PRINCE2 is a project management methodology that places a strong emphasis on organization and control. PRINCE is an acronym that stands for “PRojects IN Controlled Environments.” PRINCE2 is an extremely linear and process-based project management methodology that is suitable for beginners.
Why is the number 2 used?
PRINCE2 has a predecessor. It may not seem as aristocratic as PRINCE2, but it served as the foundation for its growth. PRINCE2 is an enhancement to PROMPT II (Project Resource Organization Management Planning Techniques), a 1972 systematic project management technique created by Simpact Systems.
Is PRINCE2 Applied In IT Projects Only?
The good thing about PRINCE2 is that it can be used for more than just IT projects. By 1996, It was recognized by project managers as a general strategy that could be used for almost everything. Later, the UK government sold PRINCE2 rights to the commercial sector, and its use extended throughout the UK, Europe, and Australia. PRINCE2 certification and training are now available in almost every country on the planet.
Meanwhile, PRINCE2 has kept pace with modifications targeted at addressing input from PRINCE2 practitioners as well as evolving business demands.
The Principles of PRINCE2
Let’s start with the fundamentals of PRINCE2. First, keep the following broad ideas in mind:
Continuous Project Justification
As a project or business manager, you’re probably aware that every project you do should be worthwhile. More precisely, it requires a business case to back it up. The project’s benefits should outweigh its expenses. One of the duties of a PRINCE2-trained project manager is to determine and capture the business case for a project.
Learning From Experience
It’s pointless to redo every aspect of a project. Some of its aspects will be unique, but there will always be elements that are quite similar to those addressed by the same organization in the past. When an organization lacks expertise, it might learn from other companies or individuals who are eager to share information and give important insights. PRINCE2 project managers may lower risk by limiting the number of unknowns.
Defined Roles And Responsibilities
From the title, this idea appears to be as obvious as daylight. After all, nothing will be done until everyone understands what to do and how to do it. However, there is more to it than meets the eye. This idea also requires the participation of stakeholders. The Board and Project Management Team must include representatives from business sponsors, users, and suppliers. A project management structure may be built as a result of this approach, which will tell everyone engaged in the project on what they’re expected to accomplish, what they can expect others to do, and who to consult for decision-making.
Manage By Stages
Breaking down large projects into stages is the best method to manage them, but PRINCE2 requires management phases to be interrupted by “Control Points.” Control points are moments when the project manager evaluates the project so far and adjusts future phases depending on what has happened already. As a result, the project is based on an overarching high-level plan, yet each stage has its own comprehensive plan.
Manage By Exception
PRINCE2 has a complicated framework for management by exception. The easy explanation for this is that specified criteria are defined, and project deviations should occur only in very specific conditions. Cost, time, quality, risk, scope, and benefit are all factors to consider.
Focus On Products
Every project strives to provide a finished product. Every participant in the project should have a crystal clear understanding of what the initiative will generate. So, before starting a project and throughout its execution, there must be a clear description of the product that dictates how the project is approached. The project’s product description describes both the product and the quality requirements that must be satisfied.
Tailor To Suit The Project Environment
PRINCE2 may be applied to small or big projects in almost any setting, but how you utilize it will depend on the project’s environment. Your project management team must match the project to the environment produced by the company commissioning the project, as well as the project’s complexity, scope, scale, and risk. For example, if you’re organizing an event for 20 CEOs, risk management isn’t as important as it would be if you were constructing a skyscraper.
Project Application Processes Of PRINCE2
The guiding principles mentioned above make good sense, but what is the procedure followed by PRINCE2 practitioners? Only once we comprehend the “what” can we determine how significant PRINCE2 is and why it could be relevant to our projects.
- Starting A Project
The project team, including the project manager, is formed, and an initial brief is issued.
- Initiating The Project
The business case is developed, and the project initiation document is completed.
- Directing The Project
A set of processes for project oversight is determined and implemented.
- Project Controlling Stage
How each phase will be assessed to find out whether it is completed fully or not.
- Product Delivery Management
How the project manager communicates with team leaders, and how they should receive, complete, and finalize project work.
- Managing Stage Boundaries
A project progresses from one stage to another during this procedure. When and how does every stage end, and when and how does the next stage begin?
- Closing the Project
This specifies when the project will be completed, including any follow-ups and a final assessment of the initiative’s benefits.
PRINCE2 provides a logical approach to project management, and even if you are not working on a project as complicated and dangerous as a multimillion-dollar construction, you may use its concepts and procedures. Given its adaptability, you may choose what to include and what to leave out.
Project managers who use PRINCE2 are trained specialists who have completed all of the requisite training for the PRINCE2® Foundation Certification.
If you want to understand the PRINCE2 method well enough to operate successfully with or as a part of a project management team in an environment that supports PRINCE2, you may enroll in the Knowledgehut’s 6th Edition PRINCE2® Foundation Course.