Project Management Methodologies: PMBOK, PRINCE2, and Life Cycle

This report provides an overview of various project management methodologies, including Agile, Scrum, Kanban, Lean, XP, Waterfall, PRINCE2, and PMBOK. It defines each methodology and outlines their applications in project management, emphasizing their roles in maximizing resource and time efficiency. The report then offers a detailed comparison between PMBOK and PRINCE2, highlighting their similarities and differences in terms of their approaches, principles, and applications. Furthermore, it explores the relationship between the PRINCE2 methodology and the project life cycle, emphasizing the importance of a process-based approach for effective project management. The report also includes references to support the information presented.

Running head: PROJECT MANAGEMENT
Project Management
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Author’s Note-

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1. Project Methodologies
Definition of Project Methodologies
In the construction, military defense and engineering sector, the activities of project
management takes place on informal basis and ad-hoc basis. Until 1950’s, the project
management activities were formal and disciplined which began to redefine and are used to
widespread among all organizations (Schwalbe, 2015). The approaches of project management
methodologies are used to manage the work that are used to specify the way in which the
methods are used to initiate, make plan and also execute projects. There are many methods that
are involved in project management. The methods are stated as follows:
Agile Methodology: The Agile methodology is used to deliver the work whatever is done by
collaborating in an iterative way (Heldman, 2015). The agile methodology aims in team
empowerment, encourages involvement of customers and also manages risk and change all
through the project life cycle. The main focus of the agile methodology mainly involves in
development of the teams, monitoring projects and also response to changes along with the
continued communication which is an important aspect all through the life cycle of the project.
Scrum Methodology: The scrum methodology is used to enable a small, self managing and cross
functional team so that they can deliver fast.
Kanban Methodology: This methodology in project management helps to improve the speed and
the quality of the delivery that is done. This is done by increasing the visibility of the work that is
in progress and by limiting the process of multi tasking.

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Scrumban Methodology: This methodology limits the work that is in progress in the same way
that is in Kanban along with stand up like Scrum.
Lean Methodology: This methodology is used for eliminating and streamlining waste so that they
can deliver more with less effort.
XP Methodology: This methodology is known as extreme programming methodology which is
used to ensure the quality of the project robustly.
Waterfall Methodology: The waterfall methodology is used for planning the projects and then
executes them through all the phases. The teams are the most important part of the waterfall
method. Using the teams is considered to be an important aspect in waterfall methodology of
project management (Mir & Pinnington, 2014). The team helps to establish clear timeliness and
to fulfill goals are the key focus of this method. There are different modules and aspects in which
teams are assigned in the project they are involved in. Teams are assigned to take responsibility
in the project so that the goals are received or the tasks that are assigned are completed (Turner,
2016). This method believes that to change the scope of the project and communications of the
problems are not only enough for managing the project.
PRINCE2: The method of PRINCE2 is mainly used to control the project management which
leaves nothing for the chance to happen.
PMBOK: By applying universal standards to the waterfall methodology, PMBOK is organized.
Role of Project Methodologies in Project Management
The project management methodologies are used to specify the tasks that are needed to
be noted and when the methods are to be performed so that the use of resource and time is

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maximized (Leach, 2014). The methodologies in project management help to outline all the tasks
that are present in a project so that they get completed. The subsequent tasks should be kept on
mind before the completing the previous ones. The manager who handles the project introduces
the strategies of risk management if there lies any hiccups in the organization (Kerzner, 2017).
The methodologies that are involved in the project management help to define the project’s
scope, the resources that are available and the time constraints and also when the project is
needed to be delivered.
2. Similarity and difference between PMBOK and PRINCE2
PMBOK PRINCE2
1. There is comprehensive information on aspects
of the project management.
1. The PRINCE2 project management methodology
is mainly based on 7 principles.
2. Mainly customer requirements are driven. 2. PRINCE2 is driven by business case.
3. The core practices are described and also a wide
range of those techniques are applied to the project
to manage the project.
3. There is a seven management process in
PRINCE2 which defines what is to be done when it
is to be done and how it should be done and also by
whom the tasks is to be completed.
4. The project management approach is mainly
based on knowledge based.
4. The PRINCE2 project management is based on
the process base which defines the process of seven
management principles.
5. PMBOK is the best practice and is non-
prescriptive.
5. The PRINCE2 is prescriptive which can be
tailored by the project (Walker, 2015).
6. This method involves the role of project
manager.
6. In this method, roles of all the team members are
involved such as PM, PA, TM, Project Board and

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many more.
7. The levels of certification includes: PMP and
CAPM.
7. The PRINCE2 has three levels: professional,
practitioner and foundation.
3. PRINCE2 relation with Project Life Cycle
There is much importance in the Life Cycle of Project Management. The PRINCE2
approach is mainly a process based approach in the project management which provides tailored
method and also provides scalable methods for managing all the works in a project (Schwalbe,
2015). All the processes in the PRINCE2 project management is defined with the main inputs
and the outputs that has specific objectives which is t be achieved and all the activities that are to
be carried out (Kerzner, 2013). The activities that are involved in planning are: designing the
plan, analyzing and defining the products, identifying all the activities and the dependencies,
preparing the estimates, preparing schedules, analyzing risks and also documenting the plan.

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References
Heldman, K. (2015). PMP project management professional exam deluxe study guide: updated
for the 2015 Exam. John Wiley & Sons.
Kerzner, H. (2013). Project management: a systems approach to planning, scheduling, and
controlling. John Wiley & Sons.
Kerzner, H. (2017). Project management metrics, KPIs, and dashboards: a guide to measuring
and monitoring project performance. John Wiley & Sons.
Leach, L. P. (2014). Critical chain project management. Artech House.
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.
Schwalbe, K. (2015). Information technology project management. Cengage Learning.
Turner, R. (2016). Gower handbook of project management. Routledge.
Walker, A. (2015). Project management in construction. John Wiley & Sons.