Similarities And Differences Between PMBOK And PRINCE2 Methodology

Question: Discuss about the Similarities And Differences Between PMBOK And PRINCE2 Methodology. Answer: Project methodology: Project methodology in aproject management refers to the guiding process, which is used by the persons involved in the project. Project methodology can also be defined as the five different phases of project management and they are define, plan, launch, manage and closure (Kerzner Kerzner, 2017). Project methodology is used for the purpose of improving the quality of the project by means of better management process. Project methodology consists of guidelines, templets and definitions regarding various types of activities that are essential for making successful completion of projects (pundak, 2014). The project methodologies are associated with providing a certain set of standards which in turn provides some tools and processes for the project manager so as to make his/her job easy. A common ground is provided by the project methodology for all type of projects. Similarities and differences between PMBOK and PRINCE2 methodology: Difference between PMBOK and PRINE2: The common differences between PMBOK and PRINCE2 are listed below: PRINCE2 is a method which is perspective in the outputs of theproject management and this might include the configuration records, logs, reports and the documents of baseline (Snyder, 2014). Whereas in PMBOK method it is associated with the providing of proper guidelines on the tools which might include the three point estimates, techniques of gathering the information, matrices of the stakeholders and earned value analysis. There is a need of emphasizing to review the business case of particular project in the PRINCE2 method (Matos Lopes, 2013). The project manager loses control over the project once the project is started in the PMBOK method. Similarities between the PMBOK and PRINCE2 method: Along with the differences there are several differences that exists between the PMBOK and PRINCE2 some of them are listed below: Some set pf techniques are provided by both of this methodologies along with the templets and the tools needed for the purpose of managing the projects and to avoid the requirements which re are needed for re-invention (Rose, 2013). PMBOK as well as PRINCE2 methods are aimed at handling of the common projects characteristics. This two methods are associated with the acceleration of changes, unique inputs and the new deliverables as well (Karaman Kurt, 2015). Along with this both of this also puts limits on the budgets, the resources and also delimitates the timescale. All the risks which are inherited from the projects like the overspending of money, delivery of unsatisfactory outputs and slippage of the schedule and many more are reduces by both of this methods (Ghosh et al.,2012). PRINCE2 in Project Life Cycle (PLC) The PRINCE2 methodology acts as a very important factor for success of Project Life Cycle. The planning of the project life cycle can be defined by making use of three main part of the PRINCE2 methodology and they are listed below: Firstly, Manage by Steps which is the main step of the PRINCE2 methodology. PRINCE2 methodology is associated with providing a high level planning which is done before beginning the project and this includes the division of project into various phases or parts which is followed by making of a detailed plan for the project (Turner, 2016). This acts as a very important factor due to the fact that whatever the activities that are carried out in project is never predictable. Along with this while preparing a project it is never possible to predict the possible outcome. So a detailed planning can help a lot in the whole lifecycle of a project. Secondly, Planning which is another main step of the PRINCE2 methodology. This is associated with the detailed explanation of the characteristics as well as the type of plan that is to the carried out by the PRINCE2 method. The projects that are carried out with the help of PRINCE2 methodology consists of high level planning which is made before beginning of the project (Lianying, Jing Xinxing, 2012). There exists some stage plans in the PRICE2 methodology which are generally prepared for the purpose of managing the stages before initiating the project. The team plans is considered to be optional and are implemented when needed and this plan is also prepared at the starting of the project. Thirdly, the tree processes are carried out in PRINCE2 method for initiating the project along with managing the boundary of the various stages. References: Ghosh, S., Forrest, D., DiNetta, T., Wolfe, B., Lambert, D. C. (2012). Enhance PMBOK by comparing it with P2M, ICB, PRINCE2, APM and Scrum project management standards.PM World Today,14(1), 1-77. 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. 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 PMBOKa question of choice.Procedia Technology,9, 787-794. Rose, K. H. (2013). A Guide to the Project Management Body of Knowledge (PMBOK Guide)Fifth Edition.Project management journal,44(3). Snyder, C. S. (2014). A guide to the project management body of knowledge: PMBOK () guide.Project Management Institute: Newtown Square, PA, USA. pundak, M. (2014). Mixed agile/traditional project management methodologyreality or illusion?.Procedia-Social and Behavioral Sciences,119, 939-948. Turner, R. (2016).Gower handbook of project management. Routledge.