Project Management Methodologies: PRINCE2 and PMBOK Comparison

This report provides an overview of project methodologies, emphasizing the role of methodologies in project management, and their importance in achieving project objectives within budget and schedule. It discusses the benefits of using project methodologies, such as improved project alignment, increased competitive advantage, and better business results. The report then focuses on PRINCE2, a process-based methodology, comparing it with PMBOK in terms of definitions, themes, processes, techniques, and focus areas. The analysis also covers the relationship between PMBOK processes and PRINCE2 methodologies to the project life cycle, including initiation, planning, executing, monitoring, and closing phases. References from leading project management literature are included to support the analysis.

Running head: PROJECT MANAGEMENT
Project Management
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1. Project methodology and its role into project management
Nicholas and Steyn (2017) stated that project methodology is model that the project
manager employs for designing, planning, implementing along with achieving of the objectives
of the project. In order to finish the project work within scheduled time and budget, project
methodologies are used. Rainer, Prince and Watson (2014) mentioned that project methodology
is se of proper repeatable processes which help in introducing of reliability, flexibility as well as
competence which improve the quality to manage the business projects (Turner, 2016). Project
methodologies are used in improving alignment of the projects, increasing the competitive
advantage, producing of better and faster business results, helping to predict requirements of
staffs and improving the management information.
The project methodologies are used into various project management processes designed
for supporting the project manager involved into the business projects. The goal of project
management methodologies is to finish the tasks faster needed for the projects. It also rises of
strategies to handle the project issues (Rosemann & vom Brocke, 2015). There are different
types of project methodologies such as PRINCE2, Agile XP, Waterfall and Agile Scrum. Within
the project management, the role of project methodologies are to specify what tasks are required
to undertaken and when to perform them for maximizing the time along with resources. Day-by-
days, the project management methodologies are become larger as well as more complex. This
methodology is helpful into the project as it helps to tackle the project properly along with
systematically integrate all the project activities (Karaman & Kurt, 2015). At the operational
level, this particular methodology plays a key role into delivering of the organizations empowers

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with the project team to do the needful work. This methodology enables the organization to
deliver of cost effective and scheduled solutions to the project manager.
2. Selected methodology: PRINCE2
The selected methodology is PRINCE2 methodology. It is a process based methods for
the project management. Structured project management orders the project into defined steps to
make it logical as well as organized. PRINCE2 provides written description of project
management approach. This particular methodology divides the entire project work into
manageable stages. On the other hand, PMBOK is set of standard and guidelines for the project
management (Spundak, 2014). The strength of PMBOK is to teach knowledge base of project
management profession while PRINCE2 sets out standard approach to run the project.
Similarities between PMBOK and PRINCE2 methods processes
Both PMBOK and PRINCE2 processes are similar in some of the key areas as follows:
1. PMBOK is a standard which is used in the project management and PRINCE2 is a
method which is used in all types of projects. Similarity is that both are used into the
project management.
2. Both are guides on the project management.
3. Both have initiation phase, planning, execution, controlling and closing phase into the
project phases (Joslin & Muller, 2015).
4. Both describes what the project manager knows and should able to do.

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Differences between PMBOK and PRINCE2methods processes
Features PMBOK PRINCE2
Definition It is standard and guide. It is structured.
Themes and
knowledge areas
There are ten knowledge areas. There are seven themes.
Process and
activities
There are 5 process groups along with 47
processes.
There are 7 processes along
with 35 activities (Turner,
2016).
Techniques It covers of techniques for each process. It consists of only specific
techniques for PRINCE2.
Focus The focus is on requirements of customer
(Rainer, Prince & Watson, 2014).
The focus is on business case
in addition to product.
Role of project
board
It only provides the role of project sponsor. The project board provides the
oversight of the project.
Practical and
comprehensive
It is comprehensive. It is practical and focused on
critical areas.
3. Identification of methodology and processes relate to the project life cycle
(PLC)
PMBOK processes and PRINCE2 methodologies are related to the project life cycle. At
first, the methodologies provide an overview of the entire project to strategy which is planned.
Most key important step into PLC is planning phase which includes of risk assessment for

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completing all the project tasks on scheduled time. The methods and processes related to PLC
are:
Initiation: It agrees with vision of the project with providing of detailed justifications to
the project work (Nicholas & Steyn, 2017). The project manager is assigned at this phase to
manage the entire work. Approval is taken from the higher authority to move forward with the
detailed project plan.
Planning: It collects of all required project information and develops the project scope. It
reviews all the indicators of project to assess the risks on time before it affects the project. A
budget plan is done to include of cost for PLC. Communication needs, risk assessment plan and
training needs are reviewed.
Executing: A project team is developed along with review of the security plan for the
project team members (Rosemann & vom Brocke, 2015). A quality assurance plan is prepared to
achieve quality project work. All the stakeholders should be updated with project information
along with project status.
Monitoring: The entire project work is monitored and controlled by measuring the
project performance using key performance indicators. Status review meeting and testing plan is
implemented on time. Lessons learnt documents are prepared with getting approval to finish the
project.
Closing: All the project deliverables are obtained and all project cost are summarized
which is spent on the project (Karaman & Kurt, 2015). If there are any timeline changes, then
change document is created. Finally, all the closure documents are formalized.

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References
Joslin, R., & Muller, R. (2015). Relationships between a project management methodology and
project success in different project governance contexts. International Journal of Project
Management, 33(6), 1377-1392.
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.
Nicholas, J. M., & Steyn, H. (2017). Project management for engineering, business and
technology. Taylor & Francis.
Rainer, R. K., Prince, B., & Watson, H. J. (2014). Management Information Systems. Wiley
Publishing.
Rosemann, M., & vom Brocke, J. (2015). The six core elements of business process
management. In Handbook on business process management 1 (pp. 105-122). Springer
Berlin Heidelberg.
Spundak, M. (2014). Mixed agile/traditional project management methodology–reality or
illusion?. Procedia-Social and Behavioral Sciences, 119, 939-948.
Turner, R. (2016). Gower handbook of project management. Routledge.