Analysis of Project Management Methodologies: PMBoK and PRINCE2 Study

This essay provides a detailed comparison of project management methodologies, specifically focusing on PMBoK and PRINCE2. It begins by defining project management methodologies and their importance in project success, highlighting how the selection of an appropriate methodology depends on the project's scope and type. The essay then introduces various project management methodologies, including PMBoK, PRINCE2, SDLC, Waterfall, and Agile, before narrowing its focus to a comparative analysis of PMBoK and PRINCE2. The similarities and differences between these two methodologies are discussed in terms of their nature, application, certification, and stages within the project life cycle. The essay also contextualizes these methodologies within the broader framework of the project management life cycle, referencing the five stages defined by PMBoK and the seven processes of PRINCE2, ultimately concluding that while methodologies share a basic structure, their approaches to project development differ significantly.

Running head: METHODOLOGIES OF PROJECT MANAGEMENT
METHODOLOGIES OF PROJECT MANAGEMENT
Name of the Student:
Name of the University:
Author Note:

1METHODOLOGIES OF PROJECT MANAGEMENT
Introduction
The set of guidelines and the rules which are responsible for conduction and development
of the project in a proper way are known as the management methodologies. The success of the
project is dependent on the selection of the right methodology. The decision for adopting the
methodology for the project is dependent on the project scope and the type of the project.
Choosing wrong methodology can lead to the failure of the project or incoherent project (Snyder
& Dionisio, 2017). It can be said that the project management methodology plays a significant
role in the right development of the project. The main objective of this paper is to evaluate
different methodologies along with their comparisons and comparing them with the life cycle of
the project.
Discussion
There are different type’s project management methodologies for the compilation of the
project. On the other hand the project management methodologies can be regarded as the set of
rules those define the compilation of the project in a right way. The implementation of the right
project management methodology will ensure that the outcome of the project has been delivered
maintaining all the requirements of the client.
Various project methodologies:
There are various project management methodologies those can be applicable based on
the type of the project.
PMBoK: PMBoK is regarded as the Project Management Body of Knowledge. This is
more than a standard guideline than a methodology. PMBoK contains detailed discussion about

2METHODOLOGIES OF PROJECT MANAGEMENT
different stages of the life cycle of the project. Moreover it also discusses about the monitoring
and controlling of the project.
PRINCE2: PRINCE2 can be also defined as the Project in Controlled Environment. This
methodology was initiated by the government of UK (McDermott, 2016). It has seven principals
and seven themes. The main advantage of this methodology is that the methodology is
perspective in nature.
SDLC: SDLC is software development life cycle. His methodology is used for the
development of the software projects. It has six stages in the entire life cycle of the project which
includes testing and design of the project.
Waterfall model: The waterfall model is an example of SDLC model. The main
advantage of this model is that the implementation of this model is simple. The main
disadvantage of this models is that the structure of this model is like one way track (Saltz,
Heckman & Shamshurin, 2017). This means the work done in the previous step cannot be
modified. The lack of modification can create problems during the development phase of the
project (Mir & Pinnington,2014). On the other hand using waterfall models needs neither long
time for iteration which is nor a realistic solution for the real life project.
Agile: The agile project management methodology is widely used for the development of
the software project (Dybå, Dingsøyr & Moe,2014). The main advantage of this methodology is
that the structure of the agile method is very flexible so that it can adopt any certain change in
the organization. Moreover, the time for the iteration is very short for the time of agile method.
Selection of the two methodologies:

3METHODOLOGIES OF PROJECT MANAGEMENT
There are two methodologies selected for the comparison between the methodologies.
These two methodologies are- PMBoK and PRINCE2.
Similarities:
The similarity between PMBoK and PRINCE2 is that both of these are used for the
development of the project.
Comparison:
PMBoK PRINCE2
PMBoK is a methodology which is descriptive in
nature.
PRINCE2 is a methodology which is perspective in
nature.
PMBoK is not a methodology; however, it can be
regarded as the guideline for managing the project.
PRINCE2 is a methodology which describes the
project management life cycle through seven
themes and seven processes.
The assessment of the PMBoK standards after the
training is not done.
In order to gain the certificate at professional level
the assessment of the training of PRINCe2 is done.
According to PMBoK there are five stages of
project life cycle.
According to the PRINCE2 the project life cycle
consists of seven phases and seven themes.
It is concerned about quality management plan. It is concerned about quality management strategy.
It is concerned about risk management plan It is concerned about risk management strategy.
Discussion of these two methodologies can be done with the context of the project
management life cycle. According to the PMBoK guideline there are five stages in the project
management life cycle. Theses stages are- initialization of the project, planning of the project,
execution, monitoring and control of the project and closing of the project (Uhl &

4METHODOLOGIES OF PROJECT MANAGEMENT
Gollenia,2016). All these steps ensures that the delivery of outcome of the project will happen in
a right way along with maintaining all the requirements of the client.
On the other hand the compilation of the project using PRINCE2 methodology consists of seven
processes. These seven processes contain basic five stages of the project life cycle.
Conclusion
In the conclusion it can be said that all the methodologies follow the basic structure of the
project management in a certain way. However, the approach towards the development of the
project is different for different methodology.

5METHODOLOGIES OF PROJECT MANAGEMENT
References
Dybå, T., Dingsøyr, T., & Moe, N. B. (2014). Agile project management. In Software project
management in a changing world (pp. 277-300). Springer, Berlin, Heidelberg.
McDermott, K. A. (2016). A mixed methods study: Evaluating the relationship of project
manager competencies and it project management methodologies.
Mir, F. A., & 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.
Saltz, J., Heckman, R., & Shamshurin, I. (2017). EXPLORING HOW DIFFERENT PROJECT
MANAGEMENT METHODOLOGIES IMPACT DATA SCIENCE STUDENTS.
Snyder, C., & Dionisio, C. S. (2017). A project manager's book of forms: A companion to the
PMBOK guide. John Wiley & Sons.
Uhl, A., & Gollenia, L. A. (Eds.). (2016). Business transformation management methodology.
Routledge.