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 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.
- 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.
- “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.
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.