What is project methodology?
According to Špundak (2014), the project methodology is a set of standards for defining the methods, techniques, procedures, rules and templates that is practically used in a project. it is a project management approach that generally defines a set of principal and guideline for defining the way as project is to be managed. Project methodology in a more simple term can be described as a process that ensures project success. Proper project methodologies helps in specifying the best way for initiation of a particular project. Many different project methodologies are generally followed while executing a project. This includes waterfall model, agile scrum, extreme programming and so on. These methodologies strategically explain and suggest a proper method for implementing the project successfully. The different components of project management include proper project planning and scheduling of the project. A proper project plan helps in better implementation of a project as the project manager has the idea which stages should follow a particular phase. Developing a proper project plan ensures that a proper feasibility study and the risk assessment is done before the initiation of the project, and therefore, it reduces the risk of project failure or the project going over budget (Smith, 2013). Furthermore, identification of a proper project methodology is essential for predicting the schedule and the project success. The project manager assigned for a particular project helps in identifying a proper project management methodology, that the project management team is needed to follow in order to achieve a complete success in the project (Schwalbe, 2015). It is a model or standard that is generally employed by a project manager in order to design, plan and implement a project and reach the project goal. The example of different project methodology includes PMBOK, PRINCE2, Agile, XP, Waterfall and agile scrum. PMBOK stands for Project Management Body of Knowledge. It is a framework of project management that consists of a collection of processes and practices that are considered as a standard all throughout the project management industry. There is a striking similarity between PMBOK and PRINCE2 as PRINCE2 defines an approach of managing the different types of projects (Kerzner, 2013).
What is PRINCE2?
PRINCE2 is a process based method that helps in effective project management. It describes what a project should do and defines the different activities that a project should follow. In PRINCE2, the project manager is responsible for organizing and controlling the project. He is responsible for proper selection of the project work in order to ensure that the entire project is completed on time (Saad et al., 2014). PRINCE2 also has a project board that is to be informed about the project progress and any problems faced by the project. PRINCE2 further provides the description of the people who are involved with the project. It is a technique that is associated with controlling the changes that a project can face. It further explains the process of work that guarantees the project progress.
Similarities between PMBOK and PRINCE2
The similarities between PMBOK and PRINCE2 are as follows-
- The striking similarities between PMBOK and PRINCE2 are that, both the methodologies define certain standard rules and techniques that are needed to be followed in order to ensure the project success (Karaman & Kurt, 2015).
- Both the methodologies intend to identify and reduce the different risks that are associated with the project. This helps in eliminating the chances of the project going over budget or not meeting its objectives. Therefore, both the methodologies help in ensuring the project success.
- The methodologies help in identifying and analyzing the problems that a project can face. This further helps in setting up of a realistic goal. Furthermore, these methodologies accelerate the process of implementing the project with the help of the allocated budget (Sanjuan & Froese, 2015).
Differences between PRINCE2 and PMBOK
The differences between PMBOM and PRINCE2 are as follows-
- The PRINCE2 methodology mainly concentrates on the configuration records, reports and baseline documents of a project.
- Prince2 is more perspective than PMBOK as PRINCE2 is generally a methodology framework while PMBOK is a body of knowledge that is concerned with the best practices.
- PRINCE2 is easier to apply even if the project manager has no previous experience. On the other hand, PMBOK is easier for learning and gaining knowledge about the project management skills.
- PRINCE2 ensures that the project is reviewed on a regular basis in order to supervise the project properly. However, in PMBOK the project manager generally cannot control the project after the project has been initiated (Matos & Lopes, 2013).
PRINCE2 in Project Life Cycle
PRINCE2 methodology is widely used in project management for ensuring the success of the project. PRINCE2 methodology manage by stages and therefore it develops a project plan that is associated with planning a project in a realistic way. The project is generally planned in controlled environment. The high level project planning in generally developed at the beginning of the project, which includes some stage plans that are generally prepared at the management stage. The team plans made are strictly followed for proper execution of the project.
PRINCE2 provides a tailored and scalable method of project management, where every process is defined by evaluating the key inputs and outputs of a project. The key processes of the project life cycle following a PRINCE2 approach consists of a project board that consists of different stages such as the project initiation, stage boundaries, ad hoc direction and project closure. The project is supervised throughout the execution phase of the project that helps in eliminating the risk of the project not meeting its requirement. PRINCE2 therefore provides a framework of proper management of the project in order to ensure project success (Tomanek & Juricek, 2015).
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..
Špundak, M. (2014). Mixed agile/traditional project management methodology–reality or illusion?. Procedia-Social and Behavioral Sciences, 119, 939-948.
Tomanek, M., & Juricek, J. (2015). Project risk management model based on PRINCE2 and SCRUM frameworks. arXiv preprint arXiv:1502.03595.