PROJ6000: Comparing PMBOK and PRINCE2 Methodologies Report

This report provides a comparative analysis of two prominent project management methodologies: PMBOK (Project Management Body of Knowledge) and PRINCE2. It explores the similarities and differences between these approaches, focusing on aspects such as organizational culture, resource management, and process identification. The report discusses how both methodologies address project risk and outlines methods for controlling it, including planning risk management and performing qualitative risk analysis. It also examines the project context in which each methodology is applied, highlighting their respective strengths in standardizing project management guidelines and reducing the risk of neglecting important activities. Furthermore, the report delves into the lifecycle implications of both PMBOK and PRINCE2, detailing the phases from initiation to completion and emphasizing the importance of selecting the best procedure for achieving project objectives. The conclusion underscores the significance of project management in generating professional outcomes and emphasizes the role of PMBOK and PRINCE2 in creating efficient project structures.

PMBOK VERSUS PRINCE2
in contemporary projects
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Table of Contents
INTRODUCTION...........................................................................................................................3
SIMILARITIES BETWEEN PMBoK AND PRINCE2..................................................................3
DIFFERENCES BETWEEN PMBoK AND PRINCE2..................................................................4
METHOD TO CONTROL PROJECT RISK..................................................................................4
PROJECT CONTEXT.....................................................................................................................5
LIFECYCLE IMPLICATION.........................................................................................................5
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................7
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INTRODUCTION
Project management refers to the process of leading the work of team which helps in achieving
the project goals within the given time constraint. The organisation should use the process of
describing the project documentation which helps in creating the beginning of development
process within the organisation. This includes the one-time project and constant set of activities
which is done by the project manager to manage the resources. Project management body of
knowledge (PMBoK) refers to the entire collection of best practices, processes, guidelines and
terminologies which are further accepted as standard within the project management industry.
PRINCE2 refers to the technique structure of project management technique and practitioner
certification program (Vivanco León, 2020). This method is emphasized on the dividing the
projects with manageable and controllable stages within the organisation. This report is based on
two project management methodology which are PMBoK and PRINCE2. It covers the
similarities and differences between these project management techniques, further the risk
associated with these techniques are also discussed. Further the types of projects in which these
methodologies can be used are discussed along with application.
SIMILARITIES BETWEEN PMBoK AND PRINCE2
There are a range of similarities between these two approaches, these similarities are further
discussed on technical aspect:
 Both of these identify the organisational culture and the context of portfolio within the
context of project.
 Both of these methodologies are considered to the human resources and the availabilities
which are included within the different stages and processes.
 Both of them identify a range of processes that exist within the organisations assets which
are further used by the project manager.
 Both PMBoK and PRINCE2 must be used by the product manager for inducing all the
practices that that are organised in a common step which achieves the process of project
management.
 Both of these methodologies that are PMBoK and PRINCE2 must undertake the practices
and broad range of techniques which helps in managing and completing the project in a
specified set of time period.
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These are the similarities which exist in the environment and further the various tasks are
performed in the management. This helps in controlling of information which is further used
for completing the project in a specific manner. Effective outcome can be achieved by
generating effective set of outcomes for the project.
DIFFERENCES BETWEEN PMBoK AND PRINCE2
PRINCE2 offers a range of methods that can be followed in the organisation in order to
complete the project within the time limit. This technique is used by the organisation to complete
the project within the management style of project manager. This respective methodology
includes discussion and the starting of the project which helps in analysing and controlling the
activities related to project. PMBoK is a proven methodology which is used to complete the
work by discussing a range of factors that are associated with the same. In context of PMBoK, it
helps in determination of work along with guidelines and procurement that will be followed to
control the environment and complete the desired goal of the project within given time constraint
(Zwikael, 2020). The soft skills are used by the managers of products to utilise the PMBoK
method to a great extent. PRINCE2 estimates that the projects that are commissioned within the
program are more likely to have a better set of support. On the other hand, the PMBoK is
associated with recognising that project management can be used to correlated the portfolio
management. The procurement and administration of the project is administrated by the project
manager. PRINCE2 Methodology is associated with the exception principle to further delegate
the certain project related activities to the higher level of management.
METHOD TO CONTROL PROJECT RISK
Risk analysis refers to the analysis which is conducted in order to identify the implications
that are associated with the project. PMBoK is helpful in project risk management through which
the manager deals with the risk in the best manner possible. The methods that can be taken to
control the risks associated with the project are further discussed below:
 Planning risk management is the initial step and it must be carried out in a specific
manner so that the risks associated with the project can be managed by the project
manager.
 Identification of risks at an initial stage is another step which can help in terms of
delivering the components that will help in analysing the probability of the risks.
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 Performing of qualitative risk analysis is another step which is used by the organisation to
analyse the probability and occurrence of risks at some level. With the help of this, the
project manager will be able to look on different areas which are associated with the
same.
PROJECT CONTEXT
These PMBoK and PRINCE2 are two set of methods which are used in the project to
complete the process in a set manner. It is defined by all the tasks which are associated with the
project according to the situation and type of product. In context of PMBoK, this helps in
identification of the standards which are recognised on fundamental project management. The
project gets resolved by set procedure which are suggested by the project management
methodologies (Fernández-Parra et al., 2020). The PMBoK technique is important as it can be
used in several areas such as standardizing the general guidelines which can be adopted by each
different of the company. Reduction of risk in neglecting the important set of activities which are
considered as result in completing the process of modelling and making up of project.
LIFECYCLE IMPLICATION
There are several phases in each product management methodologies which must be
accomplished within the project in order to attain the goal. The initiation phase of the lifecycle of
project management methodology starts with authorization of starting the project in addition with
defining the scope of covering the initial cost estimates. Planning stage of the project
management methodologies requires to increase the activities in number and further be more
specific about the management plan, scope statement, development of project analytical structure
and requirement gathering ("APPLICATION OF PRINCE2 (PROJECTS IN A CONTROLLED
ENVIRONMENT) METHODOLOGY ON A COMMERCIAL CONSTRUCTION PROJECT",
2020). The project management’s step is based on the further monitoring and controlling the
activities which are further assessed through the performing the project within the project course
work. Selection of the best procedure that helps in fulfilling the objectives that are associated
with the end results is essential.
CONCLUSION
From the above report it is concluded that project management perform an important role
to complete a project with motive of generating professional outcomes from project activities.
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PMBoK and PRINCE2 are two methods and this is used by organisation for completing project
with use of standard practices and rules for generating and designing appropriate structure to
complete the project with more efficiency.
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REFERENCES
Books and Journals
Zwikael, O. (2020). International journal of project management special issue on “project benefit
management”. International Journal Of Project Management, 34(4), 734-735.
https://doi.org/10.1016/j.ijproman.2015.12.007
Vivanco León, R. (2020). El PMBOK and value analysis in construction. Project, Design And
Management, 2(1), 71-86. https://doi.org/10.35992/pdm.v2i1.411
Fernández-Parra, K., Garrido-Saroza, A., Ramírez-Martínez, Y., & Perdomo-Bello, I. (2020).
PMBOK y PRINCE 2 similitudes y diferencias -PMBOK and PRINCE 2, similarities
and differences. Revista Científica, 3(23), 111.
https://doi.org/10.14483/udistrital.jour.rc.2015.23.a9
APPLICATION OF PRINCE2 (PROJECTS IN A CONTROLLED ENVIRONMENT)
METHODOLOGY ON A COMMERCIAL CONSTRUCTION PROJECT.
(2020), 14(8). https://doi.org/10.37896/jxu14.8/001
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