Throughout history, Project Management has been practised informally. But with the coming of Project Management methodologies like PRojects IN Controlled Environments (PRINCE2), it has become effortless to control, manage and deliver successful projects on time.
PRINCE2 Certification aids Project Managers in implementing the methodology to control the work in every project phase. PRINCE2 Principles assist about 88% of Project Managers across various sectors in delivering successful projects while maintaining the utmost stakeholder satisfaction.
PRINCE2 was launched in 1989 by the Central Computer and Telecommunications Agency (CCTA) and has been employed across 150 countries. A survey from 2018 showed that 97% of managerial employers realised that PRINCE2 certifications increased their efficiency. Further, let us have a look at a comprehensive review of PRINCE2.
Table of contents
- What is PRINCE2
- Principles of PRINCE2
- Roles involved in PRINCE2 Methodology
- PRINCE2 process phases
What is PRINCE2?
We live in a project-based era where work productivity is driven by the momentum of projects, which results in optimal delivery value. PRINCE2 is mainly utilised in Australia, European nations and the UK. The full form of this acronym is ‘Projects IN Controlled Environments’.
Principles of PRINCE2
The PRINCE2 methodology is built on seven robust principles. You must follow all these principles to deliver a successful project:
- Continued business justification
A business must define value for its customer, which ensures a quality return on investment. The practicalities and cost assessments also need proper mapping; otherwise, the project concludes.
- Experiential learning
Each project has a lesson learned, which behaves as a repository for previously learned projects, resulting in growth.
- Roles and responsibilities are defined
There exists a structure of four levels where roles are assigned individually or on a shared basis, namely Corporate, Project Board, Project Manager and Team.
- Stage-by-stage management
PRINCE2 has been outlined ahead of time and follows a stage-by-stage process. The benefit of having stages is to allow for timely reviews that aid in learning from past experiences.
- Managing project tolerance
Each project objective has what is called a ‘Tolerance’. Tolerance is the extent to which changes can be made in the project without seeking pre-approval.
- Focus on quality
Deliverables of good quality are of utmost importance, wherein using a quality register is crucial to assess the deliverables against the required standards.
- Tailor-fit to a project environment
The PRINCE2 methodology needs to be fine-tuned as per the project’s requirements. There is no universal fit for every project.
Roles involved in PRINCE2 Methodology
The PRINCE2 methodology specifies the number of roles for any project team, which increases the likelihood of meeting project objectives. There are three primary roles and seven supplemental roles in PRINCE2.
The three primary roles in PRINCE2 are:
- Project Board
- Project Manager
- Project Team
The seven supplementary roles in PRINCE2 are:
- Project Manager
- Project Team
- Team Manager
PRINCE2 Process Phases
The PRINCE2 methodology also involves seven phases. These are as follows:
- Starting of the project: A project request is submitted, and the request is evaluated to ensure the company can deliver it.
- Direction of the project: The Project Board carries out the review and evaluation of the project brief and then decides on the execution as well as the organisation of the approved projects.
- Initiation of the project: This phase involves the creation of the Project Initiation Documentation (PID) by the Project Manager, which includes project scope, quality, cost and benefits. The board approves the document after the successful evaluation of the requirements.
- Controlling of project stages: At this stage, the project is divided into smaller work phases by the Project Manager. These phases are handed to the remaining team, followed by Manager’s supervision at each work stage.
- Management of product delivery: This stage requires the Project Manager to check that the quality of the deliverable meets PRINCE2 requirements. It is necessary before it is handed to the customer.
- Management of Stage Boundary: The Project Manager and the Board review each stage to ensure requirements are met. The board then decides the project’s direction, and the lessons learned are logged for future use.
- Closing of the Project: The Project Manager must ensure to conclude the completed project is clean and proper.
PRINCE2 is a well-structured beginner qualification for anyone interested in getting into Project Management. It teaches the basic principles and means of optimally working on a diverse range of projects. Most organisations globally agree on PRINCE2 practices, making it one of the crucial tools of Project Management. PRINCE2 methodology is flexible, making it an excellent fit for any company size or project.