What is PRINCE2®? Project Management Guide

The term "Project Management" refers to a collection of guidelines designed to assist managers in determining and putting it into practice the best approach for managing and controlling the work at each stage of a project. There are numerous ways to execute a certain assignment, thus it makes sense to use a range of project management techniques.

Depending on the industry, the project, or even the team within a given firm, project management methodologies usually vary. To achieve the best outcomes, you can combine two methodologies or even employ only one; the key is to adapt it to your organisation's requirements.

It is essential to hold the appropriate credentials and certifications if you work in a field where project management techniques are used. One of the chosen few core qualifications is PRINCE2. You can better understand why PRINCE2 is such a well-known and prevalent project management technique by reading the information below.

The UK government standard for project management, PRINCE2, may not be well known to project managers who are based outside of the UK. Although unfamiliar to some people outside of the United Kingdom, the PRINCE2 project management approach still has a lot to offer, even if it isn't fully adopted.

Table of Contents

1) What is PRINCE2? 

2) History of PRINCE2? 

3) How does PRINCE2 Work?  

4) PRINCE2 Benefits-  

   a) How can PRINCE2 Benefit you? 

   b) How can PRINCE2 your Organisation?  

5) PRINCE2 Roles and Responsibilities 

6) Seven Principles of PRINCE2  

7) Seven Work Phases of PRINCE2 Process 

8) PRINCE2 Certification

9) Become an Effective Project Manager with PRINCE2 Certification Training
 

What is PRINCE2®? 

More than 150 countries use the Project Management Methodology known as PRINCE2, or Projects IN Controlled Environments. It's a methodical approach that emphasises control and organisation throughout the overall project. Every project begins with a comprehensive project plan, each step of the process is planned, and any loose ends are tied up when the project is complete. But what is PRINCE2 project management in exercise? Keep reading for the underlying ideas and seven-step method of this strategy. 

PRINCE2 requires a project management framework that has an organised and controlled project plan before commencing, one that maintains its structure throughout the project life cycle. This is done by breaking the project down into logical sections. PRINCE2 is totally scalable. he most recent upgrade to the framework, PRINCE2, allows it to be more easily customised for each project you take on.  

Seven PRINCE2 procedures are used to attain the control. The process-based project management methodology PRINCE2 will equip you with the foundational knowledge required to succeed as a project manager. These project management procedures cover every phase of a project, from planning to completion. Now that we are aware of what PRINCE2 is, let us quickly examine its history. 

Learn more about PRINCE2. Check out our PRINCE2 Training Courses today! 

History of PRINCE2®?  

The Project Resource Organization Management Planning Technique (also known as PROMPT), which was developed in 1975 and employed by the United Kingdom government for its information system projects, served as the foundation for the PRINCE2 methodology, which was first introduced in 1989 by the Central Computer and Telecommunications Agency (CCTA). In 1996, PRINCE2 as a project management approach was finally released, and amazingly, it is now available for free. 

After beginning to be successful in the UK, PRINCE2 swiftly spread throughout the world and is now widely used in both the public and private sectors. 

The original framework was established by a group of 150 different European organisations and launched in 1996. This variety of knowledge and experience led to a clear yet adaptable method for managing productive projects. Since that time, enterprises, and organisations from a variety of industries have adapted PRINCE2 project management to their needs. Furthermore, ongoing revisions have made sure that the technique remains applicable even when markets, industries, and business practices change. 

So, precisely how does it operate? What are the benefits of PRINCE2 training? What are the PRINCE2 process's guiding principles, roles, and phases? The Knowledge Academy examines everything you need to know about PRINCE2 in this post!
 

How does PRINCE2® Work? 

A PRINCE2 project plan is typically described as having- 

1) A project lifecycle that is clearly defined 

2) Quantifiable and defined business products 

3) A matching set of procedures for successfully developing commercial goods  

4) A clear and defined collection of resources  

5) A project management organisational structure with clear roles and responsibilities 

Interested to know more about how PRINCE2 works? Check out our PRINCE2® Foundation and Practitioner Training Course now! 
 

PRINCE2® Benefits 

Studying PRINCE2 can improve project management procedures across your entire company. Teams using the PRINCE2 methodology have a clear understanding of their roles within a project as well as when, why, and for whom certain deliverables are to be made. The framework also provides techniques for resource and expense management that have been shown to be effective, leading to more carefully planned projects with significantly higher returns on investment. 

Most importantly, the framework will assist you in keeping the right perspective while working on your projects. Several reviews will be conducted to make sure that the work is moving forward in accordance with the set business goals, and any problems will be addressed and fixed before work can proceed. 

The following are some of the major benefits of PRINCE2 project management-

1) Greater decision-making latitude 

2) Better resource management and project control 

3) Reviewing project progress on a regular basis against business cases and plans 

4) Higher efficiency in risk management 

5) Early detection of potential issues 

6) Ensuring that projects are only continued when they have real, business-related justifications  

7) A clear procedure for handling any project deviations from the established plan 

8) The project team and other PRINCE2 stakeholders communicate effectively. 

9) A defined procedure for documenting lessons learnt that can be applied to future initiatives 

How can PRINCE2® Benefit you?  

With over 1 million certified experts worldwide, PRINCE2 is firmly entrenched as the most widely used project management methodology. 

The knowledge and abilities you get from PRINCE2 will improve your project management abilities. Additionally, having this certification will help you advance in your career since many organisations require it in order to hire project managers. In actuality, 88% of project professionals claimed that PRINCE2 aided their professional development. 

How can PRINCE2® Benefit your Organisation?  

As a PRINCE2 organisation, your projects will benefit from following- 

1) a regular and reliable method  

2) a regulated and organised beginning, middle, and end  

3) regular evaluations of plan progress 

4) confirmation of the project's ongoing business justification 

Additionally, the Pulse of the Profession study from the PMI in 2018 discovered that businesses who invest in tried-and-true project management techniques succeed more than those that don't. Additionally, according to the Power of Professional Certification research from AXELOS, 97% of decision-makers believe certification increases efficiency and boosts employee satisfaction. 

PRINCE2® Roles and Responsibilities  

The PRINCE2 project management technique explicitly defines roles and duties to foster a regulated project environment. The key roles that make up a PRINCE2 project management team are listed below. 

1) Project Manager- The planning, execution, controlling, and closure phases of the project must all be managed by the project manager. 

Project Manager's Primary Responsibilities- 

A) Organize a project team and keep an eye on its progress. 

B) Make a project plan including a timetable and budget. 

C) Stay connected with the project board and the clients 

2) Team Manager- You might require a team manager to constantly monitor team members and report to the project manager based on the scale of your project. 

3) Customer- The project also involves a client, user, or supplier. This is the individual or group funding the project and who will be affected in some way by its results. 

 Important Customer Responsibilities- 

A) Recognize the significance of key project management documents, including the project plan, project brief, risk register, and business case. 

B) Give the project enough money to pay for the necessary resources. 

4) Project Board- The project board, which consists of business and customer executives, including a representative of the consumer end and another for the suppliers or specialists working on the project, is the last step. 

Essential Responsibilities of the Project Board- 

A) The members of the project board are in responsible for making important decisions. 

B) Regularly communicate with the project manager and give your approval or disapproval for his initiatives. 

Learn all about the Project Manager Activities. Register for our PRINCE2 Foundation Training Course today! 
 

Seven Principles of PRINCE2®   

Seven important principles form the foundation of the PRINCE2 methodology: 

1) Projects must be justified from a business perspective, which includes having a clear need, a specified customer, reasonable benefits, and an in-depth cost analysis 

2) It's crucial to keep learning. At every stage of the procedure, lessons are actively looked after, recorded, and applied to enhance subsequent work 

3) Everyone is aware of their roles and duties, and they are all well stated 

4) The work is organised in phases. In order to reflect on lessons learned and make sure the project is still on track to reach its objectives, large projects are divided into phases 

5) Project boards assign daily management duties to a project manager after establishing baseline standards for necessities including deadlines, cost, risk, and scope 

6) To verify that deliveries adhere to specifications, teams use a quality register. 

7) Every project should be customised using the PRINCE2 methodology. The scope, the number of participants involved, etc., can all be taken into account when determining the level of supervision and planning. 

Seven Work Phases of PRINCE2® Process

The fact that the procedure is divided into seven phases shouldn't come as a surprise! Below are the 7 work phases-  

1) The Start of a Project- An application for a new project—a project mandate—is made. The company's ability to fulfil this mandate is evaluated. A more thorough project brief is provided to the company if it is accepted. 

2) Directing- The project board reads and assesses project briefs. They will choose how to plan and carry out the authorised projects. 

3) Project Initiation- The project manager develops the documentation for the project's beginning, which contains a strategy and baseline for key objectives like cost, advantages, risk, quality, and scope. The board chooses whether or not everyone approves of this documentation.  

4) Controlling Stage- Now that the project has been broken down into smaller work phases, the project manager passes off the project to the rest of the team. The project manager oversees each stage and will intervene as needed. The daily tasks are coordinated by the team manager. 

5) Administration of Product Delivery- Before being handed off to the customer, the deliverables must satisfy the quality requirements of PRINCE2. This responsibility lies on the project manager. The board then assesses whether the outcomes are acceptable or call for revisions. 

6) Stage Boundary Control- The board and project manager assess each stage of the project to make sure that everything is proceeding as expected and that the requirements are being fulfilled. The project's future can be decided by the board. The project manager is required to document the lessons learnt at every review for later reference. 

7) Project Completion- The project manager must wrap up cleanly after the work on the project is over. 

Learn in detail about the working phases of PRINCE2 Process. Join our PRINCE2® Practitioner Training Course today!  

PRINCE2® Certification  

There is a study programme for PRINCE2 that results in certification in the methodology. The candidate must complete the training with an authorised training provider and pass a test before continuing with the course.  

In accordance with the PRINCE2 project management technique, there are four levels of certification: 

1) PRINCE2 2017 Foundation 

2) PRINCE2 2017 Practitioner  

3) PRINCE2 Agile Foundation 

4) PRINCE2 Agile Practitioner 

Based on the certification level and certified training institution you select, the cost of the certification course and exam ranges from £350 to £2,000. 

Become an Effective Project Manager with PRINCE2® Certification Training

Although we addressed all the PRINCE2 meaning and processes, there is a lot to be learned from it, hence we strongly advise it to all project managers. Compared to other options like PMP, PRINCE2 operates at a higher level and uses a more defined methodology. It clarifies each team member's responsibilities and adds clarity to the work process. Due to its synchronised focus on the project and the process, PRINCE2 is a useful tool in today's business environment. Start right away by registering in The Knowledge Academy's PRINCE2 Certification Course, one of the most well-known options in the market right now.