PRINCE2 Project Management & 7 Principles

KEY TAKEAWAYS

• PRINCE2 or PRojects IN Controlled Environments is a project management methodology that is scalable and can be tailored to any type of project.
• The PRINCE2 approach has seven principles: continued business justification, learn from experience, defined roles and responsibility, manage by stages, manage by exception, focus on products, and tailor to suit the project environment.
• Before the project begins, PRINCE2 requires managers to define the projects goals and objectives and justify them.

Most of the organizations in different countries rely on PRINCE2 (PRojects IN Controlled Environments) methodology for efficient management of a project from initiation to closure and evaluation phase. It is the most practiced methodology as it is the most suitable for management of projects of all sizes developed in different industries. This methodology is revised and updated after every 2–3 years. Organizations prefer this methodology for saving time and money in project development with improved quality. A client can anytime ask you to change the requirements of the project. In that case, if you are not following a tested methodology, making these changes can adversely affect the product development life cycle. However, you need not to worry if you are managing your project with PRINCE2 methodology.

PRINCE2 recommends 7 principles, processes and themes for tailored and scalable project management. Here are the details about the 7 PRINCE2 principles:

Continued business justification

Before starting the actual development of the project, first of all reasons and objectives of the project must be justified. The team of managers also ensures that these reasons remain valid throughout the complete PRINCE2 project development cycle.

Learn from experience

According to this principle, managers should learn from their previous experience and apply this experience in the current project. They are also expected to learn from others for improved project management. All these lessons learnt from previous and current projects are documented in a lesson log.

Defined roles and responsibility

In PRINCE2 projects, all roles and responsibilities are defined and assigned to the teams and individuals working on the project according to this principle.

Manage by stages

For efficient management, the project development is broken into small stages which are monitored and controlled separately. The project is reviewed after completion of each stage to ensure that it is being developed according to the client’s requirements and expectations.

Manage by exception

In this PRINCE2 principle, all tolerances for time, budget, quality, and scope are established. Limits of delegated authorities are established and accountabilities are defined. In case these tolerances exceed or there is a possibility of exceeding, next level of management is informed for further proceedings.

Focus on products

This principle focuses on the delivery of the project meeting client’s requirements defined in the requirement document. This principle consists of product based planning and product description.

Tailor to suit the project management

According to this principle, PRINCE2 management should be tailored by keeping size, risk, environment, importance, capabilities, and some other factors in mind.

For complete understanding of PRINCE2 principles, processes and themes, you can join a top-rated training institute offering PRINCE2 management courses in London.