What is PRINCE2
The PRINCE2 project management methodology emphasizes control and organization and is a process-based and linear methodology. It includes basic principles, such as outlining the project budget and scope, making it suitable for beginners.
Benefits of PRINCE2 Project Management
There are many benefits of using the method. Some of the benefits and why teams choose this method to run their projects successfully are given as below:
PRINCE2 is highly recognized
The number of PRINCE2 practitioners has reached millions and the method is also recognized by the PMI.
Good for beginners
This is a simple method with defined processes, your team will have clear steps even if they never deployed a project management process.
PRINCE2 is extremely flexible
Originally the PRINCE was built for IT projects, and it accommodates any type of project. You can bend it based on your project needs.
6 Key Aspects of a PRINCE2 Project
Every PRINCE2 project has the following six characteristics that the project manager has to track as the project makes progress.
Project scope
Outlines the project deliverables.
Costs
The amount of money the project costs. The aim is to make an accurate calculation to prevent overspending.
Timescales
The amount of time to complete the project.
Risk
There’s a risk attached to every project. Part of the method includes a risk management process that identifies and manages the risks.
Quality
You must create a quality register or some document that identifies the standards to produce deliverables. This ensures that the deliverables meet the standards of your team and satisfy stakeholder expectations.
Benefits
This method requires a business justification for every project.
The 7 Phases of a PRINCE2 Project
This method has seven phases that guide the project team:
Starting the project
The project team creates a project plan and uses that as a project mandate which is an outline of what the project includes.
Directing
The board reviews the brief and decides on the requirements.
Initiating a project
The board hires a project manager and creates a more detailed project plan. This plan includes the baselines for scope, time, quality, cost, benefits, and risks.
Controlling
During the controlling phase, the project manager breaks down the project parts to be more manageable.
Managing product delivery
The project manager ensures that the project is smoothly progressing. The board then reviews the project deliverables and decides on approving the work or requesting additional work or changes to the project.
Managing stage boundaries
After the completion of each stage, the board holds a review meeting.
Closing
The project manager completes the outcomes and reports before the project ends.
In the project management world, having the right project management methodology means the difference between failure and success. The method is an adaptable methodology that enables project managers to deliver complex projects. By understanding the principles of this methodology, you can steer your projects towards success.
FAQs
What projects is PRINCE2 suitable for?
A phased approach to project management designed to deliver projects within budget and on time while adhering to quality standards. Projects including construction projects and events management projects can be successfully executed using the method.
On which environment is PRINCE2 based?
PRINCE2 is a structured practitioner exam and project management method. It emphasizes dividing projects into controllable and manageable stages. It is adopted worldwide, including the Western Europe, the UK, and Australia.
What is the purpose of PRINCE2 project management methodology?
PRINCE2 provides skills that enable you to successfully manage projects. That’s because it uses common systems, language, and procedures.
Who is responsible for PRINCE2?
The Project Board is the authority accountable for project success, decision-making, delegation, and communication.
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