PRINCE2 Methodology Advantages and Disadvantages - A Comprehensive Guide

One Project Management approach stands out in particular when it comes to efficient Project Management in challenging yet Controlled Environments, i.e., PRINCE2. You might be wondering what the PRINCE2 Project Management Methodology really is ! It is a technique that has been immensely popular over the past ten years and was created to provide projects with the best possible chance of success.

The PRINCE2 Methodology has proved to be successful, as evidenced by the fact that exam applicants are continuing to increase over time. A PRINCE2 certification is practically a given when companies are looking to hire project managers and put it as a requirement on job descriptions. 

You'll find all you need to know in this article to get acquainted with the process.

Table of Contents

1) What is PRINCE2 Methodology? 

2) When is PRINCE2 Methodology needed? 

3) Important PRINCE2 elements-  

  a) Principles  

  b) Themes 

  c) Processes 

4) PRINCE2 Methodology Advantages and disadvantages 

5) Conclusion 

Now, let’s discuss what is PRINCE2 Methodology and why it is needed.  

What is PRINCE2 Methodology?  

So, what exactly is PRINCE2 Methodology, then? There are several ways to apply PRINCE2 techniques. The most crucial aspect is that this is a highly organised Project Management approach utilised for challenging projects in supervised workspaces.

With CEOs, project boards, project managers, group leaders, and team members, it establishes project role hierarchies. Projects are also divided into stages, with distinct procedures for each level. 

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When is PRINCE2 Methodology needed?  

The ideal time to use PRINCE2 is for managing projects that will primarily require improvements or assistance only when they are required. This means that it's frequently employed in a variety of fields, including governance, building, finance, and IT.

It contrasts with PM techniques that continuously monitor and manage every area of the project. These alternative techniques could be something like Scrum Methodology, which is more service-oriented, or ITIL, the Information Technology Infrastructure Library system.
 

Important PRINCE2 elements

The PRINCE2 Project Management Methodology includes three vital elements. Here’s a quick rundown of PRINCE2 elements-

Principles  

PRINCE2 principles are the influencing ideas of this approach to Project Management. They symbolise the entire dedication to particular working, project-planning, and teamwork methods. The basis of PRINCE2 principles should never be altered or compromised in any way.

Themes  

Themes of PRINCE2 concentrate on certain points of interest that should be taken into account during the entire project lifecycle. They are not as elevated as principles, but they do require the project team to check on these business objectives on a regular basis. They can be adjusted and customised to fit the project.

Processes 

The level of PRINCE2 processes exceeds that of work activities and tasks. The processes are focused on discovering  what has to be done, who is accountable, as well as which team members will finish the task. The decision-making process is at the centre of principles, which can be customised for each project.
 

PRINCE2 Methodology Advantages and Disadvantages  

PRINCE2 Methodology Advantages and Disadvantages are as follows- 

Advantages 

1) PRINCE2 is predictable- The PRINCE2 technique divides projects into stages, allowing for step-by-step monitoring from the start of the project all the way through to its completion. As a result, there is a significantly reduced probability that the project will spin out of control, and it ensures the project is headed in the right direction.

2) Using effective methods- A project may only be deemed successful if it produces the quality of output that was anticipated at the outset. The best way to achieve this is through the application of best practices, which is one of the reasons why the PRINCE2 approach has maintained its current level of popularity.

3) Standardisation- Every part of the project was standardised using the methodology to eliminate any possibility of misconceptions or misdirection. It ensures that everyone associated with the project knows what to accomplish and when it should be done, thanks to the standard PRINCE2 vocabulary, a consistent reporting process, and standard documentation.

4) Cost- and time-efficient- Due to the aforementioned standardisation, it is less expensive and time-consuming to train new staff who are already familiar with the PRINCE2 technique. Since risks would have been discussed from the outset of the project, it takes less time to find them and, if an unanticipated risk does exist, it can be dealt with quickly as one project stage ends and the next one begins. In addition to saving time and money, PRINCE2 advises holding meetings rarely, only when they are absolutely necessary, and to keep them succinct and direct.

5) Tested and proven- Feedback from Project Management experts from across the world is taken into account whenever this Methodology is amended, ensuring that it does not deviate from lessons gained by people who are well-versed in the Project Management business. As evidence that PRINCE2 is still a widely used Methodology in more than 50 nations all over the world, it has been around for 30 years and is still going strong. It has been recognised as the Project Management approach against which all other methods are assessed and is employed in every industry.

Disadvantages 

1) Excessive documentation- The PRINCE2 approach is infamous for requiring excessive paperwork throughout the whole project lifecycle. So, if you wish to concentrate more on finishing the project's activities and processes than on documenting them, this methodology is not for you.

2) Extremely rigid- As we just covered in the benefits, all projects using PRINCE2 follow the same set of project stages. Even though it could save you time, money, and confusion, it is also a highly rigid method to go about things. This is because, despite the fact, it makes no sense, your project must always adhere to the project phases. Unlike several other Project Management approaches, it is not adaptable.

3) Useless without training- This methodology is useless if you lack the necessary training on the PRINCE concepts and product phases. Typically, you require a Senior Leader to assist you as you move through each level. However, it's less probable to happen given that these people rarely have personal time to spare.

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Conclusion   

Staff training is simply one aspect of selecting and putting a methodology into action. By implementing PRINCE2, you can benefit from improved Project Management by creating best practices. Any project type can be adapted to PRINCE2 regardless of the industry or market you represent. It also appears to be the most important determinant in success, which explains why this Project Management approach is so prevalent. 

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