Critical Analysis of Project Management Methodologies and Its Tools

Abstract

The Industrial world is in perpetual change which reflects the technological evolutions and behavioral of our society. Companies indeed have to face one large number of upheavals; so much at the level of the objectives to achieve (produced more and more Complexes processes, deadlines and always less important costs, strong pressure of the customers who want furthermore to be more actively involved in the development of a product, etc.) To face these challenges, several methods and tools are developed and implemented in practice. One of them concerns project management methodologies. During the last century, the development of project management has led to the advent of professional clusters that aim to the formalization and standardization of the practice of project management, its methods, processes, and tools. After reviewing the literature, there are two of the main approaches of project management at a global level; Project Management Institute PMI & Projects In Controlled Environments PRINCE2. This paper will provide an overview of the PRINCE2 and the PMI methods, and examine the strengths, the limits and differences between PMBOK and PRINCE2, to finally lead us to a holistic approach.