Project Management Methodologies: PMBOK, Prince2, and Processes

This report provides a comprehensive overview of project management methodologies, focusing on the comparison between PMBOK (Project Management Body of Knowledge) and Prince2 (Projects IN Controlled Environments) frameworks. The introduction defines project management methodology and its importance in organizing project tasks and achieving objectives. The core of the report highlights the key differences between PMBOK and Prince2, including their approaches, strengths, and the number of certified practitioners globally. PMBOK is presented as a comprehensive guide for project management practices, while Prince2 is described as a structured methodology suitable for various sectors. The report then details the Prince2 project management processes, including Starting up a Project, Initiating a Project, Directing a Project, Controlling a Stage, Managing Stage Boundaries, Managing Product Delivery, and Closing a Project. Each process is explained with its key activities and objectives. The report concludes by emphasizing the importance of selecting the appropriate methodology based on project characteristics and objectives. References to relevant literature are also included.

Running head: PROJECT MANAGEMENT METHODOLOGIES
Project Management Methodologies
Name of the Student
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Table of Contents
Introduction:....................................................................................................................................2
Difference between PMBOK and Prince 2:.....................................................................................2
Prince2 Project Management Processes:.........................................................................................4
References:......................................................................................................................................6

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Introduction:
Kerzner & Kerzner (2017) defined project management methodology as the model for
achieving project objectives like planning, design, implementation and achievement. Project
management methodology is the way of organizing the tasks defined in the project and bound the
tasks in a time schedule. The methodology is the model that serves the project a better result
while controlling the output of the project. According to Schwalbe (2015), project management
methodology is the fancy way of describing a project activity framework. The framework is the
way of planning the timeline of the tasks and allocating resources to the tasks so that all the
activities can be completed successfully. In order to have a better project result, the tasks within
a project needs to be defined an organized manner (Joslin & Muller, 2015). The project
management methodology is the framework that permits the project manager to have track of the
processes of the project activities and controlling the processes. Different projects have different
objectives and characteristics. Based on the characteristics and objective of the project a project
management methodology is chosen (Turner, 2016). Therefore, the project management is the
model of fulfilling a project’s objective and maintaining the power over the project outcome on
the hand of project manager.
Difference between PMBOK and Prince 2:
Difference: The project management body of knowledge or PMBOK is designed to
include all the information and knowledge that are related to project management concept. The
Prince2 is the procedure and methodology designed to handle a project within any private or
public sector or industries that enhances the possibilities of successful project management
results.

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The total number of credentials holders of PMI are 600,000 worldwide. Total number of
credentials holders of Prince2 in the whole world is 1,000,000.
The project management body of knowledge or PMBOK is the guide is designed with the
purpose of assisting practitioners to identify the general process of the project management
practice. Then it also assists in understanding the techniques of the project management
application. Considering the PMBOK as the general text book of project management is not the
right thing to do. This implies the idea of guiding a project management staff rather than posing
as a methodology. The Prince2, on the other hand, is a methodology for planning and controlling
a project irrespective of the size of project. The Prince2 is considered to be a structured
procedure that combines elements of the project for reducing the project risk.
The biggest strength of PMBOK is that it offers a complete process that is defined step-
by-step on handling a project. It provides guidance of interpersonal skills and leadership.
Moreover, the PMBOK lists a certain amount of techniques and tools that can be used for
particular process knowledge. The strength of Prince2 is that it allows the project manager to
align the project to the business objectives and requirements throughout the lifecycle. It is
consisting of the approach called Product Based Planning as well as concentrate on achieving
those planned outcomes. The roles and responsibilities of various stakeholders are clearly
defined in the Prince2.
Similarities: Both the PMBOK and Prince2 can be used to understand a project and
planning for any kind and size of project. Both are the best practices of project management.
Both of these are very helpful in doing the project management in right manner.

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Prince2 Project Management Processes:
Starting up Project: In this phase, the project staff are selected. The selection of the staff
are done based on the project characteristics, only the skilled expert personnel will be selected.
Then the project will be created. The project approach are shared with the stakeholders and
agreed upon. At last the project planning is initiated.
Initiating a Project: In this phase, the project planning is continued. The project palling
is documented and shared among the stakeholders. Then the business case is disused among the
project manager and project staff. The risks are also identified in this phase. The project controls
are set. At last the planning for the next phase in the project is done.
Directing a Project: The project board remains in the control of this project phase. A set
of authorizations are set in this phase’s initiation. These series of authorization are confirmed
form the project sponsor. At the final activity of this phase, the project closure is confirmed. The
ad-hoc direction is given to the project staff.
Controlling a Stage: The project is consist of various activities that are interconnected.
These interconnected processes are strategically broken down. The stages that are defined after
breaking down the project are controlled and traced separately. Handling the project issues is a
crucial step of this phase. This issue handling is consist of the processes like issue escalation and
taking corrective responses.
Managing Stage Boundaries: The stage planning is the most vital part of this phase. The
project plan is updated using the in hand information. This phase is typically consisting of end of
stage activities and planning for the next phase. The exception plan is also created in this phase.

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Managing Product Delivery: Managing the acceptance, execution and delivery of project
work. Ensures that the work products are delivered to expectations and within tolerance. The
processes that has been included within the process are such as accept a work package, execute a
work package, deliver a work package.
Closing Project: This phase is consisting of formally de-commission the project, project
evaluation, identify follow up actions. This phase is also known as the project wrap-up.

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References:
Joslin, R., & Müller, 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.
Kerzner, H., & Kerzner, H. R. (2017). Project management: a systems approach to planning,
scheduling, and controlling. John Wiley & Sons.
Schwalbe, K. (2015). Information technology project management. Cengage Learning.
Turner, R. (2016). Gower handbook of project management. Routledge.