Project Management Methodologies: Similarities and Differences Report

This report delves into the realm of project management methodologies, emphasizing the significance of structured processes for achieving efficiency, flexibility, and consistency in project execution. It examines the role of methodologies in improving project alignment with organizational strategies, enhancing competitiveness, and optimizing resource allocation. The report highlights five distinct methodologies and the application of Internet Technology Services within project management, emphasizing the importance of established standards, tools, and guidelines. It then draws a comparison between the PMBOK and PRINCE2 methodologies, pointing out their common goals in managing project challenges, while also detailing their key differences in terms of prescriptive outputs, guidance on tools, and the role of the business case. The report also explores the application of PRINCE2 within the Project Life Cycle (PLC), focusing on the "Manage by Stages" principle, planning themes, and the processes involved in initiating and managing a project, thereby providing a comprehensive overview of project management principles and practices.

Running head: PROJECT MANAGEMENT METHODOLOGIES
Project Management Methodologies
Name of Student-
Name of University-
Author Note-

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1. Project Methodologies
The methodology of Project Management is considered as a set of processes that are
repeatable those are needed to introduce the flexibility, efficiency and the consistency in a
project. These help to improve the quality by managing the projects of an enterprise (Kerzner,
2013). Project methodologies mainly consist of all the processes that include description,
responsibilities, roles and templates. It also contains WBS (Work Breakdown Structure) and Life
Cycle of the project to support all the information in a project. The methodologies are used in a
project management to improve the alignment of the project to the strategy of the enterprise
(Smith, 2013). It also increases the competitive advantage where it is needed and produces a
better result faster with lower cost. The methodologies in project management help to predict the
requirements of staffs on priority basis. Improves the management of information in areas where
there is least visibility in an organization. Project methodologies improve skills and the
performance of all the team members who are handling a project and assure ownership of the
processes and the results in a project. The satisfactions of all the stakeholders who are involved
in the project are also improved by the methodologies of project management.
The project methodologies play a significant role in project management. There are five
different methodologies in project management that helps to solve the processes in a project
which are involved in project management. There are also Internet Technology Services that are
provided in the methodology of project management. There are standards of project management
that helps to manage and initiate the projects that are carried out in the project. The project
methodologies of project management provides set of standards that provides some tools and
processes to make the job of project manager easy (Schwalbe, 2015). The project methodologies

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have guidelines, templates and definitions about different types of activities in project
management which helps in successful completion of the project. The methodology in project
management helps to provide a common ground for all the projects. The project management
provides certain objectives which indicate that the design that is made should be reasonable,
flexible, accessible and comprehensive. The project methodologies should enforce discipline of
the content that allows the application of crucial insight and judgment for the project manager.
2. Similarities between PMBOK and PRINCE2 methodologies
There are many similarities between PMBOK (Project Management Book of Knowledge)
and PRINCE2 (PRojects IN Controlled Environment). The similarities are as follows:
 Both the methods provide some set of techniques, templates and tools for managing the
projects and also avoid the requirement of re-invention (Karaman & Kurt, 2015).
 Both the methods aim to handle problematic and common project characteristics
problems (Sanjuan & Froese, 2015). Both the methods accelerate change, input unique
and new deliverables, limits on budgets and resources and also delineated timescales.
 The PMBOK and the PRINCE2 method reduces all risks inherited from the projects that
are undertaken with overspend, unsatisfactory deliverables and schedule slippage.
Difference between PMBOK and PRINCE2 methodologies
The difference between PMBOK and PRINCE2 is that
 The method of PRINCE2 is prescriptive in outputs of project management such as
configuration records, logs, reports and baseline documents.

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 On the other hand, the PMBOK method offers a proper guidance on tools that are used
such as three point estimates, techniques of information gathering, stakeholder matrices,
and analysis on earned value.
 Another difference is that PRINCE2 needs the emphasis to review on a regular basis in
business case of the project. While in PMBOK method, the business case is considered
external in the projects (Matos & Lopes, 2013). In PMBOK, after the project has been
started, the project manager does not have any control on the project.
 Proper guidance for corporate and whilst for project management is offered by PRINCE2
but PMBOK concentrates more on tasks, responsibilities and techniques of all the
programs that are handled by project manager.
3. PRINCE2 in Project Life Cycle (PLC)
In Project Life Cycle, the PRINCE2 method is mostly similar to the PMBOK method in
many aspects. The PRINCE2 method is a process based methodology that is very useful in
Project Life Cycle for making a project successful. Mainly there are three main parts of the
PRINCE2 method that defines the planning in the lifecycle of the project. The three main stages
are:
 “Manage by Stages” are the main principle of PRINCE2. While preparing a project, it is
not always possible to make the project in a and have a detailed plan in a practical and
realistic way for the project life cycle (Saad et al., 2014). The activities that are carried
out in a project cannot be predictable. By PRINCE2, a planning of high level is done at
the beginning of the project and the project is divided into many parts and then a detailed
plan of the project is prepared.

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 “Plans” are the main themes of PRojects IN Controlled Environments. In this theme, the
characteristics and the types of plans that are carried out in PRINCE2 are explained in
detailed. The project that is carried out with PRINCE2 method is a planning of high level
that is prepared at the beginning of the project. The PRINCE2 method also contains some
stage plans that are prepared for management stage before staring the project (Tomanek
& Juricek, 2015). Finally team plans are executed which is considered as an optional plan
that are prepared in a project.
 The three processes out of the seven processes that are carried out in the PRINCE2
method is to initiate the project, manage the boundary of the stage, and starting the
project.

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References
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. (2013). 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.
Saad, S., Ibrahim, A., Asma, O., Khan, M. S., & Akhter, J. (2014). PRINCE2 MEthodology: AN
INNovAtIvE WAy foR IMPRovINg PERfoRMANCE of MAlAysIAN AutoMotIvE
INdustRy. The Journal of Technology Management and Technopreneurship
(JTMT), 1(1).
Sanjuan, A. G., & Froese, T. (2015). Principles, characteristics, and methodology to develop a
project management assessment tool at the construction project level.
Schwalbe, K. (2015). Information technology project management. Cengage Learning.
Smith, L. T. (2013). Decolonizing methodologies: Research and indigenous peoples. Zed Books
Ltd..
Tomanek, M., & Juricek, J. (2015). Project risk management model based on PRINCE2 and
SCRUM frameworks. arXiv preprint arXiv:1502.03595.