Project and Project Management as per PRINCE2 Manual - DEFINED!

Project and Project Management as per PRINCE2 Manual

In today’s projectized-enterprises, it’s evident that most employees are either involved in to develop or be part of projects in their organization. For enterprises, there are many widely-recognized project management best practices and methodologies to choose from, and each has their variations of defining project and project management. As PRINCE2 project practitioners, what do you understand about PROJECT and PROJECT MANAGEMENT?

In this article, we’ll be defining PROJECT and PROJECT MANAGEMENT according to the Official PRINCE2 Manual 2017.

Meaning of Project – Defined!

A project is a short-term business deal. The purpose of the project is to create and deliver the business products according to an agreed business case. Projects are also embarked to bring in new factors or change within the organization, or the projects are executed as part of a contract. While several required skills required remain the same, there are some crucial differences between managing the business as usual and managing project work.

In today’s world, the critical challenge is to succeed in balancing two parallel, competing imperatives. That is to,

  1. Sustain the existing business operations, what we would term as ‘business as usual’ i.e., service quality, customer relationships, brand loyalty.

  2. Transform the business operations to survive and compete in the future. This medium includes decision-making on how business change can bring the best outcome for the organization.

While there are increased advancements in the technology, businesses, and other regulatory norms, the penalties of failing to adapt to new factors become more evident. Hence, for this reason, the focus of management in every business, without doubt, plans to achieve a balance between businesses as usual and business change.

There are some characteristics of project work that distinguish it from business as usual:

  1. Projects are meant to bring in Change.

  2. Projects are Temporary. Business as usual resumes when the necessary changes are implemented.

  3. Projects are Cross-functional. A project is comprised of a team with different skills working together on a temporary basis to bring in change. Projects frequently cross the common functional divisions within an organization. Projects usually have an alternate point of view and motivation for getting engaged with the difference.

  4. Every project undertaken by an organization is Unique. Establishing a similar project and proven pattern of project activity with a different team, a different customer, a different location, and a different time makes every project unique.

  5. The Uncertainty of projects will introduce threats and opportunities over and above those usually encountered in the course of business as usual.

Projects vary according to the organization's undertakings in different sectors (for example, IT, clinical research or managing an event) to deliver improved systems required to maintain its business. Moreover, the environment of a project showed how it is controlled and read from the beginning to the end. There might be factors outside the project, such as embedded corporate standards and regulatory frameworks and factors.

Meaning of Project Management – Defined!

Project management is the involvement of planning, delegating, monitoring and controlling every aspect of a project. These aspects motivate to achieve the project goals within the expected performance targets, time and budget.

Why do we need project management at all? The purpose of project management is to keep command over the skillful work that is required to create the products/services of highest quality. Also, given that the projects are the means by which we present a change, and that task work involves a higher level of risk than numerous business activities, it pursues that portraying a safe, reliable, well-demonstrated way to deal with project management is a valuable business investment.

Project Management brings in a unique focus molded by the objectives, resources, and schedule of each task. The estimation of that focus is demonstrated by the quick, overall development of Project Management as a recognized and strategic organizational competence and a subject for training and education.

To conclude, successful project management is a basic necessity in any organization irrespective of the nature and size of the business.

 

 

Know more about project management best practices through Invensis Learning’s Project Management certification training on PMP, CAPM, PRINCE2, Project Management Fundamentals, P3O, and MSP. We are a trusted training partner for Fortune 500 companies and Government institutions globally. For on-site group training, please e-mail us at corporate@invensislearning.com.

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