Shopping for a project management methodology this holiday season? Before rushing to snatch up the nearest certificate, A. Ashoka recommends giving each approach a thorough assessment. In his review for Skillogic, Ashoka lays out a blow-by-blow description of each, with cross comparisons of their unique qualities.
PRINCE2 is a process-based management methodology that explains the “what to do” of project management. Its framework is prescriptive, meaning that it informs about best practices and focuses on ways to begin, control, and execute projects. As an approach it is fully integrated, meaning its processes and themes cannot be used in isolation (7 Mandatory Principles). It hosts an array of project roles that are well defined. This method uses a “Tailoring Approach” to scale the framework, making it more amenable to your individual project. PRINCE2 certification is open to all who apply. It is the more expensive option but with a shorter time to completion. The certification renewal period is longer.
PMBOK is a knowledge-based management approach explaining “what to know” to be a better project manager. It is a descriptive framework that covers a range of knowledge areas, particularly risk and time management, and focuses universally on best practices. The PMBOK hosts an array of topics that can be used together or as separate principles as dictated by need, with roles mostly pertaining to the PM. With a focus on knowledge areas, this method does not involve the element of flexibility. PMP is open only to degree holders with work experience. It is the cheaper of the two options, but with a slightly longer certificate completion time and a shorter license renewal period.
Before making the final decision, it’s worth mentioning that your selection of a certificate program will be heavily influenced by the region in which you operate. Most international business hubs accept PMBOK, but its home base is in the US. PRINCE2 is popular in the Asia Pacific region, but is also the standby of the UK and enjoys popularity in several other countries, including India and China. It’s also important to note that these methodologies are not in competition. They are often used as complements.
Read the full review at: http://skillogic.com/blog/prince2-vs-pmp-which-is-right-choice-for-you/