Overview
PRINCE2 (condensations of Project In Controlled Environment) is a generic and structured approach of project management. Generic approach of project management means it can be applied in any type or size of industry. Structured approach of project management means managing a project in an organized way.
This methodology, as a PRINCE, was developed by the Central Computer and Telecommunications Agency (CCTA), UK in 1989. Current version of this methodology was released on 2009.
Performance variables/ targets
While managing a project, you must keep your eyes on following variables. Prince2 helps you to deal with planning, delegation, monitoring, and controlling of these six variables.
1. Timescales
2. Scope
3. Cost
4. Benefits
5. Quality
6. Risk
Principles of PRINCE2
Prince2 is based on following seven (7) principles;
1. Continued business justification
2. Learn from experiences
3. Defined roles and responsibilities
4. Manage by stages
5. Manage by exceptions
6. Focus on Products
7. Tailor to suit the project environment
Themes of PRINCE2
PRINCE2 above principles are based on following themes;
1. Business case
2. Organizations
3. Quality
4. Plans
5. Risk
6. Change
7. Progress
Processes of PRINCE2
PRINCE2 uses following process for managing a project:
1. Starting Up a project (SU)
2. Initiating a project (IP)
3. Directing a project (DP)
4. Controlling a Stage (CS)
5. Managing Product Delivery ( MP)
6. Managing a Stage Boundary (SB)
7. Closing a Project (CP)
Advantage of using PRINCE2
PRINCE2, as name suggest, provides you the approach through which you can execute your project in controlled environment by controlling processes and managing all the potential risks.
As a project manager, it provides you many evaluation and decision making opportunities during the project life cycle. It also gives you guidelines about how to tackle deviations and managing transparent communication between project member, project board and project.
Apart from the above, few of them you must be aware of are mentioned below:
· It is a compilation of best practices collected from the various industries projects
· This approach can be applied on any kind of project
· Fixed accountability
· Product-focused; means deliverable is well defined at the beginning of project
· Managing project according to the situation; in case of exception higher management takes over the control of project from the project manger
· Always assess your project from the Business Case point of view.
· Learn from experiences
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