Understanding the PRINCE2 terminology: A comprehensive guide

Have you ever felt perplexed by the jargon used in the PRINCE2 methodology? Maybe you’re studying for your exam and feel overwhelmed by all the new terminology.

Managing a project is not an easy task, and it requires, not only the skills, but also the right tools to be able to do so effectively. That’s where PRINCE2 comes in. PRINCE2 (Projects in Controlled Environments) is a project management framework used by many organisations to help achieve project success through clear communication and increased control.

However, as with any methodology, PRINCE2 has its own unique terminology that can be challenging to understand at times. So, in this blog post, we’ll be covering all the essential PRINCE2 terms that you need to master the art of PRINCE2.

PRINCE2 key terms

• Principles: The seven PRINCE2 principles are a series of guiding values that shape the framework and provide a solid foundation for managing a project.
• Themes: The seven PRINCE2 themes represent the areas of project management that need to be continuously addressed, monitored, and updated to ensure a project is run effectively.
• Processes: The processes represent the seven stages from start to finish that should be included in any project.
• Project: A temporary organisation that is created to deliver a specific product, service, or result.
• Product: A tangible or intangible deliverable that is produced by the project or its sub-projects.
• Benefit: The positive outcomes that a project is expected to achieve, these could be financial, organisational, or social.
• Risk: An uncertain event, or condition, that if it occurs has an impact on one or more of the projects objectives.
• Project plan: A document that outlines the objectives, strategies, and action plans for a project.
• Work package: The section of a project plan which details the specific tasks, deadlines, and budgets.
• Business case: The justification for a project that explains its value and how it aligns with the organisation’s objectives.
• Stage plan: A high-level plan for the next stage of a development. It should outline the approach, timescale, resources, and estimated cost for that section of the project.
• Quality criteria: The specific measures used to ensure a project’s outputs meet the required level of quality.
• Stakeholder: Any individuals who have an interest in the project, including project team members, executives, customers, and other external groups.
• Project board: A group of senior stakeholders who are responsible for the project’s overall success.

Learning the terminology of PRINCE2 is essential for effective project management. The basic terms, themes, and processes included in the methodology provide a foundation for communication and collaboration within a project team.

Source: prince2.com