This paper discusses the approaches of Polish construction managers in terms of their preferences for the use of the two most popular project management (PM) standards and methodologies, namely PMBoK and PRINCE2. Our empirical survey was carried out in a group of managers and construction experts and involved 192 Polish SME companies from the Polish construction sector. The answers to the questionnaire were carefully analysed and interpreted with the use of the Structural Equation Modeling (SEM) Method. The results show what can affect the choice of management methodology, with a particular focus on such latent variables as PM flexibility, rigidity, knowledge and control. Our study provides empirical evidence which contributes to more effective management of investment projects undertaken by construction companies. The most important conclusions from our study are that PMBoK is more likely tied to flexibility and knowledge and PRINCE2 to rigidity and control. However, it does not necessarily mean that PMBoK has an advantage over PRINCE2. Simply put, the choice of the right methodology may depend on a number of other additional factors, such as: project size, its specific environmental conditions, size of a company implementing specific project, etc. Therefore, under certain conditions (e.g. for larger and more complex projects, etc.) it may be advisable to rely on the PRINCE2 methodology.