What is PRINCE2?

What is PRINCE2?

In project management, to achieve the target, it is essential for project managers to understand what the project is? While starting a project, questions do arise about the aim of the project, when to start, what would be the duration and budget for the project. Finding a solution for every question that arises while initiating a project defines what we want to do and work on it the best way possible. It’s also important to follow the illustrated steps in a logical and organized method (i.e., structured project management).

In this article, let’s understand the meaning of PRINCE2, its features, and the benefits.

Understanding the meaning of PRINCE2

PRojects IN Controlled Environments also known as PRINCE2 is a globally recognized approach that is utilized to manage projects. The world’s most widely-adopted project management methodology, PRINCE2 is in the public domain that offers non-proprietorial best practice guidance on project management.

Developed as an information systems project for UK government standard, PRINCE2 recognized as the most prominent project management strategy. It gives importance to dividing the projects into manageable and controllable stages. Embraced in numerous nations across the globe, including the UK, western European countries, and Australia, PRINCE2 is used to convey the change and develop new products or services.

Introduced to address the common causes of project failure, PRINCE2 is an adaptable strategy that aide you through the essentials to manage projects to be successful by paying little heed to nature. Based upon seven standards, topics and procedures, PRINCE2 can be custom-made to meet your particular prerequisites. PRINCE2 can assist project managers to deliver projects on time, within budget, scope, and with the right quality.

It is a structured project management approach that helps in improvising the project management skills for accurate outputs. The method follows an organized and controlled framework from the beginning until the end of the project.

Estimate Activity Duration Process

What are the Features of PRINCE2?

PRINCE2 gives a general dialect that brings together the project management with external suppliers and colleagues with a typical comprehension of what the project is trying to accomplish, why it’s essential to deliver the project and convey the advantages, estimate the project timescales and all that is vital for project success. These are on the whole viewpoints where PRINCE2 can assist organizations with managing their projects better.

PRINCE2 creates the beginning of the project and its perpetuation depending on the continued existence of a possible business case. PRINCE2 helps businesses to concentrate on working on the right projects, at the right time, for the right reasons.

PRINCE2 has got a few significant features that make it unique. Below are the key features:

  • It is a non-proprietary technique

  • The planning approach is Product-based

  • PRINCE2 emphasis on managing and controlling the project

  • Integrated with the framework of procedures and themes PRINCE2 training addresses the planning, allocation, monitoring, and controlling all the features of project performance.

A PRINCE2 project has the following characteristics:

  • A characterized lifecycle and quantifiable business products

  • An indicated measure of assets

  • An organization structure, with described duties, to deal with the venture

Understanding the Benefits of PRINCE2

A standardized approach, PRINCE2 is utilized for the projects in any organization with utmost ease. PRINCE2 gives a remarkable control of resources, and the ability to oversee business and project risk all the more successfully.

PRINCE2 provides strategies that are tried and tested methods that benefit the organization's success. The basic standards of PRINCE2 can be custom-made to ensure a proper fit for a large number of project sizes, types, and environments. PRINCE2 brings in the experience to give practical guidance on managing projects in the different situation including those utilizing agile methodologies.

  • Who will it benefit? Organizations and individuals that are seeking leading project management skills and greater employment prospects.

  • How Can PRINCE2 Benefit Organizations? PRINCE2's formal recognition of responsibilities within a project helps the organization to focus on what the project has to deliver. As a common and consistent approach, PRINCE2 assured a controlled and organized way of the project throughout its life cycle.

PRINCE2 as a business approach suggests a configuration for businesses that can follow while managing projects towards producing useful results that gives you a standard system, procedures, and language for projects.

The following are the benefits of PRINCE2:

  1. PRINCE2 approach assures that the resources are utilized and controlled in a right way

  2. It manages the risks and challenges in the project

  3. Assures a flexible decision points

  4. PRINCE2 assists in frequent reviews on the progress of the project plan and business situation

  5. PRINCE2 is a mechanism for managing deviations from the project plan

PRINCE2 lets project management team access the principles that are best practiced to look beyond the training room and endow with the best practical skills to manage the project work and to make the workplace more effective.

 

 

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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