PRINCE2 comprises of 8 basic components
Both of the methods, PRINCE2 and PMBOK, are different from each other but they share a common goal i.e. to enhance the performance of the underlying project. PMBOK is majorly used in North America, while on the other hand PRINCE2 is very popular in the United Kingdom, and is also famous in Australia, Europe and some other English-speaking Nations outside North America. The similarity between both the methods is that they need to be personalized as per the requirements, organisation, and nature of the project. PMBOK covers the ‘what’ part i.e. the processes, tools & techniques that can be used but it ignores the how part i.e. “the process to apply them”
The processes and components used in PRINCE2 are same as those of PMBOK, but PRINCE2 focuses only on significant matters so, it ignores some of the knowledge areas which are specified in the PMBOK approach. So a project manager cannot ignore the PMBOK, even if he follows Prince2. He will have to consider what is best for his project from both the methods in order to successfully carry out the project and all the activities. PRINCE2 aims at coordinating and enhancing the task of managing and controlling the whole project work.
PMBOK covers the major and broad areas in terms of best practices like Procurement, EVM, Time management (through CPM, PERT, GERT), Communication Management and Human Resource Management. While in case of PRINCE2, the areas are more specific and small in nature like the Business case, Products or the Product Based Planning, Management by exception, the Roles & Responsibilities are defined clearly, Strong Process model defining Project management steps and Project Assurance. Read about Project Management and Testing Assignment.
PRINCE2 is more specific while the PMBOK is broad in nature but the guiding principles for both the approach are same. The major focus of PRINCE2 is on the components which are most important (as per their belief) for the successful completion of the project. So it tries to control these components and ultimately reduce the risk of the project by using various project management tools & techniques. PMBOK focus on integration of the Knowledge Areas components into a process model
PRINCE2 comprises of 8 basic components. These components are not that broad as what is defined in PMBOK. The Components can be compared against the PMBOK Areas of Knowledge as follows:
