Project Methodology: Definition, Comparison, and Life Cycle Report

This report delves into the realm of project methodology, providing a comprehensive overview of its definitions, applications, and comparative analyses. It begins by establishing multiple definitions of project methodology, emphasizing its role in planning, designing, and executing projects efficiently. The report then proceeds to compare two prominent methodologies: PRINCE2 and PMBOK, highlighting their key differences in terms of process orientation, certification, project drivers, and team dynamics. Furthermore, it explores the similarities between these methodologies, focusing on their shared concerns for time, scope, quality, and risk management. The report also illustrates the PRINCE2 project life cycle, detailing each stage from project direction and initiation to closure, and discusses the advantages and potential drawbacks of this methodology. The document concludes by emphasizing the importance of understanding various project management approaches for effective project delivery. This report is available on Desklib, a platform offering study resources for students.

Running head: PROJECT METHODOLOGY
Project Methodology
Name of the Student:
Name of the University:
Author note

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Definition of Project Methodology
Definition 1:
According to the author, Project methodology is a systematic approach to plan, design
and execute a project. It is a set of different practices and methods that help to develop and
deliver the project (Kerzner & Kerzner, 2017). Role of project management is to properly
estimate the time of the completion of the project. It also specifies the resource requirement
and the skills required to finish the project in time.
Definition 2:
As per the author, project methodology is a series of steps, methods, techniques and
practices that is implemented so as to plan out the best possible way to obtain the successful
execution and termination of the project (Fleming & Koppelman, 2016). Role of project
management is to provide deeper insights to each step of the project life cycle such that
proper monitoring of task is implemented and no cost or time overrun is encountered.
Definition 3:
Project methodology as defined by the authors, is a combination of latest techniques,
procedures and methods such to complete the project that retains quality and its completion
does not encounter overheads in terms of cost and time (Svejvig & Andersen, 2015). Role of
project management is to assign the proper required resources such that the project gets
completed on time and it provides the base on which the entire architecture of the project is
established.
Definition 4:
According to the author, project methodology is a set of procedures and rules that
must be used so as to effectively complete the project. It defines a set of pathway, techniques

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and guidelines in which the project should be maintained and managed. Role of project
methodology is to specify the procedure in which the project design and execution should
progress such that it incorporates maximum benefits (Špundak, 2014).
Definition 5:
According to the author, Project methodology is a combination of rules against which
the feasibility of the project is verified and risk identification is implemented (Marcelino-
Sádaba et al., 2014). Role of project methodology is to identify and analyse the risk involved
in the project. In addition of risk identification at an early stage, the project methodology also
helps in searching for alternatives against the risks.
Comparison of Prince2 and PMBOK
There are numerous project management methodologies available namely, PRINCE2,
Agile Scrum, Waterfall, Agile XP, Rapid Application Development (RAD), New Product
Introduction (NPI) and many more based on the complexity of the project. The PMBOK
acronym stands for Project Management Body of Knowledge also contains methods for the
project management (Karaman & Kurt, 2015). The key differences between the PRINCE2
and the methodologies mentioned in the PMBOK are described below:
1. The PRINCE2 project management methodology is a process oriented methodology
whereas, the PMBOK is the knowledge oriented project methodology that provides
knowledge about the best practices of project management.
2. The PRINCE2 project methodology provides certification within one week of training
while the PMBOK requires a month time or more for the confirmation of the
certification.
3. The PRINCE2 project methodology defines the tasks that should be done as well as
also provides information as to when and the procedure in which the process should

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be carried out, whereas, the PMBOK only describes the process and the techniques
that should be implemented such that the appropriate management of the product is
carried out (Haddadi, Johansen & Andersen, 2016).
4. In the PRINCE2 methodology, the project is driven by business case where as in the
PMBOK, the project is driven by plan.
5. The PRINCE2 methodology can be easily applied as it does not require any
experience of project management as it is process oriented where as the PMBOK
proves an easier approach to learn managerial skill as it is knowledge oriented.
6. The PRINCE2 methodology provides more power to the team members and the
decision making power is provided to the team members where as in PMBOK the
project manager acts as the central head and the decision making power lies in the
manager’s hand.
7. The PRINCE2 focuses on product oriented planning and the clarity in the assigned
role while the PMBOK stresses primarily on estimation and critical path technique.
Similarities between PMBOK and PRINCE2 methodology
The following point highlights the similarities between PMBOK and the PRINCE2
method of project management.
1. Both the project management methodology is concerned with time, scope, quality and
risk involved in the completion and execution of a project. It also includes the benefits
incorporated by the execution of the product.
2. Both the project management methodologies progresses by assessing the risk and
applying the risk management techniques.
PRINCE2 in relation to project life cycle
The project life cycle of the PRINCE2 methodology is shown in the figure below:

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Source: Schipper & Silvius, 2017
 Project direction: The direction of the project continues from the initiation of the
project till the completion and the closure of the project. The Project Board with the
help of project reports manages and monitors the progress of the project.
 Starting of the Project: This stage in the project life cycle is designed to ensure that
all the requirements for the initiation of the project are properly kept in place. This
stage is also appoints the project management team.
 Project Initiation: This stage is establishes a stable management basis on which the
project team would progress. Moreover, this stage is also meant to check whether
proper justification is there to proceed with the project.
 Managing Stage Boundaries: This stage is meant to take decision and inform the
Project board whether the project should be continued or not.

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Source: Joslin & Müller, 2016
 Controlling stage: This stage basically deals with the work progress controlling
activities and co prises of the authorisation of the work done. Project manager also
has to review the situation and take necessary corrective actions.
 Product Delivery Management: This stage is concerned with ensuring that the
product meets the quality criteria and assessment of the progress of the work.
 Project closure: This purpose of the process is to execute a controlled close to the
project. This stage also makes recommendations on future actions and also deals with
the preparation of end project report.
The PRINCE2 methodology is more advantageous the approach follows a step by step
methodology and is easier to ensure the quality of the product and the timely delivery.
However, this method adds additional overheads and may not prove viable for all size
projects. Thus, with the above discussion it is clear that both the processes follow the similar
steps in development of the project.

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References
Fleming, Q. W., & Koppelman, J. M. (2016, December). Earned value project management.
Project Management Institute.
Haddadi, A., Johansen, A., & Andersen, B. (2016). A Conceptual Framework to Enhance
Value Creation in Construction Projects. Procedia Computer Science, 100, 565-573.
Joslin, R., & Müller, R. (2016). The impact of project methodologies on project success in
different project environments. International Journal of Managing Projects in
Business, 9(2), 364-388.
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., & Kerzner, H. R. (2017). Project management: a systems approach to planning,
scheduling, and controlling. John Wiley & Sons.
Marcelino-Sádaba, S., Pérez-Ezcurdia, A., Lazcano, A. M. E., & Villanueva, P. (2014).
Project risk management methodology for small firms. International journal of
project management, 32(2), 327-340.
Schipper, R., & Silvius, G. (2017). The Sustainable Project Management Canvas. The
Journal of Modern Project Management, 4(3).
Špundak, M. (2014). Mixed agile/traditional project management methodology–reality or
illusion?. Procedia-Social and Behavioral Sciences, 119, 939-948.
Svejvig, P., & Andersen, P. (2015). Rethinking project management: A structured literature
review with a critical look at the brave new world. International Journal of Project
Management, 33(2), 278-290.