Why you need project management?
PRINCE2 versus PMP Certification – Project Management Professionals are in high demand globally; this is because of the changes in our society which brought about more innovative way of thinking and consequently, projects. Organizations are not just searching for project managers to deliver projects, rather, project managers with requisite knowledge and expertise at delivering projects successfully.
Project management certification helps to boost your academic credentials, it enhances your potential in the market place and likewise it offers a platform to negotiate for improved salary if that is what you have been searching for, similarly, it helps to switch jobs easily as you have enhanced potential to hack the best of job offers around you.
PRINCE2 VERSUS PMP CERTIFICATION
PRINCE2 and PMP are two of the most popular project management certifications available globally. Most professionals are however; confused as to what differentiates these two certifications from each other.
PRINCE2 is an acronym for Projects IN Controlled Environments; it is a methodological approach to managing projects. It is originated from UK Government as a solution to failed public projects and now owned by AXELOS – a joint venture between UK Cabinet Office and Capita. It is widely used in over 150 countries as at today, it is a methodological approach to project management.
PMP certification is centred on the Project Management Body of Knowledge (PMBoK) and the copyright owner is PMI. It is an examination taken to demonstrate the mastery of project management by professionals; hence it is for experienced project managers and not for green horns in project management. The PMBoK guideline is a set of standard that is required to be complied with, for effective project management within the global best practice.
Both qualifications (PRINCE2 & PMP) are not competing rather they complement each other. They are useful for any project manager and provide the required capabilities necessary to deliver successful projects. The key differences between the two certifications are in the table below:
Differences between PRINCE2 & PMP Certification
1. Project Management Institute’s PMP is based on widely acknowledged principles of project management. It is an encyclopaedia of knowledge which originated from USA
PRINCE2 is a de-facto standard project management methodology which originated from the UK. It is a step-by-step approach to managing projects
2. PMP is a compilation of solutions to the problems confronting project managers using different techniques. It is focused on knowledge so as to improve performance of project managers.
PRINCE2 is based on processes that can be applied to managing projects step by step. It addresses project governance issues in project management by putting together a better defined structure compared with PMP
3. PMP has 5 process group which are; Initiating, Planning, Executing, Monitoring and Control and Closing process group. There are other knowledge area covered by PMBOK like Human Resources Management, Procurement Management, Professional and Social Responsibilities
There are 7 Processes covered in PRINCE2 Methodology namely; Starting up, Initiating, Directing, Controlling, Managing Product Delivery, Managing a Stage Boundary and Closing Process.
4. PMP recognises the creation of the project Charter. It lays the foundation for the project, It authorises the commencement of the project formally.
In PRINCE2, the Project Brief is created at the starting up a project process which is then extended to Project Initiation Documentation during the initiating process. This is used to provide justification for the project.
5. PMP recognises the use of techniques such as work breakdown structure to define the project scope, arrive at the estimate cost of project and schedules.
PRINCE2 is focused on project products and the technique used in planning is called product- based planning technique
6. PMP has more robust focus on stakeholders’ engagement and requirement gathering.
PRINCE2 takes a broader perspective by creating a project management team structure, and focuses on managing projects by exception.
7. PMP closing process entails contract closure and resource release, updating of project records and project handover.
Closing process in PRINCE2 entails both planned and premature project closure procedures, and how the benefits will be measured after closure.
8. PMP is concerned with managing project constraints which are; Cost, time, and scope, quality, risk and customer satisfaction.
PRINCE2 is concerned with 6 aspects in a project which interacts together; cost, time, scope, risk, quality, and benefits. These constraints interact together and define the project success.
9. PMP defines techniques of creating a schedule, baseline, and measurement of schedule of a project.
PRINCE2 defines processes and activities necessary to create and manage project schedule
10. PMP specifies techniques that can be used to achieve quality in a project.
PRINCE2 identifies the activities that are necessary to meet the customer expectations and ensure that products are fit for purpose. The technique for ensuring quality in PRINCE2 is known as quality review technique.
11. PMP outlines risk management processes, identifies activities necessary to create risk management plan by identifying risks, performing qualitative and quantitative analysis and the use of different quantitative techniques like Monte – Carlo analysis to determine the probability and impacts of risks and risk response strategy
PRINCE2 similarly identify, assess and respond to risks using various activities. Also concerned with description of risk as a cause, event and effect and lay more emphasis on escalating to the appropriate authority whenever tolerance is exceeded.