The Advantages of the Prince2 Methodology
There is a reason why PRINCE2 is one of the most popular project management techniques in the world. Here’s why so many organizations prefer PRINCE2.
Prince2 is a Widely Acknowledged Method of Project
Worldwide, there are millions of PRINCE2 practitioners. The Project Management Institute (PMI) recognizes PRINCE2 as a methodology.
Many PRINCE2 training courses and certifications help understand the PRINCE2 project management methodology. Become a project manager by learning the PRINCE2 process and obtaining the certification.
Prince2 is a Good Beginner Methodology
Prince2 is Highly Flexible
What Are the Seven Prince2 Methodology Principles?
As with all other project management methodologies, the PRINCE2 Methodology contains fundamental principles. Besides serving as the foundation for all PRINCE2-managed projects. Adherence to these principles ensures the efficient incorporation of PRINCE2’s best practices.
1. Project Business Justification
The core principle of PRINCE2 is that each project must have a clearly defined objective. Particularly a goal, a customer, tangible benefits, or profits. Furthermore, a thorough cost assessment will serve the purpose. It allows the team to remain focused on a distinct goal. Basically, it helps them work towards a distinct benefit and incentive.
2. Continuous Learning
The PRINCE2 project management methodology places a premium on continuous team learning. Therefore, teams must record the most important lessons learned at each project stage. Chiefly they must ensure that these are incorporated into subsequent or future projects.
3. Clearly Distinction of Roles and Responsibilities
The project manager must precisely define the responsibilities of individuals and teams. It eliminates confusion, and everyone is aware of their responsibilities and expectations. It also provides all team members with a clear performance metric.
4. Phased Methodology
Each project gets divided into distinct phases of project management under PRINCE2. And after each phase, phase outcomes and lessons learned are documented. It also assists in monitoring the project’s direction.
5. Management by Exception
6. Concentrate on Product Quality
Teams must ensure that project’s deliverables and specifications are different. The quality of the deliverables must be continuously monitored and assessed by the teams.
7. Adaptive Strategy for Projects
Various projects’ approaches change based on available resources and time. Customizable parameters include the number of team members and the amount of supervision and planning for each project phase.
What Seven Processes Comprise the PRINCE2 Methodology?
The PRINCE2 project management provides a series of sequential processes that each project must complete to achieve maximum efficiency.
Let’s examine the seven processes of the PRINCE2 methodology for project management.
1. Starting Up a Project
The request for a new project is known as the project mandate. The project mandate is extremely brief, covering only the necessity of the project and its desired outcomes.
Every project mandate is evaluated to ensure that the company can undertake it.
If approved, the person who initiated the project submits a more detailed project brief outlining the actions, resources, personnel, etc. required to carry out the project.
2. Directing an Undertaking
The project board reviews and assesses project briefs based on business justification and viability for a second round of approval/rejection.
The project board determines what it must do to organize and execute each approved project and what/how it will delegate to the project manager.
3. Launching a Project
The project manager develops the Project Initiation Documentation, which includes a comprehensive project plan and baselines for six performance objectives: time, cost, quality, scope, risk, and benefits.
The project board is provided with the initiation documents for approval. Once the board is satisfied with the project plan, they reissue their approval, and work commences.
4. Managing a Stage
The project manager divides the project into “work packages” and assigns them to team managers and teams.
Throughout each phase, the project manager monitors the progress of work packages and intervenes as necessary to overcome obstacles or correct errors.
Team managers coordinate daily tasks and serve as the liaison between the project manager and individual team members, ensuring that everything proceeds as planned.
5. Managing Delivery of Products
The project manager compares progress to the project scope and ensures that deliverables meet PRINCE2 quality requirements.
The project board evaluates finished work packages and either approve them or requests modifications.
6. Managing Stage Boundaries
The project manager and project board examine each phase to ensure that the project proceeds according to plan and meets assurance requirements.
At each review, the project board determines whether to proceed to the next phase or abandon the project entirely.
Project managers conduct a retrospective with the project team to document lessons learned and enhance the subsequent phase.
7. Concluding a Project
Once deliverables are met, the project board will grant final approval. Finally, the project manager will complete any remaining documentation and reporting.
Principal Roles Within the PRINCE2 Methodology
Clarity is one of the major advantages of using the PRINCE2 Methodology. Some project management methodologies have looser guidelines, but each PRINCE2 team member has a defined function. These roles have their own distinct set of requirements and obligations. Here are some of the most common roles in a PRINCE2 project.
Project manager: The individual primarily responsible for project planning, execution, and forward movement.
Team manager: If your team is very large, a team manager may be assigned to assist the project manager. A team manager supervises the production of items and manages each team member’s time and workload.
Customer: The customer is the recipient of the project’s final deliverable. It could be an external customer, an independent contractor, or an internal team. For instance, your IT department may be working to improve the onboarding procedure. In this instance, the end customers are hiring managers and new hires.
Team members: These are the individuals accountable for delivering the final product. Because PRINCE2 is a process-driven methodology, assigning specific roles to each team member is essential. How tasks are delegated is the job of the project manager or team leader.
Project board: A group of individuals who make high-level decisions for your project. The project board usually consists of business executives and end customers.
The best way to comprehend the PRINCE2 methodology is to apply its steps to a personal project. There are numerous PRINCE2 training, qualification, and certification options. Reviewing processes frequently throughout a project yields superior results. Now you understand the fundamentals of PRINCE2! How does this methodology compare to other popular project management approaches? And what were the benefits and potential pitfalls of this strategy?
Are you eager to learn more about PRINCE2? Then, check out our PRINCE2 Certification, the most comprehensive introduction to the fundamentals of project management, which includes curated best practices, a detailed outline of the project management framework, and resources for beginners. So, Invensis Learning offers two levels of PRINCE2 certifications, and these are PRINCE2 Foundation & PRINCE2 Practitioner based on PRINCE2 6th Edition, which AXELOS accredits.
Please feel free to contact me regarding any doubts pertaining to PRINCE2 and tips to crack certification.