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PRINCE2 Vs PMBOK | What to expect from a PRINCE2 Registered Practitioner and from a Project Management Professional
 

PRINCE2 Vs PMBOK | What to expect from a PRINCE2 Registered Practitioner and from a Project Management Professional

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Understand what to expect from a PRINCE2 Registered Practitioner and from a Project Management Professional.

Understand what to expect from a PRINCE2 Registered Practitioner and from a Project Management Professional.

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    PRINCE2 Vs PMBOK | What to expect from a PRINCE2 Registered Practitioner and from a Project Management Professional PRINCE2 Vs PMBOK | What to expect from a PRINCE2 Registered Practitioner and from a Project Management Professional Presentation Transcript

    • PRINCE2® vs. PMBOK®- Srinivas PalepuPRINCE2 vs. PMBOK 1
    • The idea is to highlight differences and similarities between OGC‟s PRINCE2®and PMI‟s PMBOK®, so recruiters/executives can understand what to expectfrom a PRINCE2® Registered Practitioner and from a Project ManagementProfessional(PMP®).This article also helps individuals identify what certification(s) they need toacquire for their specific job duties.This article do not cover aspects such as certification costs i.e. training cost,exam fees etc.This article do not cover aspects such as advantages of certifications i.e. jobmarket and industry trends.PRINCE2 vs. PMBOK 2Executive Summary
    • AbstractPRINCE2 vs. PMBOK 3US-based, Project Management Institute‟s PMBOK® is based on widelyacknowledged principles of project management.UK Office of Government Commerce‟s PRINCE2® is a de-facto standardproject management in UK and many parts of Europe.PMBOK® is compiled to address project manager‟s problem where asPRINCE2® focus is to address governance problem of project management.Thus PMBOK® emphasis on techniques and PRINCE2® on process.When it comes to better project management they both complement eachother.I did compare PRINCE2® and PMBOK® based on processes and themes ofproject management.
    • ProcessesPRINCE2® ProcessesStarting up a Project.Initiating a ProjectPlanning.Directing a Project.Controlling a Stage.Managing StageBoundaries.Managing Product Delivery.Closing a Project.PMBOK® Process GroupsInitiating.Planning.Executing.Monitoring and Controlling.Closing.There are 8 processes in PRINCE2® which can be compared with 5 processgroups of PMBOK®. Please find below the mapping of PRINCE2® processesand PMBOK® process groups.* PMBOK® also concentrate on Human Resource Management, Procurement Management, Professional andSocial Responsibilities. PRINCE2 vs. PMBOK 4
    • Project InitiationBoth PMBOK® and PRINCE2® mandate justification of project beforeauthorizing the same.PRINCE2® elaborates justification of project into two different processes,“Starting up a Project” and “Initiating a Project”. These activities includes,creation of project mandate, convert it into project brief and in-turn into projectinitiation document.vs.PMBOK® has a process group to justify a project by creating project charterbut it emphasize more on project selection process using benefit measurementmethods like murder board, peer review, scoring models, economic models,benefits compared to cost.PRINCE2 vs. PMBOK 5
    • Project PlanningPRINCE2® defines project plan, stage plan, quality plan, exception plan;having project schedule and Gantt chars. It illustrates product based planningusing product breakdown structure, product flow diagram and productdescription. In PRINCE2®, product is defined as part of the deliverable of aproject.vs.PMBOK® management plan is based on work breakdown structure(WBS).Project cost and time are estimated by work packages. Also risks are identifiedby work packages. If required, team member will break work package intoactivities. The highest level of WBS is typically driven by project life cycle.In PMBOK® product is defined as the highest level entity for which the projectwas undertaken. PMBOK® explains in detail about the estimation techniquessuch as one time estimation, analogous estimation, parametric estimation,heuristics method, three point estimation, PERT, Delphi, reserve analysis etc.PMBOK® concentrates on creating activity network diagrams.PRINCE2 vs. PMBOK 6
    • Project ExecutionPMBOK® elaborate stakeholder engagement, converting stakeholder‟sexpectations into requirements.vs.PRINCE2® looks at broader perspective of setting up project board, and defineprocess to manage by exception.PRINCE2® accent on stages and stage boundaries. It unfold activities neededto perform while controlling a stage, like review work package and takecorrective action and escalate issues and risks.vs.PMBOK® expound the technique of earned value analysis and how it shouldbe used to measure project progress. It also clarify the need of scope controlby creating change request process.PRINCE2 vs. PMBOK 7
    • PRINCE2 vs. PMBOK 8Project ClosingBoth PRINCE2® and PMBOK® present the process of gathering formalacceptance, updating lessons learned, indexing and archiving records, handingover products.PMBOK closing process group also includes completing contract closure andreleasing resources.vs.PRINCE2® details project closing process for both planned and prematureclosure. It also highlight the process of evaluating a project after its closure.
    • ThemesPMBOK® refers to “triple constraints” which is mapped to „cost‟, „time‟, „scope‟;also to „quality‟, „risk‟ and „customer satisfaction‟.vs.PRINCE2® refers to 6 project aspects namely „cost‟, „time‟, „scope‟, „quality‟,„risk‟ and „benefits‟.PRINCE2 vs. PMBOK 9CostPRINCE2® while outlining business case has a process step to include sourceof project funding. It focus on creation of benefits review plan and how benefitachievement is measured. PRINCE2® accent on reviewing expected costs ininvestment appraisal against new forecast after every stage of projectdevelopment.vs.PMBOK® annotate that cost estimating should include direct costs, indirectcosts, variable costs, fixed costs; and emphasis on bottom-up estimatingtechnique. It also explains accounting standards/principles like net presentvalue, internal rate of return, payback period, benefit cost ratio, law ofdiminishing returns.
    • TimePRINCE2® identifies different processes and sub-processes to create schedulebaseline and manage schedule; especially stage based. It does provide aprocess step where there is opportunity to create activity sequence diagram.vs.PMBOK® illustrate technique to create, baseline and measure schedule of aproject. It puts emphasis on activity sequencing, network diagram, critical path,float, fast tracking, crashing, monte-carlo analysis, bar charts, milestone charts,resource leveling etc.PRINCE2 vs. PMBOK 10ScopePMBOK®‟s scope management give priority to activities such as scopedefinition, stakeholder analysis, product analysis and creation of workbreakdown structure, scope verification and scope control.vs.PRINCE2® highlights many activities of scope management with managingproduct delivery processes. It includes process of maintaining configurationitem records, authorizing work package, reviewing work package status, takingcorrective actions, receiving completed work package.
    • QualityPRINCE2® specifies activities to establish customer quality expectations;implement quality standards to make sure those expectations are met; createquality inspection methods to make sure quality standards are being used; usequality control to examine products meet quality criteria.vs.PMBOK® pinpoint various techniques like benchmarking, cost of quality, costbenefit analysis, design of experiments(DOE) while planning quality. Itintroduce quality control tools like cause and effect diagram, flowchart,histogram, pareto chart, run chart, scatter diagram, 3 sigma and 6 sigma.PRINCE2 vs. PMBOK 11
    • PRINCE2 vs. PMBOK 12PMBOK® outlines risk management process with activities to create riskmanagement plan by Identifying risks, performing qualitative and quantitativerisk analysis. It specifies usage of quantitative techniques such as monte-carloanalysis and decision trees to determine probability and impact of risks.PMBOK® also explains risk response planning and risk response strategy.vs.PRINCE2® recommends various activities such as maintaining risk register,issue register, daily logs, checkpoint reports. PRINCE2® also mandates todefine , review and update risk management strategy. PRINCE2® has a sub-process to examine and assess risk by identifying cause, event and effect. Itsuggests to escalate risks that fall beyond tolerance level using exceptionreports.Risk
    • Thank YouPlease feel free to leave your feedback atsrinivasphani.palepu@hotmail.comPRINCE2 vs. PMBOK 13PRINCE2® is a Registered Trade Mark of the Office of Government Commerce, United Kingdom.PMI® and PMBOK® are Registered Trade Marks of the Project Management Institute, Inc.