Introduction

Project management is a presentation of the methods, process, experience, knowledge and skills for achieving the specific project goals according the approval criteria of any project within the approved parameters (Rehacek, 2017). The project management has the final deliverables, which are forced to the limited timescale and budget. The main factor, which distinguishes the project management from the term management is that this has the finite timespan and final deliverables where the terms management refers to the ongoing process. The aim of this report is to select two project management methods and discuss the similarities, differences and contract the both methods.

Chosen Project Management Methods

PMBoK Methodology

PMBOK is the Project Management Body of Knowledge and this is the total assortment of the processes, terminologies, guidelines as well as best practices, which are accepted as the standard in the business of project management (Jamali & Oveisi, 2016). The PMBOK guide is the process-based techniques, which describes the work that can be accomplished by the process. As a practice project management is growing and spreading rapidly in this world. This is now recognized as the strategic competency and as the career path as well as subject for the education and training. The framework of PMBOK include the five process group, 47 project management processes and ten knowledge areas. The knowledge areas make a group of the process of project management by the content of project management.

PRINCE2 Methodology

PRINCE2 is the project management method that is adopted widely in all around the world and used by the organizations and individual from the sectors and wide range industries. This is the flexible method, which guides the users through the vital aspects for handling the effective projects regardless of the scale or type. Build on the seven principles, the process and themes, the PRICE2 method can be tailored for meeting the particular requirements (Matos & Lopes, 2013). This method comprises the four integrated components of themes, project environment, process and principles. The practical step-by-step can guide for managing any project successfully. The flexible method can be tailored to any role or organization, who are involved in managing projects.

Similarities between Them

The themes of PRINCE2 project management method are very similar to the PMBOK project management method. They both cover much of the similar areas in the project. Both of the project management methods are very comprehensive and they are simple to use and understand while working in any project (Siegelaub, 2017). Both the project management methods are the easier introduction for learning about the project management. Both the methods are principle-based, therefore both the project management methods can be condensed down to the principles of the project management that it is the aid to the knowledge and understanding for the staffs, who are new to the project management.

Differences between Them

Various differences are there between PMBOK and PRINCE2 project management methods. The approach to the project management of PMBOK method is largely descriptive where the approach to project management of PRINCE2 is quite prescriptive specifically for the project interaction but this is not scalable. The initiation of the project for PMBOK method is customer centric that is project charter. The initiation of the project for the PIRNCE2 method is business case driven. The empowerment of PMBOK for the project management needs to consider the key stakeholder or sponsor of the project where the empowerment of the PRICE2 project management needs the control and project ownership by the senior management above the project management (Jamali & Oveisi, 2016). The adaption to particular project of the PMBOK method is left to the project management and in this several processes can be left out if required. In the adaption to the particular project of the PRINCE2 method, all the processes should be considered but the processes can be scaled for meeting the specific requirements of the projects. The checkpoints or control of the PMBOK project management method are left to the project management for making decision whereas in the PRINCE2  method, the multi-level checkpoints or controls are laid out clearly for the progress reporting as well as tacking at the various levels or checkpoints.

Treatment of Project Risks

The PMBOK method treats the risks as the uncertainty, which can have the negative or positive effect. The project risks, which create the negative results are known as risk and vulnerabilities, which create the optimistic results are known as opportunities. Recognizing the positive and negative threats allows the project team and managers in grabbing the opportunities while managing the risks. The method initiates with creating the risks management plan, then recognizing the risks, executing the qualitative risk analysis, then executing the quantifiable risk analysis is needed as well as planning of the risk response plan (Karaman & Kurt, 2015). This all complete the planning events related to the management of the project risks. The risks must be examined and then measured in the project’s life cycle. While planning the risk response plan, the subordinate risk can be acknowledged for which the quantitative and qualitative investigation can be needed, control and monitor the risks can result in recognizing the new risks or threats as well as modifying the risks response for another risks.

The proactive identification of the project risks is the part of starting the PRINCE2 project. It initiates with the creation of the detailed project charter. It contains the scope, vision as well as deliverables of the project. This stage of the project planning ensures that the project team can identify the associated project risks. The project management method PRINCE2 helps in gauging the impact of the project risks beyond the budget as well as schedule of the project. The PRINCE2 method contains the business case, which justifies the viability and importance of the projects (Mousaei & Javdani, 2018). The risks to the project will impact the long term goals of the business. This project management method offers two metrics for assessing the risks such as impact and probability. The risks, which have the low impact to any project, can be accepted as the general rule. In comparison, the high probability and high impact risks can be escalated or managed proactively to the board of the project.

Types of Project

The PMBOK project management method is used several types of projects such as project integration management, project time management, project quality management, project scope management, project communication management, project cost management, project risk management and project human resource management, which are also the knowledge area of the PMBOK projects.

The project management method PRINCE2 is a process-based technique for the successful project management, which is used in the controlled projects. This is the de facto standard that is used by the government of the UK and this is practiced and widely recognized in the private business or private sectors in the United Kingdom and internationally too.

Conclusion

Project management is a key tool to execute the business plan, achieve the strategic goals as well as installing the business process of the organization. Proper project management with the best chosen project management method will help the organization to detail what tasks need to be accomplished, when the tasks will initiate and finish as well as who should be involved in the tasks of the projects. The progress of the projects in the incremental stages and steps and the other project management approaches for the interactive and rapid project management can be used widely.

References

Jamali, G., & Oveisi, M. (2016). A study on project management based on PMBOK and PRINCE2. Modern Applied Science, 10(6), 142-146.

Jamali, G., & Oveisi, M. (2016). A study on project management based on PMBOK and PRINCE2. Modern Applied Science, 10(6), 142-146.

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(4).

Matos, S., & Lopes, E. (2013). Prince2 or PMBOK–a question of choice. Procedia Technology, 9, 787-794.

Mousaei, M., & Javdani, T. (2018). A new project risk management model based on scrum framework and Prince2 methodology. International Journal of Advanced Computer Science and Applications, 9.

Rehacek, P. (2017). Application and usage of the standards for project management and their comparison. Journal of Engineering and Applied Sciences, 12(4), 994-1002.

Siegelaub, J. M. (2017). How PRINCE2® Can Complement the PMBOK® Guide and Your PMP®. APMG International.