PRINCE2: The Game-Changer for Project Management!

What is PRINCE2, and why is it so popular for Project Management? PRINCE2 is a project management methodology that is widely used during the Starting Up a Project and Initiating a Project processes. Here we will provide all fundamentals to help you learn everything about the PRINCE2 Process Model. Happy Reading!

Make sure to check: Tired of Doing Project Planning? Try this New Way

What is PRINCE2?

PRINCE2 is a process-based project management method. The PRINCE2 methodology separates projects into phases, each of which is managed independently. Each process is defined through its key inputs and outputs, specific goals to achieve, and actions to take. The PRINCE2 covers 4 basic elements Principles, Themes, Processes, and Tailoring.

1. Principles:

PRINCE2 is based on seven principles. These ideas form the basis for everything else in PRINCE2. These ideas are universal in the sense that they can be used in any endeavor, regardless of language, area, or culture. 

The 7 Principles
  • Continued Business Justification: A project must make strong business sense. There must be a clear return on investment, and the utilization of time and resources must be justified.
  • Gain from Experience: Project teams should learn from prior projects. A lesson journal is kept up to date for this reason.
  • Set Roles and Responsibilities: Everyone working on a project should be aware of what they and others are doing. This includes knowing who makes the decisions.
  • Stage Management: Difficult activities should be settle down into manageable parts or management stages.
  • Exceptional Management: A well-run project does not require much management intervention. The project board is only notified when there is or may be an issue.
  • Product Focus: Everyone should be aware of the product’s specifications ahead of time. Product requirements drive work activity, not the other way around.
  • Customize for the Environment: PRINCE2 is scalable and adaptable. Projects that adopt PRINCE2 to their specific requirements are more likely to succeed than projects that adopt PRINCE2 as is.

2. Themes:

There are seven themes in PRINCE2. Business Case, Organization, Quality, Risk, Plans, Change, and Progress are the phrases are use to define them.

The 7 Themes
  • Business Case:  Concerning the continuing business justification premise. This subject explains if a project is worthwhile and feasible.
  • Organization: In relation to the idea of clearly defined roles and responsibilities. The organizational theme necessitates that project managers document everyone’s roles and responsibilities.
  • Quality: Concerning the focus on product philosophy. Because quality can be an elusive term, defining it from the start of a project is critical to keeping the work on track.
  • Plans: A plan outlines how goals will be met. It focuses on the products, timeline, cost, quality, and benefits.
  • Risk: This theme seeks to discover, appraise, and regulate unpredictable events during a project. These are kept in a risk log. Negative risks are referred to as threats, whereas positive risks are referred to as chances.
  • Change: This theme concerns dealing with modification requests and challenges during the project. The goal is not to block changes, but to have them agreed upon before they are implemented.
  • Progress: The goal of progress is to keep track of the project. This enables project managers to monitor and control their progress in relation to the plan.

3. Processes:

PRINCE2 contains seven processes, each of which requires the completion of a number of activities. The procedures specify the steps that must be taken at each stage of the project.

The 7 Processes
  • Starting Up a Project (SU): Create a project mandate that addresses the project’s logistical questions. It describes the project’s goal, who will carry it out, and how it will be carry out.
  • Initiating a Project (IP): This stage is all about figuring out what will be do to finish the project. The project manager describes how the following performance goals will be met: Time, Cost, Quality, Scope, Benefits, and Risk.
  • Directing a Project (DP): From the start through the finish of a project, this is a continual process. These activities are overseen by the project board:

Initiation, Stage Boundaries, Appropriate direction/guidance, Project conclusion

  • Controlling a Stage (CS): Project managers approve work packages, which divide the project into manageable activities. These are provide to teams and managers. The project manager is responsible with the following duties:

          -> Overseeing and reporting on work package progress

          -> Helping to solve problems

  • Managing Product Delivery (MP): This is how the team manager and project manager communicate with one another. MP consists of the following activities:

          -> Acceptance of a job package

          -> Putting a work package into action

          -> Providing a job package

  • Managing Stage Boundaries (SB): The project manager gathers the team to record lessons learned for the next stage. SB involve following activities:

          -> Plan the next stage

          -> Update the project plan

          -> Update the business case

          -> Report the completion of the stage or create an exception plan

  • Closing a Project (CP): 

          -> Decommission the project.

          -> Determine your next steps.

          -> Prepare benefit and project evaluation reviews

          -> Make use of any remaining resources

          -> Hand over the merchandise to the customer

4. Tailoring: 

Finally, each project is unique, as is each organization. As a result, the strategy must be used prudently and in accordance with the needs of each project. Using the same technique on every project is a sure way to fail since it ignores the various parameters under which each project operates.

To improve the chances of a project’s success, the project management team must adapt the structure to the project environment’s requirements. 

You may also check: Project Management Institute Membership: A Career Investment

Frequently Asked Questions
What types of projects are PRINCE2 useful for?

PRINCE2 is an abbreviation that stands for Projects IN Controlled Environments 2nd version. It is a non-proprietary project management system and a global standard that may be applied to any sort of project with a well-defined start and finish date, regardless of scale, type, company, country, or culture.

Why is PRINCE2 preferable to agile?

PRINCE2 is more directive, whereas AGILE is more flexible. PRINCE2 is a highly directive framework. It lays down specific principles for how projects should be planned and run. This can be a huge help for project managers who require a defined foundation.

What is the duration of the PRINCE2 certification?

PRINCE2 certifications are never expiring. This holds true for both the Foundation and Practitioner levels.

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