PRINCE2 Vs PMP. Which is right choice for you?
SKILLOGIC Team
PRINCE2® and PMP® (PMI- PMBok) are two of the popular project management frameworks adopted across the world for project management practice. PRINCE2® takes different approach than PMI-PMBoK but both aims is to improve the project performance and eventually success rate.
Becoming a certified project manager would add a great value to your career, not only upgrades your skills to improve project performance but also enhances your career prospects.
But, which one to choose – PRINCE2 vs PMP?
Let us see the comparison between PRINCE2® and PMP®
| PRINCE2® | PMP® (PMI-PMBOK ) |
|---|---|
| PRINCE2 Owner is AXELOS®, United Kingdom. | PMP® Administered by PMI, United States. |
| A process-based project management methodology, explains “what should you do” to manage successful projects | A knowledge-based approach to project management, explains “what should you know” to enable you to manage project with good practices. |
| Prescriptive framework – captures best practice and tells you what to do. Focuses on Processes for starting, controlled execution and closing of projects. | Descriptive framework – explains the knowledge areas, such as risk, time management etc., in detail with good practices |
| Integrated set of process and themes, which can’t be used in isolation. Also mandatory 7 principles which should be followed. | Each topic/knowledge area can be referred in isolation, kind of plug and play model. |
| All the project roles are clearly defined | Mostly focuses on project manager’s role |
| PRINCE2® unique concept of “Tailoring Approach” to adapt to project, enables the framework to be highly scalable and flexible | As PMP® focused on knowledge areas, doesn’t offer such flexibility |
| PRINCE2 has two levels of certification: |
- PRINCE2® Foundation : No prerequisite for PRINCE2® Foundation Level
- PRINCE2® Practitioner: Foundation level is prerequisite for Practitioner. No Mandatory relevant work experience required.
PMP® has prerequisites
- Four-year degree and atleast 3 years of project experience with 4500 hours of leading a project along with 35 hours of contact hours training from an REP.
or
- A secondary degree and atleast 5 years of project experience with 7,500 hours of leading a project along with 35 hours of contact hours training in project management from an REP.
Cost of the PRINCE2 for Foundation and Practitioner together along with Training would be between $1200 and $2000Cost of PMP® Exam along with PMI membership is $555/- and Training cost varies between $800 and $1200/-4-5 day intensive classroom training and 40 hours of self study is required. Usually candidate can plan good 3 weeks to 30 days time for completing PRINCE24 Day intensive training followed by 100 hours of self study will get you ready for PMP exam. Usually table about 45 days.Once in every 5 years, candidate needs to take re-test (re-registration exam) to renew PRINCE2 practitioner license.Over 3 year cycle period, candidate should earn 60 PDUs (Professional Development Units) to renew the certification. No renewal exam needed.PRINCE2® Training Organization must be licensed under AXELOS as Accredited Training Organization (ATO).PMP training organizations must be licensed as Registered Education Partner (R.E.P).Trainers must be accredited by AXELOS through an independent competency assessment.Trainer’s competency to deliver training is not assessed.
The choice of PRINCE2 vs PMP from career perspective may be based on Geographical region, in which your company or your client is operating.
PMP® (Project Management Professional) is based on PMI – PMBOK, is popular worldwide, and is the leading project management approach in North America. PMP® is also popular in countries such as Australia, Switzerland, Canada, New Zealand, Germany, UAE, Singapore, India, China etc., [1]
PRINCE2® (Project IN Controlled Environment) is process based project management methodology is popular worldwide, and is the de facto standard for project management in UK and most part of Europe. PRINCE2® is also popular in countries such Australia, Netherlands, Denmark, UAE, South Africa, India, China etc.,[1]
In Asia Pacific region specifically in India, the popularity PRINCE2® went up by 86% from 2012-14 [2]. This rise in popularity can be attributed to increase in outsourcing business from UK and European countries. PRINCE2® being de facto standard in UK and Europe, PRINCE2® certification is gaining popularity in India.
Finally, PMBoK and PRINCE2 are not competitors, as you may think , but they complement each other. PMBoK describes how to do with collection of good practices, techniques and interpersonal skills and PRINCE2® is the well structured process based methodology with strong processes, clear definition of all project roles, governance etc., Using PMBoK and PRINCE® together as complimentary framework, you can leverage the advantages of two most respected project management approaches in the world.
I wish you all the best in your project management career. if you have any specific query regarding this, please drop me an email at ashok@skillogic.com .
Take a look at the salary ranges for PRINCE2® and PMP® certified professionals
references:
[1] Google trends www.google.com/trends
[2] Data collected from ATO(Accredited Traning Organisation) reports from AXELOS®
Visit SKILLOGIC Solutions for Prince2, ITIL and PMP certification training in Bangalore, Chennai, Hyderabad, Mumbai, Pune and many more cities in India.
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