Project management is a very broad field and an important part of various industries, from information technology to construction. When it comes to project management, a great emphasis is placed on the methodologies and practices used to carry out projects. A good methodology could be the difference between success and failure.
Experts in the field of agile project management have developed countless agile methodologies, the most famous being Scrum. But different types of projects require different methodologies and forms of expertise. PRINCE2 and PMP are both useful certifications for project managers to have as they go about planning and managing successful projects.
In this article, we will highlight the differences between PRINCE2 and PMP and discuss the pros and cons of each.
What Is PRINCE2?
A registered Trade Mark of AXELOS Limited, PRINCE2 stands for projects in a controlled environment and is one of the most widely-used project management methodologies. Before it was renamed PRINCE2 in 1989, it was known as PROMPT, which stood for project resources organization management.
It was originally developed by the UK government to oversee projects in the public sector. After watching the UK government complete several successful projects with PRINCE2, the United Nations also decided to adopt the methodology.
As a process-oriented methodology, PRINCE2 divides projects into eight stages. These are:
- Starting Up (SU)
- Planning (PL)
- Initiating a Project (IP)
- Directing a Project (DP)
- Controlling a Stage (CS)
- Managing Product Delivery (MP)
- Management of Stage Boundaries (SB)
- Closing a Project (CP)
PRINCE2 is flexible and works well if your organization or client is already working in a PRINCE2 environment. If you are new to project management, PRINCE2 will show you a clear path to follow.
PRINCE2 is used in conjunction with globally-recognized IT frameworks, such as ITIL. If you want to use PRINCE2 in an IT context, it will help you to have IT skills that will allow you to break into in-demand IT careers and earn IT certifications.
PRINCE2 has several professional certifications associated with it. You may want to consider one of these if you plan on pursuing a general management or project management career.
- PRINCE2 2009. The standard certification for project managers.
- PRINCE2 Agile. Based on agile project methodologies.
- PRINCE2 2017. A certification for project management that considers agile methodologies.
- P3O. Which stands for Project, Program, and Portfolio.
- AgileSHIFT. A certification that provides an enterprise agility solution.
- MoV. For value management.
- M_o_R. For risk management.
- ITIL. For IT service management based on the ITIL framework.
What Is PMP?
PMP is a certification based on knowledge and experience. It stands for Project Management Professional and is administered by the Project Management Institute (PMI).
PMP certification is most popular in Australia and the United States but is recognized worldwide. The PMP certification exam structure is primarily based on the Project Management Body of Knowledge (PMBOK), a compendium of project management information put together by PMI.
PMP is just one of the many certifications that PMI offers. Here’s the full rundown:
- Project Management Professional (PMP)
- Portfolio Management Professional (PfMP)
- PMI Professional in Business Analysis (PMI-PBA)
- Program Management Professional (PgMP)
- PMI Scheduling Professional (PMI-SP)
- Certified Associate in Project Management (CAPM)
- PMI Risk Management Professional (PMI-RMP)
- PMI Agile Certified Practitioner (PMI-ACP)
Regardless of your level or title in the project management world, PMP and the full suite of PMI certifications are beneficial. They show your knowledge in project management to employers the world over. Getting certified is a major accomplishment and is often a must for high-ranking project management jobs.
PRINCE2 vs PMP: The Most Important Differences and Similarities
To get certified in project management and become a successful project manager, you should know the differences and similarities between PRINCE2 and PMP. To fully compare and contrast these two globally-recognized project management methodologies, make sure to review the various practitioner exams and practitioner certifications available for each.
There are three major differences between PRINCE2 and PMP, which are as follows.
Both PRINCE2 and PMP are internationally recognized. But there are particular areas of the world in which one is preferred over the other.
PRINCE2 certifications are more popular in Australia, the United Kingdom, and a host of European countries, whereas PMP is more highly regarded in the US and Canada.
Anybody can get certified in either of the two methodologies. But one of the biggest differences between PMP and PRINCE2 are the prerequisites.
PMP is more difficult to acquire and keep. Before you can even take the exam, you must have several years of project management experience. If you have a bachelor’s degree, you only need to have three years of experience. If you only have a high school diploma or associate degree, however, you must have at least five years of experience.
Even after you’ve studied the PMBOK guide and aced the exam, you’ll have to renew the certification every three years. While you don’t have to retake the exam, you will have to meet certain continuing education and professional development requirements.
By contrast, there are no official prerequisites for the PRINCE2 foundation exam. To renew a PRINCE2 Practitioner Certificate, you must either retake the exam every three years or buy a subscription to My PRINCE2.
PRINCE2 is process-based while PMP is knowledge-based. In other words, PRINCE2 touches on every important aspect of the project management process, including the problems associated with it. PRINCE2 aims to give you the practical tools to integrate vital information and execute your project successfully.
For all their differences, PRINCE2 and PMP are actually quite similar. Below are three ways in which the methodologies overlap.
While some areas of the world prefer one over the other, PMP and PRINCE2 have similar reputations and distribution in Asia, the Middle East, and Africa.
Guaranteed Success in Project Management
Both frameworks can provide candidates with valuable knowledge of important tools and practices designed for successful project management. More importantly, both are based on a large and constantly evolving body of knowledge, which helps candidates keep their skills fresh.
Levels of Qualification
Both PRINCE2 and PMI have baseline and more advanced certifications. For example, PMI has both PMP and CAPM, and PRINCE 2 has both Foundation and Practitioner.
PRINCE2 vs PMP: Pros and Cons
It is important to evaluate the advantages and disadvantages of PRINCE2 and PMP before deciding between the two. Understanding the pros and cons will help you choose a methodology and figure out which project management certification to go for.
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- Risk mitigation. As a result of the extensive documentation required for PRINCE2, organizations can assess employee performance more easily. It also helps mitigate certain risks. This is especially useful in large corporate settings.
- Project management. PRINCE2 provides a well-defined method for managing projects, which leads to better products. Because the PRINCE2 methodology allocates resources so effectively, it boosts team morale and increases every team member’s confidence.
- Bad for small projects. PRINCE2 is sometimes considered inappropriate for small projects, which makes it less versatile.
- Rigidness. The PRINCE2 methodology has a lot of moving parts, and it can be difficult for PRINCE2 managers to keep a project on track. If something changes in the course of a project, the team may not be able to adjust quickly.
- Lower salaries. In terms of compensation, PRINCE2-certified individuals tend to earn less than their PMP counterparts. In the United States, a PMP-certified project manager earns an average salary of $105,000, compared to $77,500 for someone with PRINCE2.
- Higher salaries. PMP-certified professionals tend to earn more money. For this reason, more project managers are attracted to this framework.
- Versatility. PMP is an appropriate methodology for all kinds of projects, large and small alike.
- Flexibility. PMP is less rigid and not as highly-controlled as PRINCE2. As a result, project managers who use PMP are better able to adapt to changes.
- A lot of prerequisites. The prerequisites for getting certified take a long time to complete and can be a deterrent for some candidates.
- Renewal requirements. To keep your PMP certification active, you are required to submit 60 professional development units (PDUs) to PMI every three years.
Should You Use PRINCE2 or PMP?
PMP and PRINCE2 certifications are not the only ways to get a management body of knowledge and advance your project management career. You can also enroll in an online project management certification program, or study up on common project management interview questions.
But PRINCE2 and PMP are excellent options, each in its own way. If you have to choose one over the other, you need to understand what you or your organization is hoping to achieve. With this in mind, it wouldn’t be a bad idea to expose yourself to both methodologies and benefit from what each has to offer.
Advantages of Choosing PMP
- PMP looks great on your resume and can help you stand out from the crowd. With PMP, you stand a greater chance of landing your dream job in project management.
- PMP certification is a great way to motivate yourself to log project management hours. To apply for the PMP exam, after all, you need to have a certain amount of experience in leading and directing projects.
Advantages of Choosing PRINCE2
- PRINCE2 has fewer prerequisites and is therefore more friendly to newcomers.
- It helps you as a project manager to have an organized process for helping your team accomplish its goals. PRINCE2 offers a clearer roadmap to successful project management.
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