PRINCE2 as (Projects in a Controlled Environment) is a process-based project management methodology. Which aims to enhance the beginning-to-end organization, management, and control of project phases. Both PRINCE2 and agile project management emphasize a project’s outcome. Rather than its meticulous planning.
 
PRINCE2 originated in the UK in the 1980s and has become a popular project management methodology worldwide.

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

If your team has never had a hold on a project management methodology before, PRINCE2 is an excellent starting point. The process is simple and well-defined. So it’s easy for your team to follow the project management process.
 
PRINCE2 is also an excellent method for educating team members. Its distinct principles and methods guide your team in essential project management skills. Such as project planning, time management, and communication. These skills are not specific to PRINCE2. Rather they are universal to all project management methodologies. Consequently, even if your team decides PRINCE2 isn’t right for them. Surely they will still have learned skills applicable to any project.
 
If your team is considering adopting an Agile methodology, PRINCE2 Agile is an excellent starting point. PRINCE2 Agile builds on the fundamentals of the standard PRINCE2 process and applies them to the Agile method.

Prince2 is Highly Flexible

While the original PRINCE method was developed with the IT industry in mind, PRINCE2 suits many industry project types. One of the fundamental principles of PRINCE2 is that it’s a framework, not a set of rigid rules. It’s mouldable to the specifications of your project.
 
The PRINCE2 method is highly compatible with work management software. A combination of process-driven structure and software makes it easy for your team to create tasks with specific due dates. Owners, team members, stakeholders, and the project board can track project progress easily. This efficient workflow helps your team have the latest project updates.

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

The board of directors for any project lacks time to delegate daily tasks. They manage this situation by assigning project minimum requirements.
 
These requirements may include cost, time, risk assessment, and project scope management. Using these baseline metrics as a guide, project supervisors can intervene if project phases are running late or over budget.
 
It can disrupt the established baseline requirements. Consequently, the board of directors must appropriately address these issues.

 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.

Conclusion

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.

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Lucy Brown has many years of experience in the project management domain and has helped many organizations across the Asia Pacific region. Her excellent coordinating capabilities, both inside and outside the organization, ensures that all projects are completed on time, adhering to clients' requirements. She possesses extensive expertise in developing project scope, objectives, and coordinating efforts with other teams in completing a project. As a project management practitioner, she also possesses domain proficiency in Project Management best practices in PMP and Change Management. Lucy is involved in creating a robust project plan and keep tabs on the project throughout its lifecycle. She provides unmatched value and customized services to clients and has helped them to achieve tremendous ROI.

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