When dealing with project management that implies a tight control on changes and initial plan, two methodologies prevail worldwide. The Project Management Body of Knowledge (PMBoK) and PRINCE2 (Projects IN Controlled Environments) are two widely recognized project management methodologies, each with its own approach and set of principles.
With the goal of successfully passing these two certifications on project management, I have been studying these two approaches. I drew my own conclusions regarding the strengths of each methodology and I invite you to add your thoughts.
Here are some key differences between PMBoK and PRINCE2:
Starting from their origins; The PMBoK has been developed by the Project Management Institute (PMI, USA) since 1986, and was influenced by military construction. PRINCE2 is developed by Axelos Ltd (UK), a company with government shares, and has been developed specifically as a standard for IT system projects since 1989. Both institutions are considered as the greatest authorities in project management. You can feel this military vs IT difference in the discipline needed to apply processes and the central role of the Project Manager in the PMBoK, while in PRINCE2, the central position shifts to the project board management.
The weight; PMBoK is heavier than PRINCE2, as it contains more tools and processes defined. For example, Net Present Value, Monte-Carlo analysis or Critical Path are typical PMBoK practices. There are as many as 49 processes in the 6th version. PRINCE2, on the other hand, focuses less on ITTO (Inputs, Tools and Techniques, Outputs) than on principles, such as Business Case justification and Tailoring, all described in a lighter way.
Methodology integration and adaptation; PRINCE2 puts great emphasis into tailoring its methodology and embedding it within the organization where the project takes place. In that sense, PRINCE2 leaves more room for creativity in managing projects. As for embedding, PMBoK is more prescriptive; it raises awareness about Enterprise Environmental Factors (EEF) that may influence its methodology, which remains central.
People involved in the project; PRINCE2 implies a close collaboration of the project team with users and suppliers. PMBoK takes more distance as it mentions project executives, stakeholders and suppliers in different processes.
Passing the certification; As for the exam, PRINCE2 Practitioner Level is easier to pass than the PMP certification. This may be due to my experience of passing exams and lessons learned. Having a PMBoK knowledge before passing the PRINCE2 is helpful as, I reckon, 30% of topics match between the two approaches, for example the risk management or lessons learned.
In conclusion, while being both “traditional” waterfall approaches, PMBoK is more focused on accurate planning and tighter control. It perfectly fits for huge projects, where financial and schedule risks are taken seriously, such as in a complex construction project. PMBoK also offers a wider range of techniques to choose from. PRINCE2, on the other hand, focuses more on the execution process and can deliver an increment faster. A good example would be the implementation of an ERP system for an e-commerce company. I am inclined to qualify PMBoK as a set of project knowledge and tools and PRINCE2 as a project framework.
If you are already familiar with one methodology, studying the basics of the other can be valuable. You’ll discover different approaches of similar project steps and the common focus on planning and communication in project management.