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PMP® Vs. PRINCE2®

Do you want to take your project management career to the next level? Are you pondering on which one to choose between PMP® and PRINCE2® certification? Acknowledged as the most important industry-recognized certification for project managers, PMP® plays an important role in increasing the earning potential of an individual while benefiting the employers as well. Whereas, PRINCE2® 2017 certification emphasizes on tailoring the method to the needs of organisations and project management environments. Therefore, both the certifications comprise of unique elements that cater to your professional development.Although, both the certifications offer a plethora of opportunities to move ahead in your project management career, they are provided by two different bodies, namely, PMI® and AXELOS. This blog will help you to differentiate between PMP® and PRINCE2® certifications based on various parameters and enable you to decide which certification will help you to continue with your project management journey.Difference between PMP® and PRINCE2® certificationsThere are two different project management frameworks involved in the PRINCE2® and PMP® certifications. Before moving to the differences, let’s compare both the certifications:PRINCE2®PMP®The owner of PRINCE2® certification is AXELOS®, United Kingdom.PMI®, based in the United States administers the PMP® examination.Its project management methodology explains your actions in order to manage successful projects.It talks about the knowledge that enables you to manage a project with good practices.It deploys a perspective framework that focuses on processes for starting, controlled execution, and closing of projects.It deploys a descriptive framework which explains the knowledge areas, such as, risk, time management, etc., in detail with good practices.It consists of an integrated set of process and themes, which can’t be used in isolation. There are 7 principles which should be followed.Each topic/knowledge area involved in PMP® can be referred to in isolation, in a sort of plug and play model.PRINCE2® defines all the project roles clearly.PMP® mostly focuses on the project manager’s role.PRINCE2® enables the framework to be highly scalable and flexible with its unique concept of ’Tailoring Approach’.PMP® doesn’t offer such flexibility as it focuses on knowledge areas.Both the certifications offer a body of knowledge and a proven approach towards managing projects efficiently. There are numerous factors that lead to your decision of choosing either PMP® or PRINCE2® certification. The parameters can be differentiated as follows:1. PrerequisitesThe initial difference can be drawn between PMP® and PRINCE2® certification based on the prerequisites. Both the certifications demand the candidates fulfil certain prerequisites which differ in certain ways.To begin with, the prerequisites for PMP® certification requires a few credentials to be achieved based on the degree that you hold. The same can be explained as follows:A) For candidates holding a high school diploma, associate’s degree or the global equivalentMinimum five years/60 months unique non-overlapping professional project management experienceYou need to have 60 months of experience in unique non-overlapping professional project management.You need to spend 7,500 hours leading and directing projects.You need to have completed 35 hours of project management education.B) For candidates holding a four-year degreeYou need to possess 36 months of experience in unique non-overlapping professional project management.You need to hold 4,500 hours of leading and directing projects.You require to gain 35 hours of Project management education.On the other hand, the PRINCE2® Foundation certification doesn’t demand its end learners to fulfil any prerequisites. However, you must hold a PRINCE2® Foundation certification as a prerequisite to taking up the PRINCE2® Practitioner certification.2. Demand across countriesThe Project Management Professional (PMP)® certification and PRINCE2® certification have got separate demands across different countries. Further, the acceptance of these certifications differs from industry to industry based on the geographical location.The popularity of both the certifications can be listed in the form of the following chart:Region/ Country1st Preference2nd PreferenceEuropePRINCE2®--AmericasPMP®PRINCE2®AsiaPRINCE2®/PMP®PRINCE2®/PMP®AfricaPRINCE2®/PMP®PRINCE2®/PMP®AustralasiaPRINCE2®PMP®Middle EastPRINCE2®/PMP®PRINCE2®/PMP®3. Who should apply for PMP® or PRINCE2® certification?Every certification needs you to hold a certain amount of experience and knowledge to continue with your certification journey. Similarly, you are expected to hold a certain amount of experience and knowledge to take up PMP® and PRINCE2® certification.So, who should go for a PMP® certification? According to PMI®, PMP® certification should be taken up by experienced Project Managers who meet the following requirements:They should be able to perform under general supervision and take up the responsibility of all aspects of a project for the life of the project.They should be capable of leading and directing cross-functional teams to deliver projects within the constraints of schedule, budget, and resources.They should demonstrate sufficient knowledge and experience in order to apply a methodology to projects appropriately that have a reasonably well-defined project requirement and deliverable.On the other hand, the PRINCE2® Foundation certification can be taken up by:Individuals who intend to demonstrate their understanding of the PRINCE2® methodology.Individuals working effectively as a part of a team or with a project management team within a PRINCE2® supporting environment.Whereas, the PRINCE2® Practitioner certification can be taken up by:Individuals who intend to demonstrate their acquired understanding of the ways to apply and tailor the PRINCE2® methodology in a scenario.4. Benefits: PMP® Vs. PRINCE2® certificationOnce you take up a certification it would surely benefit you in some way. Every certification benefits you in some way. It further helps you to choose between the certifications that fit your desired career path.The benefits of taking up a PMP® certification can be listed down as follows:1. Helps in your career growthAs an internationally accredited certification, getting a PMP® certification will help you to get recognised across the global business community. Moreover, it helps you to form a network with people who are pursuing PMP® certification as well as the ones who are already PMP® certified. This enhances your chances of getting a better job leading to your career growth as well as a higher salary.2. Makes you more skilfulYou need to undergo rigorous training in order to get PMP® certified. It helps you to learn A to Z of project management by getting trained and educated in the five project management processes that include planning, initiating, implementing, monitoring and controlling.    3. Enhances your market valueIncrease your chances to work with global organisations working in various parts of the world by adding a PMP® certification to your profile. Further, the project management forums and discussion boards help you to master your expertise with various tips and additional knowledge.4. Increases your earning You can expect a higher pay or a good hike as soon as you become a PMP® certified professional. PMI’s Project Management Salary Survey shows that the PMP® certified professionals get the advantage of earning 20% more than their non-certified counterparts.The key benefits of PRINCE2® Foundation and PRINCE2® Practitioner certifications are different based on the learning outcomes of both the certifications. The key benefits of PRINCE2® Foundation certification are as follows:Acquire valuable skillsGet equipped with a certification of high demand in Project Management.Understand the PRINCE2® methodWork efficiently as a member of a team working within a PRINCE2® environment by learning the best practices.Prepare yourself for the futureYou need to earn your PRINCE2® Foundation certification in order to move ahead to the higher levels of Project Management certifications, like PRINCE2® Practitioner and PRINCE2® Agile.Whereas, the key benefits of PRINCE2® Practitioner certifications can be listed down as:1. Equip with better skillsTaking up a PRINCE2® Practitioner certification will help you gain a Project Management credential that is in high demand.2. Learn to apply and tailor PRINCE2®PRINCE2® Practitioner certification helps you to understand and learn to tailor as well as apply the PRINCE2® methodologies across different project environments and scenarios.3. Grow in your careerOpen the doors to advance your career in Project Management by equipping yourself with PRINCE2® Practitioner certification.5. Languages available for PMP® and PRINCE2® certificationIsn’t it comfortable to write an examination in your local language? PRINCE2® Foundation and PRINCE2® Practitioner examinations are conducted in a few international languages whereas, the PMP® certification examination is conducted in English but provides Language Aids for 14 international languages.You can choose from among 6 languages to appear for your PRINCE2® Foundation and PRINCE2® Practitioner certification. They are:DutchEnglishFrenchGermanNorwegianPolishWhereas, PMP® examinations are conducted in English all over the world. However, it provides language aids to the candidates in 14 languages, namely, Arabic, Brazilian Portuguese, Chinese (Simplified), Chinese (Traditional), French, German, Polish, Hebrew, Italian, Japanese, Korean, Russian, Spanish, and Turkish.6.  Examination formatIt is important for a candidate to understand the examination format prior to sitting for any certification examination. PMP® and PRINCE2® certifications have different examination format based on the number of questions, minimum score, and the time allotted for answering the questions. The difference can be listed down as:CategoriesPMP®PRINCE2® FoundationPRINCE2® PractitionerThe minimum score to pass the examinationDetermined by the difficulty level of the questions.33 out of 6038 out of 68examination duration4 hours1 hour2.5 hoursexamination fee$405 (across the globe for PMI members)$555 (across the world for non-PMI members)£236.00 (India)£389.00 (India)7. Examination applicationPMP® and PRINCE2® certifications are owned by two different entities. PMP® is owned by the Project Management Institute (PMI)®, whereas, AXELOS is the owner of PRINCE2®. With different owners, the application procedure for both the certifications also varies from each other.Once you have concluded that you meet the eligibility criteria, you will need to apply for the PMP examination.The steps are as follows:Book your examination centre by visiting Prometric or by telephoneStep 1: Register for a Project Management Institute membership at PMI.org.Step 2: Complete the Online ApplicationStep 3: Wait for the confirmation of receipt and completion of your applicationStep 4: Part 1: Wait for the acceptance of your application             Part 2: If you are audited and your application is approved, thenStep 5: Make the payment, preferably online, as it is the easiest and easiest wayStep 6: Book your examination centre by visiting Prometric or by telephoneStep 7: Take the examination.Whereas, you need to pay the examination fee for your PRINCE2® Foundation or PRINCE2® Practitioner examination through PeopleCert. However, you need to book your test centre through Pearson VUE or Prometric.8. Maintaining your PMP® and PRINCE2® certificationBoth PMP® and PRINCE2® Practitioner certifications are valid for a period of three years. But there are different criteria which you need to follow in order to maintain both the certifications.You need to earn 60 PDUs by fulfilling the educational requirements and giving back to the profession in order to maintain your PMP® certification every three years. Becoming a PMI member smoothens your process of maintaining your required PDUs through its exclusive workshops and study materials. You need to pay $139 to become a PMI® member, and the annual renewal fee is $129.On the other hand, you can maintain your PRINCE2® Practitioner certification by either resitting for the examination or by subscribing to My PRINCE2. You need to meet the following criteria within three years to maintain your PRINCE2® Practitioner Certification:You need to subscribe to My PRINCE2 within three months of passing your examination and renew your subscription each year to remain subscribed for the three-year period.Maintain your PRINCE2 digital badge by recording 20 CPD points each year under the prescribed categories for the badge to be extended on renewal.On a concluding noteAdding a project management certification to your profile adds great value to your career. It upgrades your skills to improve your project performance while enhancing your career prospects.PMP® and PRINCE2® are deployed across the world as project management framework for project management practice. Both aims to improve the project performance and eventually the success rate. However, they take two different approaches. Hope this article helps you to choose the best project management certification for your career growth. All the best!
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PMP® Vs. PRINCE2®

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PMP® Vs. PRINCE2®

Do you want to take your project management career to the next level? Are you pondering on which one to choose between PMP® and PRINCE2® certification? Acknowledged as the most important industry-recognized certification for project managers, PMP® plays an important role in increasing the earning potential of an individual while benefiting the employers as well. Whereas, PRINCE2® 2017 certification emphasizes on tailoring the method to the needs of organisations and project management environments. Therefore, both the certifications comprise of unique elements that cater to your professional development.

Although, both the certifications offer a plethora of opportunities to move ahead in your project management career, they are provided by two different bodies, namely, PMI® and AXELOS. This blog will help you to differentiate between PMP® and PRINCE2® certifications based on various parameters and enable you to decide which certification will help you to continue with your project management journey.

Difference between PMP® and PRINCE2® certifications

There are two different project management frameworks involved in the PRINCE2® and PMP® certifications. Before moving to the differences, let’s compare both the certifications:

PRINCE2®PMP®
The owner of PRINCE2® certification is AXELOS®, United Kingdom.PMI®, based in the United States administers the PMP® examination.
Its project management methodology explains your actions in order to manage successful projects.It talks about the knowledge that enables you to manage a project with good practices.
It deploys a perspective framework that focuses on processes for starting, controlled execution, and closing of projects.It deploys a descriptive framework which explains the knowledge areas, such as, risk, time management, etc., in detail with good practices.
It consists of an integrated set of process and themes, which can’t be used in isolation. There are 7 principles which should be followed.Each topic/knowledge area involved in PMP® can be referred to in isolation, in a sort of plug and play model.
PRINCE2® defines all the project roles clearly.PMP® mostly focuses on the project manager’s role.
PRINCE2® enables the framework to be highly scalable and flexible with its unique concept of ’Tailoring Approach’.PMP® doesn’t offer such flexibility as it focuses on knowledge areas.

Both the certifications offer a body of knowledge and a proven approach towards managing projects efficiently. There are numerous factors that lead to your decision of choosing either PMP® or PRINCE2® certification. The parameters can be differentiated as follows:

1. Prerequisites

The initial difference can be drawn between PMP® and PRINCE2® certification based on the prerequisites. Both the certifications demand the candidates fulfil certain prerequisites which differ in certain ways.

To begin with, the prerequisites for PMP® certification requires a few credentials to be achieved based on the degree that you hold. The same can be explained as follows:

A) For candidates holding a high school diploma, associate’s degree or the global equivalent

Minimum five years/60 months unique non-overlapping professional project management experience

  • You need to have 60 months of experience in unique non-overlapping professional project management.
  • You need to spend 7,500 hours leading and directing projects.
  • You need to have completed 35 hours of project management education.

B) For candidates holding a four-year degree

  • You need to possess 36 months of experience in unique non-overlapping professional project management.
  • You need to hold 4,500 hours of leading and directing projects.
  • You require to gain 35 hours of Project management education.

On the other hand, the PRINCE2® Foundation certification doesn’t demand its end learners to fulfil any prerequisites. However, you must hold a PRINCE2® Foundation certification as a prerequisite to taking up the PRINCE2® Practitioner certification.

2. Demand across countries

The Project Management Professional (PMP)® certification and PRINCE2® certification have got separate demands across different countries. Further, the acceptance of these certifications differs from industry to industry based on the geographical location.

The popularity of both the certifications can be listed in the form of the following chart:

Region/ Country1st Preference2nd Preference
EuropePRINCE2®--
AmericasPMP®PRINCE2®
AsiaPRINCE2®/PMP®PRINCE2®/PMP®
AfricaPRINCE2®/PMP®PRINCE2®/PMP®
AustralasiaPRINCE2®PMP®
Middle EastPRINCE2®/PMP®PRINCE2®/PMP®

3. Who should apply for PMP® or PRINCE2® certification?

Every certification needs you to hold a certain amount of experience and knowledge to continue with your certification journey. Similarly, you are expected to hold a certain amount of experience and knowledge to take up PMP® and PRINCE2® certification.

So, who should go for a PMP® certification? According to PMI®, PMP® certification should be taken up by experienced Project Managers who meet the following requirements:

  • They should be able to perform under general supervision and take up the responsibility of all aspects of a project for the life of the project.
  • They should be capable of leading and directing cross-functional teams to deliver projects within the constraints of schedule, budget, and resources.
  • They should demonstrate sufficient knowledge and experience in order to apply a methodology to projects appropriately that have a reasonably well-defined project requirement and deliverable.

On the other hand, the PRINCE2® Foundation certification can be taken up by:

  • Individuals who intend to demonstrate their understanding of the PRINCE2® methodology.
  • Individuals working effectively as a part of a team or with a project management team within a PRINCE2® supporting environment.

Whereas, the PRINCE2® Practitioner certification can be taken up by:

  • Individuals who intend to demonstrate their acquired understanding of the ways to apply and tailor the PRINCE2® methodology in a scenario.

4. Benefits: PMP® Vs. PRINCE2® certification

 Benefits: PMP® Vs. PRINCE2® certification

Once you take up a certification it would surely benefit you in some way. Every certification benefits you in some way. It further helps you to choose between the certifications that fit your desired career path.

The benefits of taking up a PMP® certification can be listed down as follows:

1. Helps in your career growth

As an internationally accredited certification, getting a PMP® certification will help you to get recognised across the global business community. Moreover, it helps you to form a network with people who are pursuing PMP® certification as well as the ones who are already PMP® certified. This enhances your chances of getting a better job leading to your career growth as well as a higher salary.

2. Makes you more skilful

You need to undergo rigorous training in order to get PMP® certified. It helps you to learn A to Z of project management by getting trained and educated in the five project management processes that include planning, initiating, implementing, monitoring and controlling.    

3. Enhances your market value

Increase your chances to work with global organisations working in various parts of the world by adding a PMP® certification to your profile. Further, the project management forums and discussion boards help you to master your expertise with various tips and additional knowledge.

4. Increases your earning 

You can expect a higher pay or a good hike as soon as you become a PMP® certified professional. PMI’s Project Management Salary Survey shows that the PMP® certified professionals get the advantage of earning 20% more than their non-certified counterparts.

The key benefits of PRINCE2® Foundation and PRINCE2® Practitioner certifications are different based on the learning outcomes of both the certifications. The key benefits of PRINCE2® Foundation certification are as follows:

  • Acquire valuable skills

Get equipped with a certification of high demand in Project Management.

  • Understand the PRINCE2® method

Work efficiently as a member of a team working within a PRINCE2® environment by learning the best practices.

  • Prepare yourself for the future

You need to earn your PRINCE2® Foundation certification in order to move ahead to the higher levels of Project Management certifications, like PRINCE2® Practitioner and PRINCE2® Agile.

Whereas, the key benefits of PRINCE2® Practitioner certifications can be listed down as:

1. Equip with better skills

Taking up a PRINCE2® Practitioner certification will help you gain a Project Management credential that is in high demand.

2. Learn to apply and tailor PRINCE2®

PRINCE2® Practitioner certification helps you to understand and learn to tailor as well as apply the PRINCE2® methodologies across different project environments and scenarios.

3. Grow in your career

Open the doors to advance your career in Project Management by equipping yourself with PRINCE2® Practitioner certification.

5. Languages available for PMP® and PRINCE2® certification

Isn’t it comfortable to write an examination in your local language? PRINCE2® Foundation and PRINCE2® Practitioner examinations are conducted in a few international languages whereas, the PMP® certification examination is conducted in English but provides Language Aids for 14 international languages.

You can choose from among 6 languages to appear for your PRINCE2® Foundation and PRINCE2® Practitioner certification. They are:

Languages available for PMP® and PRINCE2® certification

  • Dutch
  • English
  • French
  • German
  • Norwegian
  • Polish

Whereas, PMP® examinations are conducted in English all over the world. However, it provides language aids to the candidates in 14 languages, namely, Arabic, Brazilian Portuguese, Chinese (Simplified), Chinese (Traditional), French, German, Polish, Hebrew, Italian, Japanese, Korean, Russian, Spanish, and Turkish.

6.  Examination format

It is important for a candidate to understand the examination format prior to sitting for any certification examination. PMP® and PRINCE2® certifications have different examination format based on the number of questions, minimum score, and the time allotted for answering the questions. The difference can be listed down as:

CategoriesPMP®PRINCE2® FoundationPRINCE2® Practitioner
The minimum score to pass the examinationDetermined by the difficulty level of the questions.33 out of 6038 out of 68
examination duration4 hours1 hour2.5 hours
examination fee$405 (across the globe for PMI members)
$555 (across the world for non-PMI members)
£236.00 (India)£389.00 (India)

7. Examination application

PMP® and PRINCE2® certifications are owned by two different entities. PMP® is owned by the Project Management Institute (PMI)®, whereas, AXELOS is the owner of PRINCE2®. With different owners, the application procedure for both the certifications also varies from each other.

Once you have concluded that you meet the eligibility criteria, you will need to apply for the PMP examination.

The steps are as follows:

Book your examination centre by visiting Prometric or by telephone

Steps to apply for PMP examination

Step 1: Register for a Project Management Institute membership at PMI.org.

Step 2: Complete the Online Application

Step 3: Wait for the confirmation of receipt and completion of your application

Step 4: Part 1: Wait for the acceptance of your application

             Part 2: If you are audited and your application is approved, then

Step 5: Make the payment, preferably online, as it is the easiest and easiest way

Step 6: Book your examination centre by visiting Prometric or by telephone

Step 7: Take the examination.

Whereas, you need to pay the examination fee for your PRINCE2® Foundation or PRINCE2® Practitioner examination through PeopleCert. However, you need to book your test centre through Pearson VUE or Prometric.

8. Maintaining your PMP® and PRINCE2® certification

Both PMP® and PRINCE2® Practitioner certifications are valid for a period of three years. But there are different criteria which you need to follow in order to maintain both the certifications.

You need to earn 60 PDUs by fulfilling the educational requirements and giving back to the profession in order to maintain your PMP® certification every three years. Becoming a PMI member smoothens your process of maintaining your required PDUs through its exclusive workshops and study materials. You need to pay $139 to become a PMI® member, and the annual renewal fee is $129.

On the other hand, you can maintain your PRINCE2® Practitioner certification by either resitting for the examination or by subscribing to My PRINCE2. You need to meet the following criteria within three years to maintain your PRINCE2® Practitioner Certification:

  1. You need to subscribe to My PRINCE2 within three months of passing your examination and renew your subscription each year to remain subscribed for the three-year period.
  2. Maintain your PRINCE2 digital badge by recording 20 CPD points each year under the prescribed categories for the badge to be extended on renewal.

On a concluding note

Adding a project management certification to your profile adds great value to your career. It upgrades your skills to improve your project performance while enhancing your career prospects.

PMP® and PRINCE2® are deployed across the world as project management framework for project management practice. Both aims to improve the project performance and eventually the success rate. However, they take two different approaches. Hope this article helps you to choose the best project management certification for your career growth. All the best!

KnowledgeHut

KnowledgeHut

Author

KnowledgeHut is an outcome-focused global ed-tech company. We help organizations and professionals unlock excellence through skills development. We offer training solutions under the people and process, data science, full-stack development, cybersecurity, future technologies and digital transformation verticals.
Website : https://www.knowledgehut.com

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Top 10 Certifications in Project Management

Whether it is the IT or non-IT industry, a successful project always depends on a highly competent project manager. An adept and proactive project manager helps the teams in becoming consistently productive and accountable for their tasks and responsibilities. Nowadays project management is a highly pursued job title. Any professional aspiring to be a project manager can greatly benefit from working in this role. This is not only because of the lucrative salary but also because a lot of skills can be acquired after being certified as a project manager, like knowing how to plan, schedule, budget, execute, deliver and then report on the business projects. Here are some of the top certifications in project management that companies are looking for, presently:1. PMP®: Project Management Professional Project Management Professional (PMP)® is one of the top-level project management certifications and is globally recognized as the gold standard in project management. By being PMP® certified, you can work in any industry with any methodology irrespective of the situation. This certification includes all the top necessities required to test your knowledge and skills in managing the project "triple constraints", that is time, cost, and scope.Accreditation body: Project Management Institute (PMI)® Eligibility criteria:Eligibility RequirementFour-year degree or global equivalentA secondary degree or global equivalentYears of Project Management Experience3 Years (36 months)5 Years (60 months)Hours Leading & Directing Projects4,500 Hours7,500 HoursHours of Project Management Education35 Hours35 Hours2. CAPM®: Certified Associate in Project Management Another certification governed and accredited by the Project Management Institute (PMI)®, the Certified Associate in Project Management (CAPM)® lays the foundation stone for the Project Management Professional (PMP)® certification. CAPM® is perfect for professionals who want to move steadily into the project management field. Individuals who do not possess a college degree or have no/minimal experience in the field can also apply for this certification. Accreditation body: Project Management Institute (PMI)® Eligibility criteria:A minimum of 23 hours of project management education before the examination. The minimum educational criterion to go for the Certified Associate in Project Management (CAPM)® certification is a high school diploma certificate or any global equivalent form of education.3. CSM®: Certified Scrum MasterEver since agile methodologies have become the standard in most industries, especially the IT sector, Certified Scrum Masters have been in high demand. Despite various Scrum master certifications being available in the market, the Certified ScrumMaster (CSM)® from the Scrum Alliance is a great way for aspiring project managers to start as Scrum practitioners. Scrum Alliance® offers this CSM® credential and is a non-profit organization that promotes the concept of adopting Scrum and agile practices. The organization globally has 450,000 plus certified practitioners. Accreditation body: Scrum Alliance® Eligibility criteria: There is no set of eligibility requirements to attend this Scrum Master Certification course and it can be taken by freshers or professionals who want to:Extend their careers in project management.Strengthen their grasp of Scrum.4. PMI-RMP®: Project Management Institute-Risk Management ProfessionalNowadays it is normal for any undergoing project to face risks at every stage, thus affecting its execution, success rate, and the final result. This requires planning the project by detecting potential risks, both threats, and opportunities, taking actions to reduce threats, and increasing opportunities.  The Project Management Institute-Risk Management Professional (PMI-RMP)® credential affirms that Risk Managers know the best way to identify project risks and lessen threats while making the best of available opportunities. Accreditation body: Project Management Institute (PMI)® Eligibility criteria: Either Secondary degree (high school diploma, an associate degree, or the global equivalent) 4,500 hours of project risk management experience within the last 5 consecutive years 40 hours of project risk management education Or Four-year degree (bachelor’s degree or the global equivalent) 3,000 hours of project risk management experience within the last 5 consecutive years 30 hours of project risk management education5. 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Famous across Europe and now countries in the middle and far east, many industries have adopted these standards and gained impressive results. As a result, PRINCE2® Practitioners are sought-after for their knowledge of applying this framework on projects. There are two key certifications: PRINCE2® Foundation and PRINCE2® Practitioner Certifications. The Foundation certification is an entry-level credential, testing basic project management terminology and methodology. On the other hand, the Practitioner certification tests advanced project managers who have already achieved the PRINCE2® Foundation.Accreditation body: Axelos Eligibility criteria: PRINCE2® Foundation Certification: There are no eligibility criteria for the PRINCE2® Foundation Certification Exam. 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This includes directing and managing complicated activities that may extend over functions, organizations, cultures, and geographies.With the PgMP® certification, professionals will strengthen their grasp in the six prime focus areas of program management such as Governance, Prioritization, Escalation, Resource Management, Benefits Realization, and Stakeholder Management. Thus, certified PgMP® professionals will be able to encourage teams to integrate and coordinate multiple projects in a better way. Accreditation body: Project Management Institute (PMI)® Eligibility criteria: Either:A four-year degree (Bachelor's or Global equivalent), with at least four years of Project Management experience and four years of Program Management experience.OrA secondary diploma (High school or Global equivalent), with at least four years of Project Management experience and seven years of Program Management experience. Candidates not meeting the above criteria can also consider the Project Management Professional (PMP®) certification. 8. APM™: Associate in Project ManagementThe Associate in Project Management (APM)™ certificate is an entry-level certification in Project Management and is a globally recognized credential. Governed by the Global Association for Quality Management (GAQM)®, the exam covers 50 Multiple Choice Questions out of which the candidate requires to get 70% (35 out of 50 correct) to pass the 60-minute exam. Accreditation body: Global Association for Quality Management (GAQM)® Eligibility criteria:No formal education or experience required. 9. MPM®: Master Project Manager The Master Project Manager certification is issued by the American Academy of Project Management (AAPM)® and is ideal for both project managers and professionals with business and technical responsibilities. Accreditation body: American Academy of Project Management (AAPM)®Eligibility criteria: Three years of project management experience and training. 10. PPM™: Professional in Project ManagementProfessional in Project Management (PPM)™ course is organized by the Global Association for Quality Management (GAQM)®. This is a mid-level certification that consists of project management components showing how to plan, execute, control, and complete projects as well as training to perform better.  Accreditation body: Global Association for Quality Management (GAQM)® Eligibility criteria:Completion of a mandatory E-Course Candidates should have a certain project management experience. ConclusionAlong with the abovementioned project management certifications, it is recommended that professionals apply principles in their current professions, be on the lookout for newer methodologies and upskill regularly.
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Top 10 Certifications in Project Management

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Top 7 Project Management Methodologies

Foresighted managers and leaders don’t necessarily follow just one project management methodology. They learn all of them so that they have the awareness to deploy the right methodology for the right project. According to industry experts, project management methodologies are vital to project success. A recent study by PMI confirmed that about 89% of the project professionals believed that their organizations implemented some project management practice or the other.What is a project methodology? It’s a blueprint that shows how tasks and projects can be planned, managed, and executed, right from start to finish. It includes a combination of practices, techniques and procedures followed by project managers. Why choose a project management methodology? A recent survey published by the Harvard Business Review revealed that the lack of time was the major hindrance to collaboration within project teams. Since projects are fast-paced and must adhere to deadlines, collaboration is quintessential. This is where, adopting a project management methodology comes to play. Projects are incredibly fast paced with competing deadlines, hence collaboration is the best way to keep the team engaged, heighten productivity and save time in the long run. Practicing a methodology is a great way to boost collaboration as well as deliver project success. Top 7 project management methodologies Below are the top 7 methodologies in the project management landscape today: 1. Agile According to a KPMG survey, 81% of enterprises had adopted Agile in the past 3 years. The most favorite methodology, Agile is actually a set of principles involved in software development. However, it’s hailed as a project management methodology for its flexibility and capability to build processes. Agile projects have a series of tasks that are initiated, executed and adapted based on ad hoc demands, rather than a pre-planned process. Hence, Agile is apt for dynamic environments where the unpredictability factor is quite high.  2. Scrum Scrum is the project management methodology that enables a small, cross-functional, self-managing team to deliver results quickly.  It helps boost communication, teamwork and speed of the processes. Terms like sprints, scrums, backlogs and burndowns are commonly used in scrum methodology. Scrum is ideal for environments that handle complex products.  It advocates the use of a small, cross-functional teams of upto 9 people who work on items in a backlog that have been clearly defined and prioritized by a Product Owner. Work is categorized into “sprints”, a development cycle of usually 2-4 weeks. During these sprints daily “Scrums” take place where the team report on their daily progress and impediments. At the end of each sprint, work is then reviewed in a sprint review meeting to determine together with the Product Owner if it clears the Definition of Done (DoD). Scrum is further facilitated by a Scrum Master who leads the sprints, demos, reviews and ensures that the team is continually optimizing and improving. 3. LeanLean project management is the methodology that emphasizes the dictum of maximizing value while minimizing waste. In project management, it aims at creating most value with a minimum amount of resources, labour, and space. There are 3 ‘M’s in Lean: Muda refers to wasteful activities that consume resources without value generation, Muri refers to overutilization of equipment or employees and Mura which corresponds to operational inefficiency. Lean project management methodologies when practiced are capable of reducing these 3 Ms within the project process. 4. Kanban Kanban is a project management methodology that’s focused on Lean principles. Its primary focus is to increase efficiency. It’s an evolved version of Scrum. It’s flexible and not focussed on roles. It keeps the team focussed on what actually matters. It’s ideal for environments where priorities are changed frequently. The online tool Trello is based on Kanban. It gives an accurate visual depiction of the progress of work for the team and other stakeholders. It’s ideal in organizations that demand a consistent output. 5. eXtreme Programming methodology (XP)  eXtreme programming (XP) is also a software development project management methodology that focuses solely on development  while ensuring quality. It lays down the processes needed to improve software quality as well as meet customer requirements. It is quite similar to Scrum but differs in certain prescriptive processes. These processes include making compulsory user stories, Test Driven Development (TDD), Pair programming, and Continuous integration. 6. Waterfall  Waterfall methodology, also known as the SDLC (Software Development Life Cycle) values solid planning and doing everything in one shot unlike Agile. Planning and resource allocation are done in the beginning, work is executed in cascades. Like a waterfall. However, Waterfall is pretty rigid as it offers no scope to make changes to the plan unless absolutely necessary. Because of this approach, upon reaching the testing stage, it’s very difficult to go back and rectify mistakes. That could end up being quite risky. The many shortcomings of Waterfall approach is the reason why Agile methodologies gained acceptance worldwide. 7. PRINCE2   Created by the UK govt in 1996 for IT projects, PRINCE2 methodology is controlled project management practice which divides projects into various stages with their own set of plans and processes to follow. It’s an excellent framework that can be applied mostly in the large projects. It lays down the need for the project, identifies the target audience and whether the project is feasible.  A PRINCE2 Practitioner often oversees the team in these projects and ensures that the team has the right resources and guidelines to conduct the project as well as mitigate risks effectively. Ultimately, choosing the right project management methodology is based on the project and business environment. When chosen appropriately, these methodologies can play a major role in project success. Learn more about project management methodologies like these from our series of immersive workshops.
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Top 7 Project Management Methodologies

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Feasibility Study in Project Management and Its Benefits

Before giving the go ahead to launch a project, the first thing on a project manager’s agenda is the feasibility study. While project managers are not required to conduct the feasibility study themselves, they use it as a guideline to drive the project, and to get an end-to-end understanding of project parameters, business goals and risk factors.What is a Feasibility Study?A feasibility study is an analysis done to determine the viability of a project from an economical, legal and technical perspective. Simply put, it gives us an insight into whether a project is doable or worth the investment.A feasibility study that’s well-designed should offer insights on the description of the project, resource allocation, accounting statements, financial data, legal requirements, and tax obligations. It helps to determine whether the project is both possible and profitable for the company to undertake. Hence, this study is mandatorily done before technical development and project execution.Types of Feasibility Studies Basically, there are five types of feasibility studies based on the area that is examined:  1. Technical FeasibilityThis study takes stock of the technical resources available to undertake a project from an organization’s perspective. It includes ensuring that the technical resources are adequate, and the hardware and software requirements are met. 2. Economic FeasibilityThis assessment performs a cost/ benefits analysis of the project before the financial resources are allocated. This type of study gives a clear-cut idea of project credibility as well as the economic benefits to the organization from the project. 3. Legal FeasibilityIn this type of feasibility study, the legal requirements of the proposed project are analysed. A number of parameters, ranging from zonal laws to data protection acts are checked, and compliance mandates are mapped out. 4. Operational FeasibilityThis study will help analyse and determine whether the organization’s goals can be satisfied by completing the project.  5. Scheduling Feasibility This is the most important assessment for project success. It estimates the time span necessary to complete the project after considering the organization’ s capabilities, and determines whether that amount is time is available. Benefits of A Feasibility Study Below are the benefits of doing a feasibility study in project management: Get a clear-cut idea of whether the project is likely to be successful, before allocating budget, manpower and time. Enhances the project teams’ efficiency and focus  Helps detect and capitalize on new opportunities Substantiates with evidence why and how a project should be executed Streamlines the business alternatives Diagnoses errors and aid in troubleshooting them Prevents threats from occurring and helps in risk mitigation Gives valuable insights to both the team and stakeholders associated with the project Steps to conduct a feasibility study The following stages are involved while conducting any feasibility, in general: A preliminary analysis: The is like a pre-screening of the project. It helps discover the viability of the project as well as identify any roadblocks, if any. Scope definition: This step includes outlining the project’s scope as well as its potential impact on the organization. Market research: This is an essential factor, as no project is begun without adequate market research. A thorough analysis of the existing market and competition is done to manage the project accordingly. Financial assessment: In this stage, all the costs related to the project, including equipment, man-hours, the financial risks and the benefits associated with the project are scrutinized. Alternative solutions: Whenever any hiccups arise, the team should be well-prepared to come up with a solution. This is an integral yet dynamic part of a feasibility study. Go/no-go decision: The final stage of a feasibility study is the course of action, in other words whether the project is worth proceeding with or not. The feasibility study is an integral aspect of project management. Well-planned projects are less likely to fail. A detailed, well-defined feasibility study will only increase the likelihood of project success. To explore more concepts in project management like these, sign up for any one of our immersive series of project management workshops here.
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Feasibility Study in Project Management and Its Be...

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