Analysis of PMBOK and Prince2 for Effective Project Management

This essay provides a comparative analysis of the PMBOK (Project Management Body of Knowledge) and Prince2 (Projects IN Controlled Environments) project management methodologies. It discusses the tools and techniques associated with each approach, highlighting the use of Logic networks, Product Breakdown Structure (PBS), Lean project management, and Six Sigma principles in PMBOK, and Gantt charts, PERT, WBS, and CPM in Prince2. The essay explores the differences in decision-making authority, with PMBOK potentially limiting the project manager's role compared to Prince2's emphasis on shared authority with senior managers. It further examines PMBOK's strength in scope and contract management, while Prince2 offers a more controlled and knowledge-based approach suitable for large organizations. The essay concludes by noting PMBOK's value in designing project team structures and Prince2's tailor-ability, providing a comprehensive overview of these two prominent project management methodologies.

Running head: PROJECT MANAGEMENT
Project Management: PMBOK and Prince2
Name of the student:
Name of the university:

1PROJECT MANAGEMENT
PMBOK and Prince2 methods
Different tools and techniques are available that widely used for project accomplishment.
The tools and techniques vary from each other in case of different projects and project
management methodologies.
Tools that are used in the PMBOK project management methodology include Logic
networks and Product Breakdown Structure (PBS) and the techniques used include Lean project
management and Six Sigma Principles. The lean Six Sigma method is dependent on team
performance and how collaborative team works together for removing project wastes and other
unwanted variations (Awang et al. 2015). Besides this, the Lean Six Sigma method is mainly
focused on consumers and helps to identify and understand the way through which the work is
running. The process flow of the project becomes improved, smoother and manageable as well.
It also helps to remove non value added steps and waste at the same time.
It undertake project improvement activities in a complete systematic manner however,
Six Sigma method is applied to eradicate 8 different kinds of project related defects. Prince 2
uses the technique of Gantt chart, PERT, WBS, CPM to eliminate waste and govern a project in
a must easier way. The techniques used in Prince2 include waterfall project model, extreme
programming, adaptive project framework, Agile methodology etc (Fernandez-Cavia et al.
2014). The PERT chart and Gantt chart are used by project manager to subdivide any large
project in small activities so that it can be accomplished through an easier way.
In case of PMBOK it is defined that, it has substantial framework for scope management,
contract management purposes and this approach is arguably lesser robust in Prince2 method.

2PROJECT MANAGEMENT
PMBOK limits the decision making for project manager and turns this approach difficult for
management department also. PMBOK management process is based on project management
methodologies. PMBOK can seemingly becoming a primary decision maker, planner, disaster
solver for the project and organization also. It also acts as a human resource manager for the
business organization. On the other hand, Prince2 method is applied in controlled business
environment and this method helps to share much numbers of functional as well as financial
authorities with the senior managers but not the project manager. Besides this, it is a knowledge
based approach to project management (Calvo-Mora et al. 2015). It gives a single standard
approach while managing projects. It is the main reason for which most of the large business
organization and government prefers to use this specific project management methodology. This
approach misses the importance of soft skills and the project manager needs to focus on this
aspect. Prince2 provides an easy to follow robust methodology that helps to govern most o the
large projects. Apart from this, Prince2 is focused on business case and this management theme
is mainly designed to support diligent organizational decision makings. In order to design and
develop project team structure PMBOK is referred to as one of the most reliant management
methodology (Mir and Pinnington 2014). The Prince2 methodology is prescriptive but tailor-able
at the same time but at the same time the PMBOK is no prescriptive in nature.

3PROJECT MANAGEMENT
References
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knowledge management and key business results through the EFQM excellence
model. International Journal of Project Management, 33(8), 1638-1651.
Fernandez-Cavia, J., Rovira, C., Díaz-Luque, P., and Cavaller, V. 2014. Web Quality Index
(WQI) for official tourist destination websites. Proposal for an assessment system. Tourism
management perspectives, 9, 5-13.
Mir, F. A., and 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.