Projects are essentially absent as the major objective of projects is to introduce change. No matter how simple a project is it will always entail risks. To minimize the effect of these uncertainties, it is important to manage projects, ie, plan, delegate, execute, monitor and control, and close. And there are numerous approaches to project management such as PRINCE2, PMP, Agile, PRISM, Event-chain, Lean, Critical Chain, etc. Among these various approaches, two methodologies stand out because of their popularity and effectiveness, they are PRINCE2 and PMP. PRINCE2 was released as a generic project management method in 1996 by the Office of Government Commerce (OGC), UK and the latest revision was in 2009. PMBOK, the PMP handbook, was released as a white paper by Project Management Institute (PMI) US in 1983. And the first edition of PMBOK was released in 1996 with the latest edition (5th) released in February, 2013.
Before we analyze the differences between the two and how they can be used together, let us look at the structures of these two methodologies. PRINCE2 has four integrated elements, namely, the themes, the processes, the principles and tailoring PRINCE2 to project environment. There are, in total, 19 syllabus areas in PRINCE2, ie, seven themes, seven processes, seven principals, and tailoring PRINCE2. PRINCE2 can be applied to any project irrespective of the project's size, complexity, organization, etc. and it approaches project management from the perspective of the customer (group / person who funds the project and uses the outputs delivered by it). PMBOK addresses project management aspects through its five domains (initiating, planning, executing, monitoring and controlling, and closing) explained through ten knowledge areas (stakeholder management, 10th knowledge area, was added in the 5th edition of PMBOK). PMP is a methodology that also addresses the technical aspects of projects such as interpersonal skills and leadership capability.
PRINCE2 is a project management method that provides a prescriptive framework to manage projects from start to finish. PMP is a more hands-on methodology that provides project management tools and techniques to aid a PM in managing projects. This does not necessarily mean that PRINCE2 is theoretical and PMP is practical as both the methods share these characteristics in their own ways. The major difference between these two methods is that PRINCE2 prescribes what is to be done in a project, when and by wherever where PMP describes the range of tools, techniques and procedures that a PM can use in delivering project that covering the 'how to do bit in a project. This difference makes the two methods highly complementary. A PRINCE2 practiceer through PMBOK (Project Management Body of Knowledge) can address the specialist / technical aspects of project that PRINCE2 does not address and a PMP can get a framework through PRINCE2 to apply the tools and techniques provided by PMBOK.
Source by Deepak R