Comparing PRINCE2 and PMBOK: Project Management Methodologies Report

This report provides an overview of project management methodologies, specifically comparing the PRINCE2 and PMBOK approaches. It defines project methodology as a system of techniques, rules, and practices applicable in project management, highlighting its role in providing a defined schedule and techniques for efficient project execution. The report details the PRINCE2 methodology, emphasizing its process-based approach and focus on aspects like business case, quality, and risk management. It then compares PRINCE2 and PMBOK, noting similarities such as providing best practices and identifying problems, while also highlighting differences in business case analysis and role descriptions. The report also describes PRINCE2's role in the project life cycle, from the starting phase to project closure, and concludes that both methodologies offer defined frameworks for efficient project execution, with PMBOK offering more tools and techniques than PRINCE2. Desklib provides this and many other solved assignments to aid students in their studies.

Running head: PROJECT MANAGEMENT METHODOLOGIES
Project Management Methodologies
Name of the Student
Name of the University
Author’s note

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Table of Contents
1. Introduction..................................................................................................................................2
2. Project Methodology..................................................................................................................2
3. PRINCE2 Methodology...............................................................................................................3
4. PMBOK and PRINCE2: Similarities...........................................................................................3
5. PMBOK and PRINCE2: Differences..........................................................................................4
6. Project Life Cycle: PRINCE2......................................................................................................4
7. Conclusion...................................................................................................................................5
References........................................................................................................................................6

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1. Introduction
Project methodology guides a project manager to carry out projects in a systematic
manner. This report gives an overview of project methodology. It compares PRINCE2 with the
PMBOK methodology. It points out the similarities and differences between these two
methodologies. This report also describes the role played by PRINCE2 in the project life cycle.
2. Project Methodology
Project methodology can be defined as a system of techniques, rules, procedures and
practices that can be applied in the area of project management. It is a set of standards and
principles that can be used as a template for carrying out practical projects in an effective manner
(Kerzner, 2013). Project management methodology provides defined schedule and techniques for
efficiently caring out a project. There are several project methodologies that can be used for
different types of projects. Managers use these methodologies at every phase of a project.
Methodology is also considered to be a model that can be employed by managers for planning,
designing and implementing projects for successfully achieving its objectives. Different
methodologies are applicable for different projects. Some of the project methodologies are
PMBOK, XP, Agile, PRINCE2 and Waterfall. Waterfall methodology is used when the project
requirements are clearly defined and little or no further modification is required later. Agile
methodology is used when the project requirement keeps changing with the situations (Smith,
2013). Scrum methodology is used in order to remove all kinds of burdens. Spiral methodology
is the advanced version of waterfall model that can be used for larger projects. Project planning
is the most important stage of project management. Proper project plan helps to identify the
appropriate project methodology. Identification of an appropriate project methodology leads to

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the success of a project. The project manager is responsible for identifying and deploying a
project methodology based on the project requirements. Project methodology provides a
framework for executing a project in an appropriate manner with low possibility of failure.
3. PRINCE2 Methodology
PRINCE2 methodology is a process based technique or approach in project management.
This methodology divides the projects into various phases. Each phase has its own plans and
activities. PRINCE2 defines the sequence in which the activities are to be carried out. This
process oriented approach is focused on change control. PRINCE2 plays a significant role in
effective project management. This methodology is focused on several aspects of the project that
needs to be managed such as business case, quality, plan, organization, risk, change and progress
(Saad et al., 2014). PRINCE2 methodology ensures project success by using an effective process
based approach.
4. PMBOK and PRINCE2: Similarities
Some of the similarities between PRINCE2 and PMBOK are described below.
1. PRINCE2 is based on seven themes or building blocks that can be applied throughout
the entire project lifetime. PMBOK consists of Knowledge Areas that are similar to the themes in
PRINCE2 methodology.
2. PRINCE2 and PMBOK approach provide best practices for addressing the needs of the
organizations at various levels (Karaman & Kurt, 2015). Both the methodologies provide
standards and foundations for carrying out projects in a right and effective manner.

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3. Both the methodologies identify problems at various stages of a project and reduce the
risks associated with the project. These methodologies help to achieve the realistic goals of the
project within the allocated budget. The chances of project failure can be reduced by using
PRINCE2 as well as PMBOK methodologies (Sanjuan & Froese, 2015).
5. PMBOK and PRINCE2: Differences
Some of the differences between PMBOK and PRINCE2 are describes below.
1. PRINCE2 methodology analyses business case for getting a clear understanding of the
project and making major decisions. PMBOK does not emphasize on the understanding of
business case.
2. PMBOK only focuses on the role of the project manager. PRINCE2 on the other hand
gives a detailed description about the responsibilities of the various roles belonging to the project
management team such as project board, project support, project assurance, project manager and
team manager (Matos & Lopes, 2013).
3. PRINCE2 methodologies lack in tools as well as techniques unlike PMBOK, which
consists of 119 tools as well as techniques. PRINCE2 has only 2 techniques that are described in
details.
6. Project Life Cycle: PRINCE2
PRINCE2 methodology plays an effective role in the success of the project. The starting
up or first stage of this approach ensures that the project pre-requisites are met. PRINCE2 helps
in the planning process by suggesting certain activities such as designing project plan, defining
products, identifying activities, preparing estimates and schedules, analyzing project risk and

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documenting the plan (Lianying, Jing & Xinxing, 2012). The initiating stage gives justification
for proceeding. The managing stage helps the project board to make important decisions
regarding the project. The controlling stage helps the project managers to control project
activities and ensure project success. PRINCE2 methodology also describes managing product
delivery stage that ensures that planned products are developed and delivered on time. This
methodology also plays a significant role in wrapping up the project work and closing the
project. It provides a process oriented approach that guides the sequence of activities to be
carried out for ensuring project success (Tomanek & Juricek, 2015). Therefore it can be seen that
the PRINCE2 methodology plays major role in all the stages of a project life cycle. PRINCE2
methodology provides a framework that can be used in all the stages of a project in an effective
manner.
7. Conclusion
This report concluded that project management methodologies play an important role in
the success of projects. It said that PRINCE2 and PMBOK approaches have few similarities as
well as differences. It depicted the important role played by PRINCE2 methodology in the life
cycle of a project. The major difference between PRINCE2 and PMBOK is the use of tools and
techniques. PMBOK has several techniques unlike PRINCE2. These two methodologies are
similar as they provide a defined framework for carrying out a project in an efficient manner.

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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.
Lianying, Z., Jing, H., & Xinxing, Z. (2012). The project management maturity model and
application based on PRINCE2. Procedia Engineering, 29, 3691-3697.
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.
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.