Principles of Project Management

Introduction to PMBoK and PRINCE2

Successful implementation of project activities and processes incurs as an emerging process of organizational management. PMBoK or Project Body Management of Knowledge arrives as a significant element of the project management and execution activities for the sake of efficient project succession keeping in view the project phases and also the forecasted goals in view as a roadmap for the accomplishment of overall project management strategy (Hermano & Martin-Cruz, 2019).

In the contrasting manner derived by Vanickova (2017), the PRINCE2 or Projects In Controlled Environment is a structured and formatted method of management of projects and processes that serves the essential factors for project management at the international and de-facto project standards for their effective execution and management.

The study is purposed at identifying the concepts of PMBoK and PRINCE2 and their relevance in the project management strategy along with the extensive understanding of the similarities and distinctions between these two services in the common practice.

Similarities

In the context of application to provide constructive results in the project management areas, the PMBoK and PRINCE2 applications constitute a lump of similarities in the features, factors, utilization, and even functioning, the few similarities of which have been discussed.

As stated by Siegelaub (2017), in the context of management effectively the projects and their executive implementation, both the tools viz. PMBoK and PRINCE2 methodologies have been identified to institutionalize the organizational assets and processes that can catalyze and cater to more efficiency in the zone of project implementation and management process.

In a likewise manner, the PMBoK and PRINCE2 methodologies prominently incorporate the similarity and likeliness in the goal orientation, usually focused on improving the maturity of the project management processes by use of a common understanding of goals.

 Additionally, according to Yao et al. (2016), in the utilization and practice of a project management activity, it must always be taken into consideration that the execution of the project management function, whether in the utilization of PMBoK or PRINCE2 as a tool, enquires a great deal for human resource consideration and their requirements at each stage and phase in the process of execution.

Finally, the tools PMBoK and PRINCE2 can be considered to have several similarities in the factors of project management styles and situations of both, especially in the goal-orientation factors where each methodology of project management in any phase identifies to achieve the overall goals oriented in the process.

Differences

Even at a similar basis of utilization of the strategic and optimum project management approach, there exists a wider gap or differences in the implication and characterization of PMBoK and PRINCE2 both.

In the range of project management under the utilization and application of the PMBoK methodology involves a comprehensive and holistic idea of the information that surrounds all aspects important for project management, usually driven by the aim to deliver the requirements assessed to deliver a higher customer-centricity. In contrast to this, the PRINCE2 project management methodology utilizes and takes into account the seven principles of management rather than constituting a holistic informational retrieval, keeping in view the business requirements and not customer eccentricity (Jamali & Oveisi, 2016).

In a likewise manner, the concept of PMBoK and PRINCE2 differs on the level of its managerial contribution in the practice of project management as suggested by McGrath & Whitty (2020). The PMBoK project management methodology also contributes to the core practice and wider range of techniques in a descriptive way such as not mere focusing on the project management action but also the other relatable areas like procurement, human resource management, financial management, etc. by intake of different operational management techniques. Whereas, the PRINCE2 methodology identifies its scope limited to the process of project planning, formulation, implementation, and management by the use of business case management tools in a quite prescriptive way.

How Each Method Treats Project Risks

In the view of project management in any business range or contexts arrives with the scope for involution or abruption of risks in different facets, the management and monitor of which becomes crucial for the better resultant derivations. PMBoK and PRINCE2 as the two most compelling and substantial project management methodologies have a sound level of the constitution in the management of risks inherent in the project management process.

As supported by Varajao et al. (2017), the PMBoK as the most descriptive kind of project management methodology incorporates for the 10 project management knowledge areas that determine a holistic range of risks and their degrees in the terms of effective project management to eliminate the same, the 10 of which has been as stated.

  • Project Integration Management
  • Project Scope Management
  • Project Time Management
  • Project Cost Management
  • Project Quality Management
  • Project Human Resource Management
  • Project Communication Management
  • Project Risk Management
  • Project Procurement Management
  • Project Stakeholder Management

Wherein the project management along with the management of its risk factors by use of effective PRINCE2 methodology and its seven themes of practices that acts vital in the risk assessment (Hinde, 2018).

  • Business Case
  • Organization
  • Quality
  • Plans
  • Risk
  • Change

In Which Types of Projects Each Is Used

Each business segment in the protocol for effective project management calls for diverse sites of the management subjects. Employment of PMBoK and PRINCE2 project management methodologies acts elemental in systematic implementation and optimum utilization of results.

Nevertheless, the distinctness and peculiarities in the zone of project implementation optimize the selection for methodologies, Being descriptive in the nature of project management, the PMBoK methodology comes into enforcement where a largely descriptive project management approach is necessitated in the deal of the use of certain tools and techniques like PERT, EVM, Critical path estimation, and whatnot (Varajao et al., 2017). PMBoK finds its higher vitality in the project areas that discuss the comprehensive description of project management processes, tools, knowledge, etc.

Conversely, as stated by Cooke (2016), the PRINCE2 methodology of project management identifies its importance and significance in the project management approach where a prescriptive approach is a vision by use of techniques namely business case, product-based planning, management by exception, project assurance, and many more alike.

Thus, on the grounds of the type of project and its management attribute, the PMBoK style or methodology of project management identifies its position where project management involves a holistic knowledge and implementation whereas the PRINCE2 methodology acts as the narrower perspective of project management concept with the sole focus on a single or convergent project management study.

Conclusion on The Suitability of PRINCE2

The standard terminologies such as Project Management Body of Knowledge (PMBoK) and PRINCE2 standards have a vital role in the project management activities. Despite being the most paramount in the system, two have been in the continuous comparison of their efficacy in the terms of providing and catering with the significant methods and results. The overall analysis of the results propounds that the tool is quite elemental as it has been seen to cater to a larger pool of functionalities and outcomes in the range of project management.

References for The Suitability of PRINCE2

Cooke, J. L. (2016). PRINCE2 Agile An Implementation Pocket Guide: Step-by-step advice for every project type. IT Governance Publishing Ltd. The UK.

Hermano, V., & Martín-Cruz, N. (2019). Expanding the Knowledge on Project Management Standards: A Look into the PMBOK® with Dynamic Lenses. In Project Management and Engineering Research, 19-34. Springer, Cham. Retrieved from: http://dspace.aeipro.com/xmlui/bitstream/handle/123456789/754/CIDIP2016_01013.pdf?s equence=1&isAllowed=y.

Jamali, G., & Oveisi, M. (2016). A study on project management based on PMBOK and PRINCE2. Modern Applied Science, 10(6), 142-146. https://doi.org/10.5539/mas.v10n6p142.

McGrath, S., & Whitty, S. J. (2020). The suitability of PRINCE2 for engineering infrastructure. Journal of Modern Project Management, 7(4), 312-347. https://doi.org/10.19255/JMPM02215.

Siegelaub, J. M. (2017). How PRINCE2® can complement the PMBOK® guide and your PMP®. APMG International. Retrieved from: https://africanedevelopment.org/wp-content/uploads/2016/09/How-PRINCE2R-Can-Complement-PMP-Siegelaub_-_PRINCE2PMBOK_web.pdf.

Vaníčková, R. (2017). Application of PRINCE2 project management methodology. Studia Commercialia Bratislavensia, 10(38), 227-238. https://doi.org/10.1515/stcb-2017-0021.

Varajão, J., Colomo-Palacios, R., & Silva, H. (2017). ISO 21500: 2012 and PMBoK 5 processes in information systems project management. Computer Standards & Interfaces, 50, 216-222. https://doi.org/10.1016/j.csi.2016.09.007.

Yao, C. C., Siang, L. F., & Yih, C. H. (2016). Comparing and identifying the similarities and differences of global project management philosophies. Innovation and Management, 799-804.

Remember, at the center of any academic work, lies clarity and evidence. Should you need further assistance, do look up to our Management Assignment Help

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