PRINCE2 vs. PMP

Hi, welcome to this video, PRINCE2 and the PMP. As an overview, this presentation will provide a comparison of PRINCE2 and the PMP certifications. PRINCE2 stands for Projects in Controlled Environments, and you can see the, the letters in the acronym highlighted there in that title. It is managed by an organization called Axelos. Axelos is a UK-based company. When it comes to the PMP, it stands for Project Management Professional, and it is managed by the Project Management Institute, or PMI. PMI is an organization based out of the United States. You can see the icons there for the logos of each organization. When it comes to the PMP, it originated in the United States and is not only widely accepted in the United States, but also in Canada, the Middle East, and Asia. It is not— it is knowledge-based, and it is applicable for multiple industries. When it comes to PRINCE2, it originated in the UK, and of course, it's widely accepted in the UK as well as Europe and Australia. Now it is process-based and more focused, or I should say more IT-focused. When it comes to PRINCE2, it is a methodology, and it has a detailed process model as well as templates. Its exam source, or I should say the exam source, is the book entitled Managing Successful Projects with PRINCE2, and you can see the COVID of that book in the image here on the slide. The PMP, it is a framework and based on a standard. The exam source is primarily a guide to the Project Management Body of Knowledge, or PMBOK, from for short, and you can see a screenshot or an image of the book, that book cover here. With respect to the PMP, the project manager is responsible for the results of the project, and it is non-prescriptive and based upon best practices or applying best practices. With respect to PRINCE2, the project manager is a middleman between the project and its control board. It is prescriptive but meant to be tailored by project. The structure of PRINCE2 is based upon 7 principles, 7 themes, and 7 processes. The structure of the PMP, it has 5 process groups, 10 knowledge areas, and 49 different processes. When it comes to PRINCE2, it answers the what part of project management. It is business case driven and deliverable focused, and it actually has 3 levels of certifications. You'll see there's the Foundation, Practitioner, and Professional. The remainder of this presentation will focus on just the Foundations exam. When it comes to the PMP, it answers the how part of project management. It's customer requirements driven and activity focused, and it really only has one level, and we'll call that level Advanced. With respect to the PMP and the prerequisites for, for that, sitting for that certification, it requires a 4-year degree 36 months experience leading projects and 35 hours of project management education/training or the CAPM certification. Or you— it would require a high school diploma or an associate's degree and 60 months experience leading projects, but it would still require you to have that 35 hours of project management education/training or the CAPM certification. With respect to PRINCE2, it really doesn't— there's no experience or degree required to sit for that certification. When it comes to the exam details and focusing on the PRINCE2 Foundations exam, it is taken online and is a multiple choice, a series of multiple choice questions. The PMP certification exam, it too is taken online, whether you're taking that at your home or at a testing center, and it It as well is based upon multiple choice questions. The duration of the PRINCE2 exam is 1 hour, whereas the exam duration for the PMP is 4 hours. There are 75 questions that you must answer for PRINCE2 Foundations exam, whereas the PMP certification, there are 200 questions that must be answered. The passing score for PRINCE2 is 50%, whereas the PMP is 61%. When it comes to the cost, the Foundation's exam cost ranges by— it actually ranges by your geographic location, anywhere between $250 and $350. There is no expiration or no need to renew your certification. When it comes to the PMP certification, it's $405 for members, members of the Project Management Institute. Or $555 for non-members. Now, that certification does expire, and it will require a renewal after 3 years. So, in summary, the accreditation that you choose really depends upon your job prospects, your opportunities that are out in front of you, the ongoing projects that you're working on, and the geographic region in which you are you are working. Do note that PMP and PRINCE2 are not competing credentials in all regions. As a matter of fact, an expert in the project management profession would profit greatly by acquiring both certifications as well as the abilities that are contained within both of these certifications. So that's good to know. So that kind of summarizes the PRINCE2 as well as the PMP. For more free information, please visit this URL, www.exampm.com/free, and you'll find some more free information available to you there. So thank you very much.