Project Management Methodology

Hi Team, recently I was asked the question on the difference between the various Project Management Methodologies being used. I found it hard to answer, because it's pretty much like religion, there are many and varied paths, the ultimate goal is the successful completion, usually by any means necessary.
So what is the difference between the methodologies used out in the real world for delivery. You will find once you are in the mix of delivering projects, and I assume most of you will already know this, that the company you work for will have their own tweaks to the fundamental Project Methodology which has worked for them in the past and of course will be maintained.
But what is the fundamental methodology I'm referring to, well "The Project Management Body of Knowledge" (PMBOK), is this underpinning principal which holds up all the other methodologies used within successful and not so successful organisations, but what is it all about, well this is what I know.
PMBOK was established, when the Project Management Institute (PMI) setup in 1969, whose mission is to foster the growth of project management as well as "building professionalism" in the field. The Project Management Journal and PM Network magazine were founded by the PMI as a means of communicating ideas, as well as solutions for commonly encountered problems. Another objective of the PMI was to codify the areas of learning required for competent project management. This project management body of knowledge, PMBOK, is meant to serve as the fundamental basis for education. That's about it, and I won't get any more deep and meaningful than that.
Over the years there have been many alterations to PMBOK, and then the methodology has been coined by that organisation, one such methodology, very popular and which I have worked with in the past is PRINCE 2 and the new kid on the block ITIL. PRINCE2 was established by IBM and is widely recommended. Regardless, I believe apart from some manipulation within the stages of project delivery, and change in terms within those stages it is essentially PMBOK, the mother of all project methodologies.
Hence approaches to projects and their delivery may change from company to company, the principal is the same, use a method which best works for you and deliver to the best of your ability, more often than not it will work for you, just find your niche
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