Analysis of Project Management Methodologies: PMBOK & PRINCE2

This report provides a comprehensive overview of project management methodologies, focusing on the definition, role, and comparison of PMBOK and PRINCE2. It begins by defining project methodologies as systematic approaches to project initiation, emphasizing their importance in efficient decision-making, problem-solving, and stakeholder management. The report then differentiates between the PMBOK and PRINCE2 approaches, highlighting PMBOK's framework for contract and scope management and PRINCE2's process-oriented nature with defined roles. Similarities between the two methodologies, such as their focus on budget, deadlines, and risk management, are also discussed. Finally, the report outlines the Project Life Cycle (PLC) of PRINCE2, including project startup, initiation, stage boundaries management, and project closure, providing a detailed understanding of each stage and its activities.

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Definition of project methodologies
Project methodology can be defined as the systematic approach to initiate a project with
proper measures ensuring successful completion. The definition of project methodologies varies
based on the author’s perspective. One such definition of project methodology coined by an
author is a set of specific rules and guidelines that are incorporated by the project manager in
order to develop the best plan and control over the project. The author states that project
methodology provides a way for the implementation of the project in a disciplined manner (van
Eck, 2015). As per the scholars, project methodology can also be defined as the step by step
guide to describe every steps of the project in details as well as ensuring that the all the
requirements of the project in terms of project budget, schedule are met (Joslin & Müller, 2015).
There are various types of project methodologies available, an appropriate project methodology
should be chosen as per the complexity of the project.
Role of project methodologies
Project methodologies are of immense importance in handling of a project. A project
methodology will serve the purpose of efficient decision making during the project
implementation phase making problem solving much simpler. The systematic approach provided
by the project methodologies is helpful in monitoring each steps of the project planning, which in
turn ensures successful project planning processes. An appropriate project methodology will be
helpful in ensuring that all the requirements of the stakeholders are defined, project goals are set
for the team members, all the conflicts and problems are solved in early basis, specified
deliverable are handed over to the clients successfully, quick implementation of the project
(Turner, 2016). The project methodology will also ensure accurate and error free budget

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estimations. Project methodology is one of the essential aspects of project management which
helps the project manager to design a well-structured project plan.
Difference between PMBOK and PRINCE2 project methodology
The choice of the project methodology greatly determines the success of the project. The
PMBOK provides in depth knowledge of the approaches that can be applied in successful project
handling. The question that can crop up in mind is what are the possible advantages or
disadvantages of the PMBOK and why other methodologies are required. The following point
draws a light on the main differences between the PMBOK and the PRINCE2 approach of
methodologies:
 PMBOK approach comprises of framework which is helpful in contract and scope
management projects. PMBOK is also known to be more robust. The in depth knowledge
that PMBOK provides for project planning is sure to be fruitful for successful project
closure. The only problem with the PMBOK approach of project management is that the
central decision making power solely lies in the hands of the project manager, which in
turn can be the reason of conflict in certain instances (Snyder, 2014). Other than this,
PMBOK can serve as a pool of knowledge fort project management.
 PRINCE2 approach on the other hand is completely process-oriented. In this approach of
project methodology questions such as what should be done, how to implement the
project and who are resources required during the project life cycle rather than simply
laying the knowledge of project management as specified in the PMBOK (Matos &
Lopes, 2013). The most essential advantage of PRINCE2 over the PMBOK approach is
that here specific roles are defined for all the members involved in the project, thus

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giving the scope for much better planning. PRINC2 methodology mainly concentrates on
the end products. Other than this, the PRINCE2 approach is perspective unlike that of
The PMBOK method.
Similarities between PMBOK and PRINCE2 approach of project methodologies
Both the PMBOK and the PRINCE2 methodologies are widely accepted worldwide.
Although the approach of planning the project varies for both the methodologies but both the
methodologies are mainly concerned to satisfy the main aspects of project management which
involves budget, deadline, product quality, risk, project scope and the product benefits (Rose,
2013). Other than this, have a similar approach of risk management.
Project life cycle (PLC) of PRINCE2 methodology
The PLC of PRINCE2 involves starting the project, initiation of the project, handling of
the stage boundaries, and a proper closure of the project. Project direction and management of
the project falls under the category of project start up. This involves addressing the purpose of
the project and initial direction of the project (Kloppenborg, Tesch & Manolis, 2014). The
direction of the project continues in all the subsequent stages. The start up of the project is also
known as the pre-project stage. The next stage is known as the project initiation stage. This stage
comprises of the activities such as drafting of the final project plan, setting goals and objectives
of the projects. The third stage is the known as the managing of the stage boundaries. This stage
involves the proper monitoring of the ongoing project by the project board. This stage is further
categorized as controlling of the stage and handling of the product delivery (Snyder & Dionisio,
2017). In the controlling of the stage, the project manager is entitled to keep a track on the work
progress of the team and managing if the product delivery involves checking if the product meets

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the client’s requirements of the specifications and the quality, ensuring that the project is
completed on the time. The last stage is known as the project closure stage. This stage involves
preparation of the final project report, providing with recommendations and giving the end
products final approval.

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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.
Kloppenborg, T. J., Tesch, D., & Manolis, C. (2014). Project success and executive sponsor
behaviors: Empirical life cycle stage investigations. Project Management Journal, 45(1),
9-20.
Matos, S., & Lopes, E. (2013). Prince2 or PMBOK–a question of choice. Procedia
Technology, 9, 787-794.
Rose, K. H. (2013). A Guide to the Project Management Body of Knowledge (PMBOK® Guide)
—Fifth Edition. Project management journal, 44(3).
Snyder, C. S. (2014). A guide to the project management body of knowledge: PMBOK (®)
guide. Project Management Institute: Newtown Square, PA, USA.
Snyder, C., & Dionisio, C. S. (2017). A project manager's book of forms: A companion to the
PMBOK guide. John Wiley & Sons.
Turner, R. (2016). Gower handbook of project management. Routledge.
van Eck, M. L., Lu, X., Leemans, S. J., & van der Aalst, W. M. (2015, June). PM $ $^ 2$ $: A
Process Mining Project Methodology. In International Conference on Advanced
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