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.
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 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.
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.
PMBOK and PRINCE2: Similarities
Some of the similarities between PRINCE2 and PMBOK are described below.
- 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.
- 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.
- 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).
PMBOK and PRINCE2: Differences
Some of the differences between PMBOK and PRINCE2 are describes below.
- 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.
- 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).
- 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.
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 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.
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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