THE PRINCE2 METHODOLOGY:
A DETAILED COMPARISON OF RELATIVE STRENGTHS TO THE PMBOK AND APPLICATION TO PROJECT MANAGEMENT
AUTHOR: KANE WRIGHT
WORD COUNT (LESS TABLE OF CONTENTS, REFERENCES, APPENDICES): 4972
DUE DATE: 28 SEPTEMBER 2009
TABLE OF CONTENTS
Recommendation – The Application of PRINCE2 and PMBoK in Combination_________13 AUTHOR’S REFLECTION__________________________________________________
APPENDIX 1 – PRINCE2 PROCESS MODEL____________________________________18 APPENDIX 2 – PMBOK KNOWLEDGE AREAS AND PROJECT MANAGEMENT PROCESSES___________________________________________________
APPENDIX 3 – PRINCE2 METHODOLOGY BENEFITS FOR BUSINESSES_________20 “PRINCE2 is extensively used in over 150 countries around the world and its take up grows daily. It is widely considered as the leading tool in project management, with over 20,000 organisations already benefiting from its pioneering and trusted approach” - Nigel Smith, Chief Executive, Office of Government Commerce (OGC), United Kingdom (Science Letter 2009)
Through it’s evolution over the past three decades, the Project Management Institute’s (PMI) Guide to the Project Management Body of Knowledge (PMBoK) has become clearly established as the leading methodology for the understanding, analysis and execution of project management globally. The increasing need for, and implementation of, project management practices within private and public sector organisations concurrently however, has resulted in the emergence of alternate project management methodologies and frameworks. As an alternative option available to Project Managers, the Projects in Controlled Environments (PRINCE) methodology has gained significant attention and increased favour for implementation by organisations globally. This report has been prepared to describe in detail the PRINCE methodology, comparing its features and processes against those of the PMBoK, and analysing its relative strengths and weaknesses. This report will detail the benefits available to organisations in the application of the PRINCE methodology, how this tool can effectively and efficiently be employed for project management and recommendations for how organisations can tailor the methodology to maximise their chances for project success.
The PRINCE methodology for project management was first developed in 1989 by the UK Computer and Telecommunications Agency. This governmental agency, now part of the Office of Government Commerce (OGC), originally developed PRINCE for application in government IT projects (Langley 2006 p30).
The methodology was further revised and refined in 1996 by a consortium of 150 public and private sector...