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Project management benefits the organization in many ways as it refers to the systematic approach of managing and controlling various projects dealing with change. In the age of globalization, most companies are outsourcing services of project management or hiring individuals for the same. Research indicates that majority of the projects (about 70%) fail and only 2.5% of the projects are completed successfully (Picincu A, 2018). Therefore, it becomes essential to study the pros and cons of undertaking project management. We start by discussing the advantages and disadvantages of project management. Thereafter, two project management techniques – PMBOK (Project Management Body of Knowledge) and PRINCE2 (Projects in Controlled Environments) were considered for project management and their comparative strengths were identified to understand which is better than the other. A combined approach of both the techniques was also discussed.
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