Comparison of project management standards: PMBok and PRINCE2

National soccer team preparation for World Cup in South Africa 2010, development of Slovenian railways, pre-election campaign on the referendum of arbitration agreement, development of healthcare information system, the anti cocaine operation “Balkan warrior”… These are just a few of the most interesting projects in Slovenia at the moment. You can open a daily newspaper or turn on a TV set and find many more. For successful realization of a project you need good project management. This thesis presents the two most widely spread models of project management. Better known in Europe is the PRINCE2 methodology developed by the British Office of Government Commerce (OGC). It is being used in over 150 countries around the world, especially in Europe, Asia and Australia. On the other hand we have PMBok, which is being used primarily in North America and was created by American Project Management Institute. PMBok is not a methodology like PRINCE2, but represents a well established set of procedures which are not formally appointed. By comparing the two models we want to highlight the strengths and weaknesses of each model. There is no easy answer on which is better. It depends on project type and human nature of the project manager. PMBok is for people who want more freedom when defining project methodology. PRINCE2 is based on step-by-step instructions and will allow fewer modifications. It could mean trouble for smaller organizations or projects since it could require more resources. However, it excels in larger organizations and provides good overview on the project. Knowledge of both models and work experience in project management can give us the ability to create our own methodology, which would be adapted to project and organization and would deliver the best results