APPLICATION OF PROJECT MANAGEMENT STANDARDS IN THE IT INDUSTRY: PRINCE2 AND PMBOK

Abstract

As competition associated with globalization grows, more and more organizations are adopting different approaches. This happens when organizations strive to become more efficient – “do more at lower costs” and quickly and cheaply launch new products on the market. In this regard, this paper is devoted to a comparative analysis of the two most popular project management standards PRINCE and PMBoK. The authors reviewed and analyzed the main features of these standards, conducted a critical review of their strengths and weaknesses and made recommendations on the use of a particular standard in a particular case. For example, if you need to get a detailed description of many extremely useful tools and methods that will help you better manage your project, you should use PMBoK. However, if it is necessary that the project management methodology helps to make project decisions, the relatively simple PRINCE2 process model clearly defines which project management decisions need to be made, by whom and when. The 26 management products in PRINCE2 are tightly integrated into the process model, providing guidance on what project management information is needed to support decision-making throughout the project.