ITC505 Project Management Assignment 1: PMBOK and PRINCE2 Comparison

This report provides a comprehensive comparison of two prominent project management methodologies: PMBOK and PRINCE2. It begins by defining project methodology and its importance in successful project implementation. The report then delves into the specifics of PMBOK, outlining its five process groups, and PRINCE2, highlighting its structured, process-based approach. A detailed comparison of the similarities and dissimilarities between the two methodologies is presented, covering aspects such as global recognition, risk management, planning, and the roles of project managers. The report also explores the project management life cycle (PLC) and how PRINCE2 aligns with its phases. Through this analysis, the report aims to provide a clear understanding of both methodologies, their strengths, and their applicability in various project scenarios, supported by cited references.

ITC505 PROJECT MANAGEMENT
PROJECT MANAGEMENT METHODOLOGIES
ASSIGNMENT-1
(Submitted to)
BEULAH MOSES
SHAHID
11613927
[e-mail]

Contents
1. What is Project Methodology…………………………………………………………………2
2. PMBOK and PRINCE2……………………………………………………………………….2
2.1. PRINCE2 and PMBOK: Similarities……………………………………………….…..3
2.2PRINCE2 and PMBOK: Dissimilarities……………………………………………….…4
3. Project Management Life Cycle (PLC) and PINCE2…………………………………………5

1. What is Project Methodology?
A project methodology aims at controlling and managing the different project processes
with the help of effective decision making skill. Project management methodology is a standard
that gives an overview of the process and procedures used for successful implementation of a
project (Špundak, 2014). The project manager is responsible for defining a proper project
methodology that will result in successful project implementation. According to
Kerzner&Kerzner, (2017), project methodology is a process that defines and identifies the
different risks and challenges associated with a project, which in turn helps in its successful
implementation. Schwalbe, (2015), argued that the project management methodology mainly
deals with application of knowledge and different project management skills in order to ensure
that the project meets all the requirements. Therefore, it can be said that selection of an accurate
project management methodology holds a very important place in the project management life
cycle. The choice of the project methodology generally varies from project to project.
From the different definition of the project methodology, it is understood that the role of
the project methodology is to guide the project towards its successful completion. It defines the
different processes that can be adopted for ensuring project success. It unveils the skills, tools
and techniques required for successful project completion.
The different types of project management methodology include PRINCE2, Agile XP,
waterfall, Agile Scrum and so on. Out of these methodologies, PRINCE2 has been chosen for
evaluating it on basis of project management body of knowledge (PMBOK).
2. PMBOK and PRINCE2

PMBOK is a collection of different processes, practices and guidelines that is considered as a
standard within the project management industry. It helps in discovering the different methods
and best practices that improves the process of project implementation. It can be considered as a
guide that helps in understanding the different project management approach (Chaves et
al.,2016). The different stages that a project undergoes through PMBOK are project initiation,
planning, monitoring and control, execution and closing. These are also referred to as five
process groups of project management.
Figure 1: Representing 5 process groups of PMBOK
(Source: Chaves et al., 2016)
PRINCE2 project management methodology is a structured project management
approach and a process based method that is widely recognized across the project management
industry. One of the major advantages of PRINCE2 methodology is that it breaks the project into
a number of controllable units that provides a better control on the project. This methodology is

process based and helps the project manager in implementing the project in a structured way.
Another major benefit of PRINCE2 methodology is that the process is flexible enough to
incorporate the required changes in a project management life cycle.
Figure 2: Representing PRINCE2 methodology
(Source: Ghosh et al., 2012)
2.1 PRINCE2 and PMBOK similarities
The similarities between the PRINCE2 methodology and PMBOK are as follows-
1. Both PMBOK and PRINCE2 are properly recognized standard of project management
and are accepted globally. PMBOK provides knowledge of the skills and different techniques
that makes the project implementation easier. PRINCE2 methodology also works on defining

certain processes of project management that makes the process of project implementation easier
(Karaman& Kurt, 2015).
2. Proper knowledge about project management body of knowledge makes the process of
risk identification and risk elimination easier. Analysis of the risks associated with a project is
essential for ensuring a good success rate of the project management processes. In PRINCE2
methodology as well, risk management is an important consideration among the different project
management stages. Proper risk management helps in easier project implementation and increase
in the success rate of the project.
3. Use of a proper project management methodology helps in proper planning and
scheduling the project. The knowledge areas of PMBOK include a process of resource
management as well. Resource management is an essential part of project management and
success of the project largely depends on proper resource management. PRINCE2 methodology
divides the entire project into certain controllable phases and analysis of the resource
requirement and resource management in the initial phases of the project life cycle.
2.2 PRINCE2 and PMBOK: dissimilarities
1. PRINCE2 is a project management methodology while PMBOK is a project
management standard.
2. In comparison to PMBOK, PRINCE2 is easier to understand an implement. Years of
experience and deep knowledge is required to understand the entire process of PMBOK.
PRINCE2 methodology however, is comparatively easier to understand and implement.

3. Since PRINCE2 project management methodology divides the entire project into
certain manageable and controllable units, it is easier to track the project progress in PRINCE2.
However, in PMBOK, it is not possible to control the project while its execution.
4. PRINCE2 methodology is process oriented while PMBOK is knowledge oriented
(Matos & Lopes, 2013).
5. In PMBOK, the project manager holds a central place and is the main decision maker,
while in PRINCE2 project manager generally has less power (Ghosh et al., 2012).
6. In PRINCE2, it is generally the business case that drives the project, while that with
PMBOK, it is generally the project plan that acts as a driving force for the project.
3. Project Management Life cycle (PLC) and PRINCE2
The project management life cycle generally refers to the four stages of project
implementation. The project life cycle provides a framework of managing the project within a
particular business (Joslin& Müller, 2015). The four phases or stages of project management are
orientation, planning, execution and closure.

Figure 3: Representing Project Life Cycle (PLC)
(Source: Joslin& Müller, 2015)
The PRINCE2 methodology also divides the project into a number of controllable units
or phases. There are seven processes associated with the PRINCE2 methodology, which are
project start, project initiation, directing a project, controlling a project, managing the project
stages, managing the delivery of the project and project closure. Therefore, it can be said that
PRINCE2 methodology refers to the project management life cycle.
The different phases hold a lot of importance in the project life cycle. Planning phase
deals with the requirements gathering and planning the project stages. Project execution stage is
quite crucial and needs proper supervision for tracking and reporting the project progress.
Therefore, in any methodology, the project management life cycle plays an integral role in
successful implementation of the project.

References
Chaves, M. S., Araújo, C. D., Teixeira, L., Rosa, D., Júnior, I., &Nogueira, C. (2016). A new
approach to managing Lessons Learned in PMBoK process groups: the Ballistic 2.0
Model. International Journal of Information Systems and Project Management, 4(1),
27-45.
Ghosh, S., Forrest, D., DiNetta, T., Wolfe, B., & Lambert, D. C. (2012). Enhance PMBOK®
by comparing it with P2M, ICB, PRINCE2, APM and Scrum project management
standards. PM World Today, 14(1), 1-77.
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.
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.
Kerzner, H., &Kerzner, H. R. (2017). Project management: a systems approach to planning,
scheduling, and controlling. John Wiley & Sons.
Matos, S., & Lopes, E. (2013). Prince2 or PMBOK–a question of choice. Procedia
Technology, 9, 787-794.
Schwalbe, K. (2015). Information technology project management. Cengage Learning.
Špundak, M. (2014). Mixed agile/traditional project management methodology–reality or
illusion?. Procedia-Social and Behavioral Sciences, 119, 939-948.