PRINCE2 serves as one of the famous methodologies of project management and is widely recognized across the globe. It is not only renowned in the UK but has become a standardized certification course all over the world. PRINCE2 is a highly famous approach that suggests that structure is useful while handling different business projects. The organization can gain practical benefits by hiring professionals certified with PRINCE2.
PRINCE2 frameworks is proficiently used in private companies, government agencies, and has emerged as a standard for managing various business projects. The structure of PRINCE2 consists of four main elements, namely, 7 PRINCE2 principles, 7 PRINCE2 themes, 7 PRINCE2 processes, and tailoring.
7 themes of PRINCE2 framework
- Business case: This theme of PRINCE2 goes along with the continued business justification principle implemented by various organizations. A business case will witness the rationalization for handling the project along with defining cost and timelines. The business case must be valid for the project managers from the initiation of the project at any point in time. However, if the justification of the project seems invalid, then it becomes necessary to shut off the project.
- Quality: The quality theme of PRINCE2 goes with the principle of focus on products. The quality theme ensures that the quality of management services is of a high standard. It becomes essential for the project managers to maintain product quality consistently.
- Organization: The organization theme of PRINCE2 assures that a proper structure of the project is in the right place. Along with it, the PRINCE2 theme ensures that every member involved with the project manager is aware of their responsibilities and job. It means that this theme is perfectly aligned with the PRINCE2 principle, which defines the roles and responsibilities or individual team members.
- Management plans: Planning is one of the crucial parts of project management. PRINCE2 enforces efficient planning to handle and execute the project properly. The planning theme ensures that the team members have developed a proper plan throughout its execution. By creating an effective business plan, the managers can meet the desired goals.
- Risks: Undoubtedly, every project is prone to high risks and thus requires a proper risk management process. If the project managers need to execute a project effectively, then they need to prepare a risk management plan according to PRINCE2 methodology.
- Change: According to PRINCE2 framework, if there is any change requested, then it must get recorded in a register. The managers need to adopt an effective strategy or plan required for the successful execution of the project.
- Progress: PRINCE2 progress theme assures that a project is efficient controlled with time to time analysis. The management team needs to review the status of the project for the successful implementation of the project.
7 principles of PRINCE2 framework
- Well-defined roles and responsibilities:
Every team member should be assigned to their roles and responsibilities while managing a project. By assigning different responsibilities to management team members, project managers can avoid confusion related to the distribution of work.
- Continued business justification:
Every business project should be supported by a strong justification, as stated by this principle. Throughout the lifecycle of the project, PRINCE2 methodology remains valid and supported by justification based on time, cost, reasoning, and profit.
- Manage by stages:
The PRINCE2 methodology encourages management team by different stages. Any business project should include at least two stages that are; the starting up of the project and the initiation stage to manage it perfectly.
- Learn from experience:
According to this principle, every team member working on a particular business project should learn from their experiences. It becomes essential for professionals to not repeat the same mistake in the coming future while handling different projects. Moreover, the project managers can learn from the history of projects on how to avoid mistakes that have already occurred in the past.
- Manage by exception:
Business projects need to get managed by exception. There should be an efficient plan to verify and establish that project management is in the right flow. Along with it, any of the necessary changes need to get escalated to the business manager.
- Focus on products:
According to this PRINCE2 principle, the management team needs to focus on the quality of products and services delivered. The major focus of the team should be on developing high standard services and delivering them effectively.
- Tailor to suit:
It is the last principle of PRINCE2 methodology, which refers to the customization of effective PRINCE2 structure for various projects. It is a well-known fact that every business project is different and thus requires a suitable approach. That is why; project managers use PRINCE2, which gives the authority to modify suitable changes useful for project management.
7 principles of PRINCE2 methodology
- Starting up a project: This PRINCE2 process ensures that there is an efficient startup plan. Along with it, this process assures the business case is in the right place for starting up the project.
- Directing a project: This process serves as the link between the project board and the executive team. It shows that project managers are reviewing the project plan effectively.
- Initiating a project: This is the process where the managers initiate the business project. Moreover, this process reflects that the real execution of the project is effective.
- Controlling a stage: This process ensures that the initiation process is verified perfectly. It confirms that project managers are moving on to the next stage with confidence.
- Managing the delivery of the product: In this process of the PRINCE2 framework, the product developed is analyzed and higher compared with the expected plan.
- Managing a stage boundary: In this process, any necessary change within PRINCE2 methodology takes place. The project managers need to focus on effective strategies for managing business projects by implementing critical changes.
- Closing a project: This process mainly focuses on the closing of the project. It is the final stage of a business project which tells whether the execution of a project is successful or not.
Tailoring of project
The different projects in the business have different expectations and hence need to get handled properly. The methodology of PRINCE2 allows the adaptation of a vital approach to meet business needs. PRINCE2 approach encourages tailoring of the method to outfit the projects. Each team member in project management is aware of the responsibilities and procedures for tackling the business project effectively. Moreover, the managers become capable of handling larger projects easily by focusing on every project management stage.
PRINCE2 structures ensure that the project is not only initiated but also delivered effectively. It assures that quality of the project is highly maintained while delivering the product or services on time.