What is PRINCE2 Project Management?
This is one of the world's most used project management methodologies. Founded in the UK, PRINCE2 helps companies break down projects into manageable phases while handling and reducing problems.
7 Principles of PRINCE2 Project Management
The seven principles are the foundation for the PRINCE2 Methodology. The principles are highly resourceful when it comes to managing and streamlining any project.
1. Continued Business Justification
Every PRINCE2 project must have a valid business case. The project should be achievable and financially viable throughout its lifecycle. If it no longer delivers value, it should be stopped.
2. Learn from experience
This principle could be used to make sure that repetition of past mistakes is prevented. Project management professionals should consistently identify, document, and communicate learnings throughout a project's timeline.
3. Defined roles and responsibilities
This principle emphasises that each professional involved in a project should understand their role and contribution to the project. By making sure that everyone is aware of the role they play in a project, a firm could pave the way for the smooth completion of the project with little to no confusion.
4. Manage by stages
This principle is about breaking a project into many stages. Each stage requires planning and organising. A PRINCE2 project, put simply, consists of a two-phased initiation stage, which is used to assess the viability of the project; later stages are then used to analyse whether the project remains viable and to approve the project for the next stage.
5. Manage by exception
Tolerances are what allow project management professionals to organise their projects. This principle in the context of PRINCE2 is about setting limits or tolerances, including risks, time, scope, quality, and benefits.
6. Focus on products
This PRINCE2 principle ensures that an enterprise’s team ensures that they provide the deliverables that help an organisation achieve its outcomes and objectives and are aligned with the firm's expectations
7. Tailor to Suit the Project
This principle focuses on versatility. It focuses on adapting PRINCE2 to meet the unique requirements of a project. PRINCE2 has the potential to facilitate requirements of all variances, regardless of size, complexity and risk.
Example:
PRINCE2 doesn't necessitate project board meetings, but many corporate cultures tend to insist on regular meetings. This, PRINCE2, accommodates with ease.
Source: www.whatisprince2.net
Why is PRINCE2 useful?
Benefits for Professionals
- Universally Recognised Certification
PRINCE2 is globally recognised across many countries, organisations and industries. Earning, owning and featuring a PRINCE2 Certification on your CV will pave the way for better career prospects regardless of location or industry.
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Ideal Starter Qualification for Beginners
Novices who are eyeing project management as a field would find PRINCE2 to be beneficial as it equips learners with the necessary fundamentals that could be applied in their day-to-day professional life.
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New Skills
PRINCE2 is designed to teach learners the essential skills needed for a career in project management. You bring what you've learnt at work, and you add to that by taking up a course.
Conclusion
The Principles of PRINCE2 Project Management exist not to limit project management professionals, but to make way for them and the organisations that they work for to streamline projects, their management and completion with utmost efficiency. Hence, learning and understanding PRINCE2 certifications play a pivotal role in shaping, grooming and building a project management professional, making learning and applying PRINCE2 principles indispensable to an organisation as a whole.
