Analysis of Project Management Methodologies: PMBOK vs. PRINCE2

This report provides a comparative analysis of project management methodologies, specifically focusing on PMBOK and PRINCE2. It begins by defining project management and its importance in achieving goals within defined constraints of scope, time, cost, and quality. The report then delves into the similarities and differences between the two methodologies, highlighting their approaches to knowledge, processes, and risks. PMBOK is presented as a highly descriptive and comprehensive body of knowledge, while PRINCE2 is characterized by its prescriptive approach with defined roles and responsibilities. The report further explores the processes within PRINCE2, including project initiation, direction, control, management of stages, and product delivery. The significance of these processes is emphasized in relation to the project life cycle and the importance of evaluating the original plans. The report also includes references to relevant literature to support the analysis.

Answer 1:
Project Management Methodology
For achieving the goals and for a defined schedule and budget, the manager tends to use a
project. The methodology is a model which the project manager employs for a better designing,
planning and the implementation of their objectives for a project.
Jhertzfeld, (2006), considers that the project management is the art to work on the different
defined constraints related to the scope, time, cost and quality. In this, the team has to organize
the commitment of effort in order to produce a proper outcome, considering the constraints. The
project manager is the person who is responsible for driving the project to success.
Meredith & Mantel, (2011), consider the project management mainly in terms to produce the
project outcomes related to the cost, a proper scheduling, and the specifications. The project
managers are considered to work on developing and executing the plans that meet the different
parameters and focus on outcomes in terms of requirements. According to them, the knowledge,
skills, and tools are important to meet the expectations of the client and focus on delivering the
product rather than project specifications.
Mullaly M., (2003), quotes project management as the way to manage the job functions for
which the project managers are responsible for. The role of managing—of producing a proper
delivering and then overseeing the project as a whole helps in clearly communicating a defined
value.
Its role
The effective use of PM is in the project management practices which includes:

a. The adaptive framework of the project with certain constants like the time and cost. For
proper execution of the project, the project scope is adjusted depending upon the
maximum business value of the project.
b. The Agile Software development for the project needs with extreme agility in
requirements, dynamic team culture, and less restrictive project control.
c. They are for lowing the cost which relates to the changes of requirements that are
important for the fine-scale feedback and the continuous process (Karaman & Kurt,
2015).
d. The methodology focusses on the simple and the well-defined process with proper
planning so that the different activities could be handled.
e. The role is to develop products faster with a higher and better quality. The aim is to
gather the requirements and use the workshop prototype that is used for getting clear
requirements and re-use the software components with the development of timelines.
Answer 2:
Compare and contrast
Similarities: The project management helps the people adopt a generic approach to using it with
any project. Considering the risk areas, PM team and organization helps in creating a successful
project that offers a greater flexibility and control. The inputs, outputs, tools, and techniques with
knowledge areas include Integration Management, Scope, Time and cost management with
proper procurement services (Jamali & Oveisi, 2016). It helps in defining and approaching to
execution and monitoring the control with tracking the progress and checking the performances
which are required for implementing the required changes.

Differences Prince 2 PMBOK
Approach Prescriptive approach with
templates, and proper roles
and responsibilities for the
different stakeholders.
The body of knowledge with
highly descriptive
comprehensive that includes
the different processes, tools,
and the techniques.
Knowledge approach The process-driven approach
that helps in describing the
Project Manager and the
other stakeholders. They tell
them what needs to be exactly
done in the project.
The approach is to define the
knowledge collection and
recognize the project best
practices which a project
manager should know.
Knowledge areas Integration There is a combination of the
processes, themes and the
changes.
Efficiency Requires scope, time and cost A proper planning, with
business case and progress.
Risks Risks Risks
Procedure Communication Progress
Procurement Yes None
Management HRM, Stakeholder
Management
Organisation

Answer 3:
1. The processes of Prince 2 are to focus on starting up a project which includes the
activities to assemble the project management team and create the project brief depending
on the approach, and the plan.
2. The project initiation is depending upon documenting the project plan, business case,
risks and the project for the next project.
3. Project Direction is to control the project and involve the authorizations with giving a
proper direction and confirming project initiation stage plans.
4. The controlling phase is related to the activities and then managing the issues with status
reviews and then also taking different actions for escalating the issues and receiving the
work packages.
5. The management of the stages with proper planning and updating the information
depends on handling the risk logs and reporting the ends of the project.
6. The management of the product delivery with its closure includes the proper final testing
and delivery package.
The project life cycle is handled through working on project delivery of the new or the changed
products. With this, there are roles to determine the different aspects of the project that will
ensure a proper planning to work in detail (Brioso, 2015). The importance of the project is to
evaluate the original plans and plan to lesson depending upon expected costs and benefits with
operations. The analysis is done for the business case to recognize the project management from
the customer side with major advantage to maintain the focus on business products as well.

References
Brioso, X. (2015). Integrating ISO 21500 guidance on project management, lean construction
and PMBOK. Procedia Engineering, 123, 76-84.
Jamali, G., & Oveisi, M. (2016). A Study on Project Management Based on PMBOK and
PRINCE2. Modern Applied Science, 10(6), 142.
Jhertzfeld, (2006). Simple Definitions: Project, Project Management, Project Manager. [online]
Available at: https://it.toolbox.com/blogs/jhertzfeld/simple-definitions-project-project-
management-project-manager-070606
Karaman, E., & Kurt, M. (2015). Comparison of project management methodologies: prince 2
versus PMBOK for it projects. Int. Journal of Applied Sciences and Engineering
Research, 4(5), 657-664.
Meredith, J. R., & Mantel Jr, S. J. (2011). Project management: a managerial approach. John
Wiley & Sons.
Mullaly, M. (2003). Project Management: A New Definition. [online] ProjectManagement.com.
Available at: https://www.projectmanagement.com/articles/183068/Project-
Management--A-New-Definition.