Compare PRINCE2 with the PMBoK
The advantages of PRINCE 2 are as follows
- Predictable: the utilization of PRINCE 2 helps a certain project to break into numerous stages. This means that the processes involved within the project can be monitored using various processes that are executed step by step. The monitoring is carried out from the starting of the project up to the closure stage of the project (Karaman and Kurt, 2015). This monitoring he4lps in decreasing the chances of spiraling the project out of the control. Revising the document helps in keeping the project in track in fulfilling the objectives of the project.
- Using best practices: PRINCE 2 helps a certain project in implementing the best practices that could contribute in delivering the best quality of results at the end of the project. This keeps the utilization of PRINCE 2 as one of the major activities for organizations.
- Standardization: PRINCE 2 helps in standardizing all the aspects of a certain project for the purpose of ensuring the fact that there is or space for misdirection or miscommunication (Parra et al., 2015). The implementation of PRINCE 2 helps an organization in ensuring the fact that the employees have a clear idea on what they are supposed to do and what are the requirements of the project.
- Cost and time effective: using PRINCE 2 helps an organization in saving the cost and time incurred in training new employees who have already worked using the principles of PRINCE 2 methods. It further reduces the time that is sped in the process of identification of the risks as they would be outlined during the initial phase of the project. In case a certain risk that was unexpected, arises it could be dealt with that as well within time. This is because the new stages could start only when the previous stages end.
The disadvantages of PRINCE 2 are mentioned below
- Cost management: the manual of PRINCE 2 has a certain section of risk, organization, plans, and controls ad similar aspects. It does not include aspects such as developing project budgets, implementing financial and cost management in projects (Siegelaub, 2017). Hence the employees do not get a clear idea o how a certain project could include cost management. This further affects the implementation of the overall project within the organization.
- Not recognized widely: the usage of PRINCE 2 is not recognized widely. In countries likes Canada and US the implementation of PRINCE 2 had been completely unknown. Besides this the methodology proves to be difficult to execute. This makes it impossible for employees to understand the requirements of the methodology and execute in an effective manner. Along with this the PRINCE 2 methodology could not be used in small projects. They provide precise outcome in large projects but in smaller projects they seem to fail.
Some of the advantages of PMBOK are as follows
- Standardization of project management processes: PMBOK helps in the process of standardizing the execution of numerous processes required in order to carry out projects. In a certain organization, a particular department could be implementing a set of strategies for carrying out a project. The same project might be carried out by another department using different set of strategies (Jamali and Oveisi, 2016). The use of PMBOK helps the organization in analyzing the strategies and hence standardizes the procedures. This further yields an efficient method of project management.
- Proper guidance to the steps of project management: PMBOK helps in providing gui8dance to the employees regarding how activities could be carried out depending on the requirements of the project and the aim of the organization in execution of the project. PMBOK can be used as a guide. For example if a certain activity had been carried out within a specific department, other departments could use the similar procedure while they execute the same activity. This helps the employees in clearing any kind of confusion among them and hence keeps a track of the approaches that are being used.
The disadvantages of PMBOK include
- Not suitable for small project: PMBOK would provide precise results when applied in huge project but it does not prove to be efficient when it is applied in small projects.
- Unclear requirements: the usage of PMBOK tends to fail in projects where the requirements of the projects could change depending on the requirements (Bayona et al., 2018). It proves to be inefficient because its requirements are not upfront and unclear especially the projects that deal with software of web projects.
Bayona, S., Saboya, N. and Bustamante, J., 2018, June. Application of PMBOK in the development of research. In 2018 13th Iberian Conference on Information Systems and Technologies (CISTI) (pp. 1-5). IEEE.
Jamali, G. and Oveisi, M., 2016. A study on project management based on PMBOK and PRINCE2. Modern Applied Science, 10(6), p.142.
Karaman, E. and 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).
Parra, K.F., Saroza, A.G., Martínez, Y.R. and Bello, I.P., 2015. PMBOK y PRINCE 2 similitudes y diferencias. Revista Científica• ISSN, 124, p.2253.
Siegelaub, J.M., 2017. How PRINCE2® Can Complement the PMBOK® Guide and Your PMP®.