Project Management Methodologies Overview

This report discusses various project management methodologies, focusing on PMBOK and PRINCE2. It outlines their advantages, disadvantages, and relevance to the project life cycle, providing a comprehensive overview for project managers.

The application of various types of skills and technologies that are involved for the
project activities and also would help in meeting the requirement that are set at the start of the
project (Kerzner, 2013). The methods that are involved in the management of the project and
aides in the procedures are known as the project management methodologies (Joslin & Muller,
2015). It is the systematic, theoretical and the logical methods that are applied in the field of
study for the analysis of the methods that are applied for the knowledge on the project and also it
is used for the guidance to the procedures of the project.
The project management methodologies play a very vital role for the assistance in the
project management techniques. There are various types of project methodologies that are used
for the project management techniques implemented by the project managers. The
methodologies are applied according to the requirement of the project and also they vary in
accordance with the situation. The various types of methodologies that are applied for the project
management techniques are:
PMBOK
PRINCE 2
SDLC
Waterfall
Agile
The methodologies selected for the discussion in this paper are PMBOK and the PRINCE
2 methodologies. The PMBOK is the Project Management Book of Knowledge. This is a term
which is exclusive and describes the knowledge that is present within the profession of project

management. This method involves the use of the traditional procedures that are proven for the
project management. They make use of all type of sources that involves both the published and
the unpublished materials. In addition to this the PRINCE 2 methodology is also described in this
paper. PRINCE 2 is the project in the controlled environment. It is a structured project
management technique that is used for the certification and the accreditation of the different
organization that are set to perform the project management techniques. The method involves the
division of the project into a number of sub projects and this sub procedure puts the main
emphasis on the controllable steps for the projects.
The PMBOK and the PRINCE 2 methodologies have various types of advantages and
disadvantages associated with them (Snyder, 2014). For the comparison of both the systems a
table is provided below.
PMBOK PRINCE 2
Advantages
 The method is very useful for the goal
related projects. This methodology
provides the assistance for defining the
goal for the project (Deshpandhe,
Beecham & Richardson, 2013).
 This method also helps in the fault
tolerance of the project. The fault
tolerance is a very important part for
the project.
 Standardization is the biggest benefit of
the method.
 The method also saves a huge amount
of money for the project.
 The method is also for designing the
Road Map of the project (Jamali &
Oveisi, 2016).
 The methodology also helps in the
change control procedures for the

 This method also helps in the heavy
projects. They help in dividing the
projects into further sub divisions.
projects.
 The method also helps in the project
based planning methods.
 They help in defining the roles and the
responsibilities of the personnel
involved in the project.
Disadvantages
 The methodologies are not suitable for
the projects that are smaller in size.
 This method is not accepted by various
project managers due the inefficiency
in the method and the method is very
hard to follow.
 This method provides no assistances in
making the requirements clear upfront.
 These methodologies cannot be used in
the smaller projects and also are not the
accepted readily by the project
managers of the smaller projects.
 The methodologies also use the
principle based project management
techniques. But all the principles for the
methods do not suit the project
management technique and hence the
approach might be rejected.
 The system is not recognized in various
countries and hence, is rejected as a
model for the development of their
project.

The project life cycle involves various types of processes such as project initiation,
project planning, project implementation, project analysis and the project maintenance. The
PMBOK and the PRINCE 2 methods also involve these procedures in the model and hence they
are related efficiently to the project life cycle. They contain the project initiation, project closure
and the project controlling and the project managing techniques. Although, they involve steps of
dividing the project but they posses all the steps involved with the project life cycle. Hence, these
methods can very easily relate to the project life cycle.