Overview of PRINCE2 project management methodologies

PRINCE2 is among the most widely practiced methodology of project management across the world. It is a process-based approach that focuses on business and control over the projects from beginning to ending. The professionals get acknowledged about each stage of the process and how it gets structured after the project concludes. The PRINCE2 framework defines that a project should have:

  • A well-organized, as well as a controlled start that is organizing and planning before initiating the project.
  • An organized and controlled middle, that is, projects should be kept organized as well as control.
  • An organized and controlled end, that is, when the project finishes, and you get what was required, tidy up the loose ends.

If you want the opportunity to take part in weekly classroom interactive sessions about this topic, visit PRINCE2 Certification in Mumbai.

Fundamental principles of PRINCE2

The PRINCE2 methodology is built on seven main principles:

  1. Industrial projects must have business specifications: It explains that every project must have defined customers, a clear need, realistic benefits, and appropriately detailed cost assessment.
  2. From every project management stage, teams should learn: At every step of project management, some lessons are sought as well as recorded. It can be used to enhance future work.
  3. Responsibilities plus roles get clearly defined: During the PRINCE2 process, everyone should know what their responsibilities are. Along with it, the team member should know their roles while handling the project.
  4. Work gets properly planned: The projects under PRINCE2 get broken into some individual work processes. Each stage of the process includes periodic reviews for recording the lessons. It confirms that plans are on track so that they can meet the business requirements.
  5. Project boards managed perfectly: The board members do not have sufficient time to maintain the daily activities for the projects. Some of the members establish baseline requirements for cost, time, scope, and risk. If any project is running late or going over decided budget, then the project manager has the right to get that on track.
  6. Team members keep the focus on project quality: It is the responsibility of the team members to check the deliverables against requirements throughout the use of the quality register.
  7. For each project, the approach gets tailored: The PRINCE2 methodology gets adjusted to suit the needs of a business project. It is easy to change the amount of oversight, along with a plan to fit the size of the project. Even it helps in improving many people involved with the project, work package cost, and many more.

Critical phase process of PRINCE2

Starting up a project process

  • One of the team members submits a request for the new project. It refers to the project mandate. The project mandate is quite brief, which covers the necessity for starting the new project and what it will accomplish.
  • Another team member assesses every project mandate to ensure that the company is capable of taking on the project correctly.
  • If the project mandate gets approved, then it is the responsibility of the person who initiated the project to submit a more detailed project brief. Now it should cover the resources, workforce, actions, and any other requirements needed for project execution.

Directing the project

  • When the project brief gets prepared, then the board reviews it. The project board evaluates the project based on viability as well as business justification for another round of approval or disapproval.
  • The project board must decide what project can do if it gets organized. Along with it, they have to determine how they are going to delegate the project brief to the project manager.

Project initiation

  • It is the responsibility of the project manager to create the project initiation documentation. It should include a comprehensive project plan along with fundamentals for performance targets, including cost, time, scope, risk, quality, and benefits.
  • The initiated documents should send to the project board for approval. Once the project board feels confident in the project planning, they can give their consent, and then the work begins.

Project management stage controlling

  • The project manager should break down the initiated project into small work processes. After that, the process stage should pass to the team managers for execution.
  • During each stage and steps, the project manager looks at the progress of work along. It will help the team members to overcome or correct any mistakes wherever they feel necessary.
  • Team members should coordinate the daily work in detail. It helps in building the link between the project manager and the team members. Along with it, team members can ensure that everything is going according to the decided plan.

Product delivery management

  • The project management controls and checks the progress against the project brief. In addition to it, they make sure that project deliverables meet the quality expectations of PRINCE2.
  • The project board either approves the initiated project or requests some changes by evaluating completed work packages.

Management of stage boundaries

  • The project board, as well as the project manager, reviews each stage accurately. It helps in checking the progress of the project and knowing if the project is working according to the plan or not. It makes sure that the process meets the project assurance requirements.
  • At each process review, the project board evaluates whether to continue with the next project stage or not. If necessary, the project board can abandon the project altogether.

Project execution

After the completion of the project, the project manager binds up any loose threads. It can include PRINCE2 documentation, reporting, and outcomes as well.

Techniques of PRINCE2 project management

  • Project assurance: It offers an independent view on the progress of the project. There are three views of guarantee in PRINCE2, which includes business, users, and specialist. Each illustration reflects the consciousness of project board members.
  • Project support: There is a need for administrative work on most of the projects. It includes an arrangement of meetings, keeping every member informed, chasing things, keeping every plan up to date, and many more.
  • PRINCE2 scope: In current projects, there is the involvement of different groups. They involve the consumer, user, and one or more suppliers. In project management, scope refers to executing what the project should achieve, including how to do it. The methodology recognizes the need for the project controlling as well as breakpoints. It allows the project to get accomplished in a contractual framework.

Conclusion

PRINCE2 methodologies explain how to manage the project quality, management of risk, and controlling the change of the project. There are several changes during the execution of the project. PRINCE2 has a perfect technique for monitoring the impact of project changes.