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PRINCE 2 Methodology in Project Management

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What is PRINCE 2 Methodology?

Typically, PRINCE 2 methodology is very important and valuable part of the project management as it is the acronym for Projects in Controlled Environment. It is defined as the process-based approach that is very effective in delivering projects. PRINCE2 is a de facto standard that is used by UK government. It is a series of logical processes and procedures that are used to plan, implement, control and create a well-controlled environment. The main focus of Prince 2 methodology is to provide a process-based approach that is applicable to various projects. It is a very widely used method in many countries in today’s world. The main objective of PRINCE2 methodology is to develop a framework that is very effective in managing as well as controlling projects in a well-controlled environment.

What are the Processes of PRINCE2 methodology?

There are seven processes in the PRINCE2 methodology that are discussed below;

  • Starting up a project: It is the first process of PRINCE2 methodology in which project is starting which takes place prior to the project that is assigned to check the key stakeholders. The main objective of starting up a project is to mandate the project in an effective manner. A document is provided by the organization to explain the objectives as well as reasons of developing the project as well as in some cases, high-level estimations of time, as well as cost, is explained. The starting up a project process is carried out only once in each project.
  • Initiating a project: In this process, two initiating processes i.e. the initiation stage and the stage of specialized products where they are developed. This process is carried out during the initiation process. To ensure the strategy, the following points as well as roles to considered by the project management team and stakeholders.
  1. Project tasks.
  2. Prepare the Risk management strategy.
  3. Prepare Configuration management strategy.
  4. Prepare Quality management strategy.
  5. Prepare Communication management strategy.
  6. Set up project controls.
  7. Creation of a project
  8. Refine business case.
  9. Design project initiation documentation.
  • Directing a project: Directing a project process is a very important part of PRINCE2 as it delegates daily responsibilities of the project to a project manager. This is because the project board is responsible for the overall success or failure of the project. It covers following aspects under directing project process.
  • Authorize initiation.
  • Project authorization.
  • Exception plan.
  • Authorize project closure.
  • Controlling a project: Controlling the project process is the stage where all the roles, as well as responsibilities, is described within each management stage of the project to the project It outlines the following activities:
  • Authorize a work package.
  • Review work package status.
  • Review completed work package.
  • Review status of the stage.
  • Report highlights.
  • Capture issues and risks.
  • Escalate risks.
  • Take corrective action.
  • Managing a product delivery: In this process, all the responsibilities of the team members are described as supplier. Following activities are outlined:
  1. Accept a work package.
  2. Execute a work package.
  3. Deliver a work package.
  • Managing a stage boundary: It covers the following phases:
  • Plan the next stage,
  • Update the project plan.
  • Report stage end.
  • Produce an exception plan.
  • Closing a project: This process is very important as it covers the following
  1. Project products are delivered and approved.
  2. Necessary ongoing maintenance.
  3. Benefits reviews have been planned effectively.

Closing the project process are considered following parts as a part of Closure of Project.

  • Prepare planned closure.
  • Prepare premature closure.
  • Handover products.
  • Evaluation of project.
  • Recommend project closure

These are some valuable processes of PRINCE2 methodology in project management.

What are the Principles of PRINCE2 methodology?

Principles of PRINCE2 methodology.

                  

                  Description

Business Justification.

 

Roles and responsibilities.

 

Managed by stages.

 

A PRINCE2 project has a continuous business justification and it is a very important principle of the project in controlled environments.

The next principle is roles and responsibilities and it has such roles that are able to identify the overall project structure for business and user interests.

A PRINCE2 project is planned and controlled on a stage to stage by stage basis.

What are the benefits of PRINCE2 methodology?

Following are some benefits of PRINCE2 methodology in project management are:

Key Benefits.

  1. Supports business outcomes.
  2. Enable business change.
  3. Manage risks in line with business needs.
  4. Optimize better customer experience.
  5. Improved continually.
  6. Customer focused.
  7. More scalable.
  8. More adaptable.
  9. Flexible control.
  10. Carrier development.

Issues of PRINCE2 methodology?

Key Issues.

  1. Heavyweight: As PRINCE2 mainly focuses on large and comprehensive planning as well as heavy documentation of the projects. So it requires heavyweight documentation.
  2. Poor risk management as PRINCE 2 does not offers how the risks can be resolved in an effective manner.
  3. Change management in PRINCE2 is very difficult as it takes more time to develop projects in an effective manner because it is a procedure based process.

What are the themes of PRINCE2 methodology?

There are several themes that are used in the PRINCE2 methodology in order to produce better outcome are:

  1. Business case: Related to business justification principle.
  2. Organization: Related to roles and responsibility principle.
  3. Quality; Focuses on product principle.
  4. Plans: It is the most crucial part of the PRINCE2 methodology as it prepares an overall plan structure how projects activities are performed.
  5. Risk: The main objective of this theme is to take and identify risks that arise in the project development and solve them in an effective manner.
  6. Change: This theme describes the effective and reliable project change management.
  7. Progress: It is about tracking the project in an effective way so that project managers can check and control why they are related to the plan.

References.

  1. com. (2019). PRINCE2 Methodology | PRINCE2.com | UK. [online] Available at: https://www.prince2.com/uk/prince2-methodology [Accessed 15 Jan. 2019].
  2. Buehring, S. (2019). PRINCE2 Process: Managing a Stage Boundary (SB). [online] Whatisprince2.net. Available at: https://www.whatisprince2.net/prince2-process-managing-a-stage-boundary.php [Accessed 15 Jan. 2019].’
  3. com. (2019). [online] Available at: http://ijarcsse.com/Before_August_2017/docs/papers/Volume_7/3_March2017/V7I3-0134.pdf [Accessed 15 Jan. 2019].

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