Principles of Project Management: A Comparison of PMBoK and PRINCE2

This report provides a comprehensive comparison of the PMBoK and PRINCE2 project management methodologies. It begins by outlining the core similarities between the two, such as their structured approach to project management, while also highlighting key differences in their frameworks, processes, and emphasis on specific aspects like stakeholder management and project governance. The report delves into how each methodology addresses project risk, outlining the steps involved in risk identification, assessment, and mitigation within both PMBoK and PRINCE2. Furthermore, the report discusses the types of projects best suited for each methodology, considering factors like project complexity, organizational structure, and industry standards. The conclusion summarizes the key takeaways, emphasizing the importance of selecting the appropriate methodology based on project requirements and organizational context. Finally, the report includes references to relevant sources.

PMBoK versus PRINCE2 in
contemporary projects

Table of Contents
INTRODUCTION...........................................................................................................................3
Similarities between PMBoK and PRINCE2.............................................................................3
Differences between PMBoK and PRINCE2.............................................................................4
Method to control project risk....................................................................................................5
Use of project..............................................................................................................................6
CONCLUSION...............................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Project management engage planning and organising of all resources which is required
for completion of project, task and event. This involve one-time project or constant activities that
is managed by managing resources that undertakes, personnel, technology, finance and
intellectual property. Moreover, this report highlights on PMBoK and PRINCE2 method and
their use in project management. Similarities and differences between both method and their way
to manage project risk will also included in this report. In the last, types of project is also
considered in the upcoming report.
The term PMBOK is an abbreviation of project management body of knowledge, it refers
to the entire collection of processes, terminologies, best practices, guidelines etc. which is
accepted as standards and states within project management industry (Azman, Mohamed and
Odzaly, 2020). PMBOK is considered as a valuable factor for company as it support
organisation for implement of different practices among all departments in order to complete
project in a coordinated manner. The first editions of standards was identified in the year 1996
and this is used into various geographic for figure out universal practices related with project
management.
PRINCE2 is explained as a process-based method and it is used for managing project
actions and activities in an effective manner. Fundamental skills is explained by PRINCE2
method and it aids to complete a project in a successful manner. This stands for Projects IN
Controlled Environment which is universal and implement in all over the project. Further, the
main role of PRINCE2 method is completion of project in a consistent approach to complete all
project in a systematic manner (Bassi, 2016). This was first established in the year 1989 by the
central computer and telecommunication agency.
Similarities between PMBoK and PRINCE2
Similarities PMBoK PRINCE2
Basis This is identified as a guide and it
intend about practitioners for
recognising the process of project
management for completion task and
event of project in proper manner.
There are various task performed
by management and this is used
to structure, process and
activities. This benefits project
management to manage all task

in proper manner.
Methods The term PMBoK is explained as a
methodology which is used for induce
all practices in an organised manner.
Planning and organising is a common
step which is used for completing
project in proper manner (Fathi,
Ammari and Allal, 2019).
PRINCE2 method is identified
as a method that states and
undertakes the process of
completing project to manage all
activities in a systematic
manner.
Content This undertake core practices and a
broad range of techniques to manage
and complete project in specified
time-period.
This explain about project
management processes. It aids to
perform project task in decided
time.
Inclusion HR management, Procurement,
Techniques and methods are included
under method of PMBoK. It define
about all activities which is used to
manage project.
Business case, management by
execution, clarity in roles,
project assurance etc. to
complete all task in proper
manner.
With understand of above similarities this is understand that there are various task
performed by management. It control about all information which is used for completion of
project in a specified manner. This means both methods aids organisation to generate effective
outcomes from project.
Differences between PMBoK and PRINCE2
PRINCE2 offers about the start-to-finish way in order to complete the project off the
ground. This is also used to see, wrap and completion of project with engage of project manager
to manage and complete all activities in proper manner. PRINCE2 include the discussion for
starting the project and to analyse all details that is used to control project. It determine PMBoK
complete work with discussion on different factors (Raharjo and Purwandari, 2020). But in
context of PMBoK, guidelines and procurement of all activities in a controlled environment is
explained as completion of project in proper manner. Soft skills are used by project manager
who utilise PMBoK method but as compare to PRINCE2 method not include formulation of

skills to complete project as they depend on discussion. So it is explained as a difference
between both methods. This define growing number of project manager aids towards share of
values to manage project by adopting flexible methodologies specifically in PRINCE2 method.
On the other side, PMBoK provide in-depth details about all approaches which is related with
project activities.
Method to control project risk
Risk analysis is explain as a subset of project and virtually this is non-existent. PMBoK
project risk management acknowledge steps to deal with risk in proper manner which are
mention as follow:
 Plan risk management is an initial step and this involves production of risk management
plan including all components related with project management (Richter, 2015).
 Identify risk is another method and this is used for generating value which includes
different factors related with project risk. Project cost, schedule and methods to complete
project is a complex factor to deal with project action.
 Perform qualitative risk analysis is explained as a step and this include different
components which is probability of risk and it's impact to analyse and manage project at
different areas.
With use of all steps this is easy for organisation to complete project in an organised manner and
it refers that overall project is scheduled to manage all task with primary approach.
PRINCE2
The recommendation related with PRINCE2 risk methods is to perform work with
decided procedures through managing project by induce of all steps. Some of them are mention
as follow: Identify context- The main goal of identify context is to gain information related with
specific project in order to minimise risk related with project. Assess step- It refers to a two step process under which PRINCE2 method explain two
areas first is to estimate project and than its evaluation to perform project properly. Risk planning- Risk response does not necessarily remove inherent risk and this
undertake factors by which all risk response is reduced. It refers risk planning improve
appropriate responses through monitoring future aspect of risk.

 Implement step and communication- This ensure all planned risk steps aids to perform
organisation actions and it effectiveness through managing all work in proper manner.
Moreover, communication aids to manage project with minimum risk.
Use of project
PMBoK and PRINCE2 are two methods and it aids to complete project in proper manner.
It also define about all task that aids to manage project according to decided situations and type
of project. In the context of PMBoK, this is identified that it is an international recognised
standard that provide fundamental project management (Roudias, 2015). Construction, software,
automotive, engineering etc. are the areas in which PMBoK is used because it support to perform
project in a detailed manner. On the other side, PRINCE2 method is utilised within private sector
that manage it's project at international level. UK government implement PRINCE2 method to
complete project because this helps to perform all action and activities in a controlled
environment.
This also refers PMBoK is an unique project management style and this is used for
completion of project in an organised manner. With analyse of all project principle and
discipline this is analysed that all projects are completed according to decided techniques and
actions. It explain about forecast of different techniques through which project is performed with
arrange of all resources in a systematic manner through understand detail and discussion about
project.
CONCLUSION
With the analyses of 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. 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.

REFERENCES
Books and Journals
Azman, M.H.N., Mohamed, A. and Odzaly, E.E., 2020, March. A Theoretical Study on Project
Delivery and Leadership Style. In Proceedings of the 3rd International Conference on
Networking, Information Systems & Security (pp. 1-8).
Bassi, A., 2016. General Management Principles in the Project Management
Context. International Journal of Management Science and Business
Administration, 2(11), pp.15-21.
Fathi, R.T., Ammari, M. and Allal, L.B., 2019, July. Critical Analysis of Project Management
Methodologies and Its Tools. In International Conference on Advanced Intelligent
Systems for Sustainable Development (pp. 162-168). Springer, Cham.
Raharjo, T. and Purwandari, B., 2020, January. Agile Project Management Challenges and
Mapping Solutions: A Systematic Literature Review. In Proceedings of the 3rd
International Conference on Software Engineering and Information Management (pp.
123-129).
Richter, W., 2015, April. PMBOK vs. agile methods: How cultural change can become
transparent. In 2015 IEEE Eighth International Conference on Software Testing,
Verification and Validation Workshops (ICSTW) (pp. 1-2). IEEE Computer Society.
Roudias, J., 2015. Mastering Principles and Practices in PMBOK, Prince 2, and Scrum: Using
Essential Project Management Methods to Deliver Effective and Efficient Projects. FT
Press.