What is PRINCE2?

PRINCE2 is a project management method that can be used for any project, from running a 1 day event to building a nuclear power plant. PRINCE2 is widely recognised (#1 project management certification) can be used in both the public and private sectors. The PRINCE2 method is in the public domain therefore it is free to use and it also offers non-proprietorial best practice guidance on project management.

Some key features of PRINCE2 are:

◉ The focus of the project is on business justification and potential long term value

◉ Defined organisation structure for the project management team so people know what is expected from them

◉ Product-based planning approach (product breakdown structure and good product descriptions)

◉ Emphasis on dividing the project into manageable and controllable stages making the project easier to plan and control

◉ And that PRINCE2 can be tailored to suit the project environment and minimise the amount of paperwork.

History of PRINCE2

The following is a timeline of PRINCE2 and its origins:

◉ mid-1970s: PROMPT Methodology created in Simpact Systems Limited (a private sector company). PROMPT stands for Project, Resource, Organization, Management, and Planning Technique.

◉ early 1980s: CCTA (Central Computer and Telecommunications Agency in the UK) licenses the PROMPT Methodology.

◉ 1989: CCTA enhances PROMPT and renames it into PRINCE. PRINCE stands for PROMPT in the CCTA Environment.

◉ 1996: The first release of PRINCE2, and its certifications

◉ 2000: CCTA was integrated into OGC (Office of Government Commerce).

◉ 2009: Latest release of PRINCE2

◉ 2013: the ownership of PRINCE2 was transformed to AXELOS

Benefits of using PRINCE2

There are numerous advantages to using PRINCE2 (like most methods):

◉ Best practice: PRINCE2 has been around more than 40 years in many thousands of projects, and it learns from these projects.

◉ PRINCE2 can be used for all kinds of projects

◉ PRINCE2 provides a structure for roles and accountability meaning that all should know what is expected of them and what they can expect from others.

◉ PRINCE2 is product-focused, meaning that products are well-defined before work begins.

◉ PRINCE2 uses Management by Exception. This allows each layer to get on with their work and only escalate if needed. More on this later.

◉ PRINCE2 assess the viability of the project from a business case from start to finish.

PRINCE2 project variables

The two most common variables to control in a project are time and cost. There are 6 variables (performance targets) to control in a project and these are: Timescales, Costs, Quality, Scope, Benefits, and Risk. Also known as: 6 aspects of project performance. Tip to remember them: Use TeCQuila SoBeR. This will give you Timescales, Costs, Quality, Scope, Benefits, and Risk. Or you can use: “BC QRST.”

◉ Time: When will the project be finished?

◉ Cost: Projects need to give a return on investment and costs need to be controlled.

◉ Quality: Are products passing their quality checks and will users be able to use the project product as expected when delivered

◉ Scope: Is the scope clear to all stakeholders? The first scope document is the PPD

◉ Benefits: Expected benefits must be known, agreed and measurable.

◉ Risk: All projects have risk, so risk needs to be managed so the project has a better chance to succeed.

Project Defintion

There are many project definitions and its best to read them all to get a better of the PRINCE2 definition.

◉ Here is one from Wikipedia: A project is a unique series of actions designed to accomplish a unique goal within specific time and cost limitations.

◉ Source internet: An individual or collaborative enterprise that is carefully planned to achieve a particular aim

◉ Another one: A project is an activity to meet the creation of a unique product or service and thus activities that are undertaken to accomplish routine activities cannot be considered projects.

PRINCE2 project definition: A project is a temporary organization that is created for the purpose of delivering one or more business products according to an agreed business case.

◉ The word organization refers to the project team (people involved in the project)

◉ The word temporary refers to the fact that each project as a definite start and end date.

◉ The business case includes: reasons for the project, expected benefits, costs and time

Source: https://prince2.wiki/