2PROJECT MANAGEMNT METHODOLOGY
initialization of the task is concerned about the gathering the requirements. Planning of project is
concerned about the making of the blueprint for the execution of plan. In the execution phase the
execution of the planned programs are done. Monitoring and the control phase is concerned
about observing the performance of project. The project ends with the closing phase.
PRINCE2: PRINCE2 is defined as Project in controlled environment. It is a project
management methodology which allows the project to be controlled into manageable parts or
sections. It is developed by the government of UK and has seven principals along with seven
themes (Fleming & Koppelman, 2016). These seven processes are starting up the project,
initialization of the project, implementation of the project, controlling and managing the delivery
of product by the project, managing the stage boundaries and closing of the project.
SDLC: Software development life cycle is a framework which helps in the development
of the software projects. SDLC contains six stages in the process life cycle. These six stages are-
planning, implementation, testing, documentation, maintenance and deployment.
Waterfall model: the main feature of this model during the development of the software is
that each stages in the life cycle of the project is completed before entering into the new stage.
The main advantage of this model is its simplicity (Serrador & Pinto,2015). However, there are
certain disadvantages of waterfall model. As the structure o the model is like a one way track the
modification in the previous stages cannot be done properly.
Agile: Agile project management methodology is used for the development of the
software. In conventional software development methodology the development of the project can
taken long time to be finished (Baptista et al.,2016). However, in the agile project management,
the iteration is done for the short period of time. In this way, the compilation of the project can

3PROJECT MANAGEMNT METHODOLOGY
be done within short time span. The main advantage of this methodology is the flexibility of the
process.
Two methodologies are selected for the comparison. These two methodologies are-
PMBoK and PRINCE2.
Similarities between PRINCE2 and PMBoK:
Both are regarded as the important guideline for managing the projects.
Comparison between PMBOK and PRINCE2:
PMBOK PRINCE2
It is a process based approach It is a knowledge based approach
It describes the practices and the guidelines for
managing of the project.
PRINCE2 describe the type of the work and the
technique of the work along with the responsibility
of each members in the team.
Descriptive in nature Perspective in nature.
The delivery of the training of the trainer is not
assessed.
Individuals has to be passes in the assessment in
order to practice PRINCE2
There are five stages in the project management life
cycle.
There are seven processes and seven themes in this
methodology.
PMBoK is regarded as the standard but not a
methodology.
PRINCE2 is a methodology.

4PROJECT MANAGEMNT METHODOLOGY
In PMBok there are five stages in life cycle. These five stages of the life cycle is present in all
the methodologies of the project. Similarly, in PRINCE2 methodology the seven phases cover
all the stages of the project life cycle.
Conclusion
The conclusion drawn from the above discussion is that the project management
methodology has significance in managing the development of the project. However, the
selection of the methodology is dependent on the type and scope of the project.
References

5PROJECT MANAGEMNT METHODOLOGY
Baptista, A., Santos, F., Páscoa, J., & Sändig, N. (2016). Project management methodologies as
main tool for current challenges in global economy driving historical changes. Journal of
Advanced Management Science, 4(2).
de Carvalho, M. M., Patah, L. A., & de Souza Bido, D. (2015). Project management and its
effects on project success: Cross-country and cross-industry comparisons. International
Journal of Project Management, 33(7), 1509-1522.
Fleming, Q. W., & Koppelman, J. M. (2016, December). Earned value project management.
Project Management Institute.
Hornstein, H.A., 2015. The integration of project management and organizational change
management is now a necessity. International Journal of Project Management, 33(2),
pp.291-298.
Serrador, P., & Pinto, J. K. (2015). Does Agile work?—A quantitative analysis of agile project
success. International Journal of Project Management, 33(5), 1040-1051.
Snyder, C., & Dionisio, C. S. (2017). A project manager's book of forms: A companion to the
PMBOK guide. John Wiley & Sons.