All you need to know about PRINCE2 Project Management

PRINCE2 Project Management

A Comprehensive Review of PRINCE2 Project Management

By industry, project, or even team within a company, project management methodologies can vary. To get the best results, you can use one strategy alone or combine two or more. The objective is to adapt it to your organization’s needs. However, you won’t be able to apply the procedure appropriately if you don’t grasp it. As a result, it is critical that project management professionals keep up with current approaches.

To work in a profession that uses project management approaches, you need the relevant training and certification. One of the few necessary qualifications is PRINCE2. You will learn more about PRINCE2 project management in this post, along with the reasons it is so well-liked and widely used.

PRINCE2 Project Management

What is PRINCE2 Project Management?

The term “project management” refers to a group of ideas intended to help managers choose and put into practice the best strategy for overseeing and regulating the project’s activity at every stage. There are numerous ways to complete a specific assignment, therefore you can use a range of project management techniques.

Over 150 countries use the well-known PRINCE2 project management or also known as Projects In Controlled Environments. It is a methodical technique that places a focus on organization and management throughout the project. Every project starts with a thorough project plan, each step is organized, and any remaining issues are dealt with once the project is finished.

A PRINCE2 Project Management methodology is primarily used in the UK, Australia, and Europe. By breaking projects into smaller phases, defining roles and responsibilities, and using seven procedures to manage the project life cycle, this technique focuses on managing resources and risks.

PRINCE2 requires a project management framework with an organized and controlled project plan before the project begins, which maintains its organization throughout the project life cycle. This structure breaks the project down into logical steps.

To complete the control, seven PRINCE2 procedures are used. These project management techniques cover all phases of a project, from planning to completion. Now that we are clear on what PRINCE2 Project Management is, let’s briefly look at its origins.

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PRINCE2 Project Management

PRINCE2 Project Management History

The Computer and Telecommunications Agency (CCTA) started operating in 1989. The framework was changed from PROMPT II IN THE CCTA Environment to PRINCE in April 1989 by the CCTA, who also adopted it as an IT standard for project management. Therefore, Civil Servants decided to change the acronym for the framework’s name to PRINCE, which still stands for PRojects IN Controlled Environments.

However, because of its rigidity and lack of features that could be altered for smaller applications, the framework was rarely used.

After extensive consultation with 150 European firms and project management specialists, PRINCE2 was developed in 1996 as a foundation for best practices and an improved, more flexible framework than its forerunner. When the seven core principles were created in 2009, the PRINCE2 methodology underwent a significant transformation. AXELOS Ltd. acquired ownership in 2013 from HM Cabinet.

AXELOS recently released PRINCE2’s 2017 Update. In response to feedback from renowned PRINCE2 Practitioners, it was decided to start revising the PRINCE2 syllabus in 2017. These practitioners suggested placing more emphasis on the connections between themes and guidance as well as the use of the framework in real-world business scenarios. The PRINCE2 Project Management testing and training methods have been rearranged, but the concepts, practices, and themes remain the same.

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PRINCE2 Elements

PRINCE2 Principles:

The PRINCE2 principles, which are founded on the knowledge gained from both successful and unsuccessful projects, provide a framework for good behavior among all parties involved. By following its guiding principles, a project is managed in a way that satisfies PRINCE2 standards.

The PRINCE2 Project Management principles are empowering in that they give practitioners of the approach greater self-assurance and the capacity to exert greater influence over how the project is managed. They are universal in that they apply to all projects, self-validating in that they have been demonstrated in practice over a long period of time, and.

The seven PRINCE2 principles are:

  • Continued business justification
  • Learn from experience
  • Defined roles and responsibilities
  • Manage by stages
  • Manage by exception
  • Focus on product
  • Tailor to suit the project

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PRINCE2 Process:

The seven steps show how to move from the first pre-project activity of starting a project through the various stages of a project lifecycle to the final act of project closure. Lists of suggested duties, products, and responsibilities are provided at each phase.

PRINCE2’s seven Processes entail:

  • Starting Up a Project (SU)
  • Directing a Project (DP)
  • Initiating a Project (IP)
  • Controlling a Stage CS)
  • Managing Product Delivery (MP)
  • Managing a Stage Boundary (SB)
  • Closing a Project (CP)

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PRINCE2 Project Management

PRINCE2 Project Management Theme:

The project management areas that are continuously and concurrently addressed by PRINCE2 are explained. The seven themes explain the importance of PRINCE2 and why it is necessary to treat various project management disciplines differently.

These are the seven PRINCE2 themes:

  • Business Case
  • Organization
  • Quality
  • Plans
  • Risk
  • Change
  • Process

Frequently Asked Questions

When does PRINCE2 certification expires?

After three years, the PRINCE2 Practitioner certification will expire. You can either retake the PRINCE2 Practitioner Exam before the expiration date to keep your certification current and ensure there are no gaps in your Practitioner status, or you can keep your certification current by earning CPD points and a digital badge.

PRINCE2 or the PMP: which is better?

Both the PRINCE2 and PMP certificates are widely respected credentials. However, certain regions prefer one certification type over another. While PMP certifications are more common in Canada, the Middle East, and the United States, PRINCE2 certifications are more common in Australia, Europe, and the United Kingdom.

Does PRINCE2 result in higher pay?

Skills in project management are needed for many jobs. Your career may benefit from PRINCE2. PRINCE2 can increase your pay.

Is PRINCE2 effective for managing projects?

Many people consider PRINCE2 to be the most fundamental requirement needed to enter the area of project management because it is an industry standard. A PRINCE2 course is a fantastic approach to become acquainted with the principles of project management and discover how to apply project management theory to your work.

Conclusion

The goal of every project manager is to complete projects on time, within scope, and within budget. By offering your project structure and a common language, PRINCE2 project management guides you through the stages of a project’s lifespan. It embodies the “how to” of project management and may be adjusted, expanded, and tailored to meet your specific requirements.

The foundation of PRINCE2 is the time-tested expertise of project management experts around the world. It offers the concepts, tenets, and procedures required to complete projects of any size or complexity successfully.

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