PRINCE2 is a methodology that works for a variety of projects, industries, tools, and teams. These project management techniques can be rigidly applied or combined, with a hybrid project management methodology combining two or more methodologies to respond to the particular elements of a project environment.
What is Prince2?
PRINCE2 is a project management approach popular in the United Kingdom, Australia, and Europe. Because this strategy focuses on controlling resources and risks by splitting projects into smaller stages, establishing clear roles and responsibilities, and using seven procedures to manage the project life cycle, “PRINCE2” stands for Projects IN Controlled Environments.
PRINCE2 requires a project management framework that has an organized and controlled project plan before commencing and that maintains its structure throughout the project life cycle by breaking the project down into logical segments.
Principles of Prince2
The PRINCE2 methodology is built on a set of seven principles. All must be fulfilled in order for PRINCE2 to be regarded a project management technique. The following are the seven PRINCE2 principles that serve as a framework for a PRINCE2 perspective.
Continued business Justification
The business case is the most significant document in PRINCE2, and it is evaluated and changed throughout the project’s life cycle. This is done to ensure that the project continues to be viable. Otherwise, the project will be terminated.
Learn from experience
Every project has a lesson log that serves as a repository for lessons learnt from prior projects in order to prevent making the same mistakes again. Throughout the endeavor, the lesson log is referenced to. You may get started right away by downloading our free lesson learnt template.
Roles and responsibilities are defined
Members of the project can take on various roles or share one. The structure of individuals in a project is divided into four levels: corporate, project board, project manager, and team.
Manage by stages
PRINCE2 is a stage-by-stage approach that is designed ahead of time. The business cast, risk, and project strategy are all updated when moving between stages.
Manage by exception
Each project objective has what are known as tolerances. This establishes boundaries and specifies how authority is allocated. If the tolerance is surpassed, the management team must decide whether or not to redefine the tolerance.
Focus on products
The quality standards for deliverables are quite important.
Tailor to suit project environment
The project environment, which includes factors such as size, complexity, importance, time, risk, and so on, is used to tailor the project from the start to the finish.
Six aspects of PRINCE2
Scope
What is the amount of effort required to execute the project? The project scope should be stated in full in the project plan.
Costs
What is the cost of your project? The project costs are also specified in the project plan. Know more about costs here.
Timescales
How long will your project take to complete? Each project phase, as well as the project duration, are detailed in the project plan.
Risks
What are the threats to your project? To decide the mitigation measures that will be implemented, you’ll need to use a risk management strategy.
Quality
What are your clients’ or stakeholders’ quality expectations? To satisfy quality requirements, you’ll need to implement quality control and assurance systems.
Benefits
What are your project’s expected outcomes? A business case and a cost-benefit analysis are required for every project to explain its purpose and financial or strategic benefits.
You can also learn about PRINCE2 certification before applying. Need more insights? Enroll for PMP certification program today.
