The Complete Guide to PRINCE2 Project Management

By industry, project, or even team within a company, project management methodologies can vary. To get the best results, you can use one strategy alone or combine two or more. The objective is to adapt it to your organization's needs. However, you won't be able to apply the procedure appropriately if you don't grasp it. As a result, it is critical that project management professionals keep up with current approaches.

To work in a profession that uses project management approaches, you need the relevant training and certification. One of the few necessary qualifications is PRINCE2. You will learn more about PRINCE2 project management in this blog, along with the reasons it is so well-liked and widely used.

What is PRINCE2 Project Management?

The word “project management” refers to a collection of concepts designed to assist managers in identifying and applying the most suitable approach for managing and controlling the project’s activity at every stage. As there are multiple ways to finish a particular assignment, it follows that you can employ a variety of project management strategies.

PRINCE2, which stands for PRojects In Controlled Environments, is a well-known project management methodology utilized in over 150 countries. It is a process-based approach that emphasizes structure and management throughout the project.  Every project begins with a comprehensive project plan, each phase is structured, and any loose ends are resolved after the project is completed.  

PRINCE2 is a project management approach mostly utilized in the United Kingdom, Australia, and Europe. This strategy focuses on managing resources and risks by splitting projects into smaller phases, defining defined roles and duties, and employing seven procedures to manage the project life cycle.

By structuring the project into logical steps, PRINCE2 requires a project management framework with an organized and controlled project plan before the commencement of the project, which maintains its organization throughout the project life cycle.

Seven PRINCE2 procedures accomplish the control. These project management methods encompass the entirety of a project’s activities, from inception to conclusion. Now that we understand what PRINCE2 is let’s examine its roots briefly.

History of PRINCE2 Project Management

In 1989, the Computer and Telecommunications Agency (CCTA) was established. In April 1989, the CCTA renamed the framework from PROMPT II IN THE CCTA Environment to PRINCE and implemented it as an IT standard for project management. Civil Servants, therefore, chose to modify the framework’s name to the abbreviation PRINCE, which still stands for PRojects IN Controlled Environments. However, the framework was rarely used due to its rigidity and lack of adaptable characteristics for minor projects.

After several talks with project management experts and 150 European organizations, PRINCE2 was formed in 1996 as a best practice framework and an updated, more flexible framework than its predecessor. The PRINCE2 methodology significantly changed in 2009 when the seven core principles were developed. In 2013, ownership was transferred from HM Cabinet to AXELOS Ltd.

AXELOS has recently published the 2017 Update to PRINCE2. Beginning in 2017, it was decided that the PRINCE2 syllabus would be revised in response to feedback from world-renowned PRINCE2 Practitioners, who recommended a greater emphasis on the link between the themes and guidance, as well as the application of the framework to real-world business scenarios. There are still the same ideas, procedures, and themes; however, the PRINCE2 tests and training techniques have been reorganized.

Why PRINCE2?

A 2007 PricewaterhouseCoopers poll indicated that “certified project managers are substantially more likely to be employed by higher-performing projects.” PRINCE2 provides advantages to project managers and directors, as well as to an organization, through the controllable use of resources and the ability to manage business and project risk more effectively.

PRINCE2 embodies established and proven project management best practices. It is widely recognized and understood, providing all project participants with a single language.

PRINCE2 emphasizes formal identification of a project’s duties and focuses on what a project is to deliver, why, when, and for whom. By incorporating agile approaches, PRINCE2 Agile enables you to add flexibility and enhance communication to these projects.

PRINCE2 Elements

PRINCE2 Principles

The PRINCE2 principles, based on the lessons acquired from successful and unsuccessful projects, serve as a basis for the good practice among everyone engaged. PRINCE2 criteria are met when managing a project by adhering to its guiding principles. The principles of PRINCE2 are universal in the sense that they apply to all projects, self-validating in the sense that they have been demonstrated in practice over many years, and empowering in the sense that they give practitioners of the approach greater self-assurance and the ability to exert greater influence over how the project is managed.

The seven PRINCE2 principles are:

• Continued business justification
• Learn from experience
• Defined roles and responsibilities
• Manage by stages
• Manage by exception
• Focus on product
• Tailor to suit the project

PRINCE2 Process

The seven processes chart a path from the pre-project activity of getting started, through the project lifecycle stages, to the ultimate act of project closure. Checklists of recommended tasks, goods, and responsibilities are included in each phase.

The seven PRINCE2 Processes.

• Starting Up a Project (SU)
• Directing a Project (DP)
• Initiating a Project (IP)
• Controlling a Stage CS)
• Managing Product Delivery (MP)
• Managing a Stage Boundary (SB)
• Closing a Project (CP)

PRINCE2 Theme

The PRINCE2 themes explain areas of project management that are addressed continuously and parallel throughout the project. The seven themes describe why PRINCE2 requires different treatments for different project management disciplines and why it is vital.

The seven PRINCE2 themes are:

• Business Case
• Organization
• Quality
• Plans
• Risk
• Change
• Process

Is PRINCE2 Better to Alternative Methodologies?

As a project manager, you devote most of your attention to selecting your team’s appropriate project management approach. A methodology often provides a framework consisting of procedures, practices, principles, and aspirations to direct the progress of a project. PRINCE2 has demonstrated its effectiveness and is now a well-known project management method. Considering the abovementioned considerations, you may determine if PRINCE2 is suitable for their projects and teams.

If you believe this is not the appropriate framework, numerous more prevalent alternatives exist. The following are popular project management methodologies:

• Agile project management methodology
• Scrum methodology
• Kanban methodology
• Lean methods

It is up to the project manager to choose an approach. The best way to make this decision is by analyzing the project’s needs, the available resources, and the project team’s capacity to adhere to the methodology.

PRINCE2 vs. PMP

There are numerous project management certification programs, so it can be difficult for a professional project manager to determine the necessary ones. However, the project management institute’s project management professional (PMP) certification is undoubtedly one of the most recognized project management credentials (PMI).

So, which project management certification is the most appropriate for you? These qualifications offer two distinct project management frameworks, which is the primary distinction between them. PMP requires knowledge of the Project Management Institute’s (PMI) PMBOK Guide to Project Management Book of Knowledge, while PRINCE2 needs knowledge of all principles, aspects, and processes.

Therefore, investigate both project management approaches to determine which best suits your needs. Certain industries favor one framework over another. For example, in the United Kingdom, Europe, and Australia, PRINCE2 is more prevalent, whereas PMP is more prevalent in the United States, Canada, and the Middle East.

Certified project management experts get more wages than their non-certified counterparts. This is because possessing a recognized certification, such as PMP or PRINCE2, demonstrates the individual’s proficiency in project management. According to the PMI Project Management Compensation Survey, the average PMP salary in the United States is $112,000. As a result, certified professionals earn 20% more than their non-certified counterparts.

With PRINCE2 Certification Training, Become an Effective Project Manager?

All project managers would benefit greatly from learning PRINCE2. With a more standardized approach, PRINCE2 performs better than alternatives such as PMP. It outlines the responsibilities of every team member and brings clarity to the work process. Moreover, PRINCE2 focuses simultaneously on the project and the process, making it a vital tool in the modern business world.  

Conclusion

Any project manager’s objective is to deliver projects on schedule, within scope, and within budget. PRINCE2 project management leads you through the phases of a project’s lifespan, giving your project structure and a common language. It embodies the “how to” of project management: it is adaptable, expandable, and can be customized to match your individual needs.

PRINCE2 is built on the tried-and-true expertise of project management professionals worldwide. It provides the themes, principles, and processes necessary to deliver successful projects of any size or complexity.

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