PRINCE2®, Projects IN Controlled Environments, is currently one of the world’s most popular project management methodologies. This method is well-built and makes it easier to manage the entire work process. Initially developed by the United Kingdom government in 1989 for its information technology projects, it was released in 1996 as a methodology for non-government projects. Currently, AXELOS Ltd. is the owner of PRINCE2®.
PRINCE2® assists project managers divide projects so that each stage is more manageable and under control, regardless of the project type or size. It is extremely adaptable and can be custom-made to your specific needs. With the aid of PRINCE2®, you can plan your project thoroughly before beginning work. Every phase of the procedure is organized from beginning to end. It also lets you wrap up loose ends once the project is complete.
Foundation and Practitioner are the two qualification levels that make up the certification.
PRINCE2 Foundation teaches students how to plan, manage, and deliver projects from inception to completion. A passing grade at the Foundation level is mandatory to earn the Practitioner credential.
PRINCE2 Practitioner extends the knowledge gained in PRINCE2 Foundation, allowing you to apply and adapt the method in a real-world setting.
Seven PRINCE2 Principles
PRINCE2 methodology relies upon seven fundamental principles. To be considered PRINCE2, a project management methodology must adhere to all principles. The following seven principles constitute the framework for a PRINCE2 mentality:
Continued Business Justification:
Which necessitates a justifiable reason for initiating the project. This justification is reevaluated throughout the project’s lifecycle.
Learn From Experience:
Before initiating a new project, reviewing and implementing the lessons learned from similar or similar-to-type projects is important. It is especially important if this is the first time a project of this size and complexity is being conducted, and the project should consider learning from external sources.
Throughout the project’s lifecycle, the project team should continue to look for opportunities to implement improvements. In addition, everyone is responsible for seeking out lessons from the project. Above all, these lessons should be recorded after the project.
Defined Roles and Responsibilities:
A PRINCE2 project has clearly defined roles and responsibilities within an organizational structure that incorporates the business, user, and supplier stakeholder interests. The company endorses the project’s objectives and ensures its financial investment is profitable. After the project is completed, users will utilize the products, allowing the organization to realize the anticipated benefits. Providers can be external or internal to the organization and provide the necessary resources and expertise for a project.
Manage by Stages:
PRINCE2 divides the project into discrete, sequential management stages.
The greater the complexity and risk of a project, the greater the number of required management stages. The project’s size and complexity, decision and control points, and organizational standards will determine the appropriate project management stages.
Manage by Exception:
A PRINCE2 project has defined tolerances for every variable (cost, time, quality, scope, benefits, and risk) to establish the limits of delegated authority. The project board delegates to the project manager the authority to manage a management stage daily (within agreed tolerances). If the management phase is anticipated to remain within tolerance, the project manager has the discretion to make necessary adjustments. In addition, it permits the project management team to manage by exception. This implementation of “manage by exception” is an efficient use of senior management’s time because it reduces their time burden without removing their control by ensuring that decisions are made at the appropriate organizational level.
Focus on Products:
A PRINCE2 project focuses on defining and delivering products, including their quality specifications. Under this PRINCE2 principle, projects must be output-oriented as opposed to work-oriented. PRINCE2 refers to these outputs as “products.” A product is a tangible or intangible input or output that can be described in advance, created, and evaluated. Two types of PRINCE2 products exist management products and specialist products. This separation is an additional important aspect of the method.
Tailor to Suit the Project:
PRINCE2 is a universal project management method that can be adapted to any project type, geography, or culture, considering the project’s environment, size, complexity, importance, team capability, and risk. It is also suitable for use in any project context, regardless of size, complexity, importance, or team competence. Moreover, the method is flexible enough to be applied to any project because it is designed to be adapted to the project context.
The objective of tailoring is to ensure:
The employed project management method is suitable for the project (e.g., aligning the method with the business processes that may support the project, like human resources, finance, and procurement).
The project’s controls (such as the frequency and formality of reports and reviews) are proportional to the project’s scope, complexity, significance, team capability, and level of risk.
Six Aspects of PRINCE2
The PRINCE2 methodology identifies six aspects that each project must manage. First, project managers must utilize KPIs to evaluate performance objectives and project constraints. Following are the six aspects of PRINCE2:
What labor is necessary to complete the project? The project plan should include an explanation of the project’s scope.
What is the cost of your project? The project costs are also specified in the project plan.
How much time will it take to finish your project? The project plan describes each phase of the project and its duration.
What are the risks to your project? You’ll need a risk management strategy to determine the mitigation strategies employed.
What quality requirements do your customers or stakeholders have? To meet quality standards, you must have quality control and assurance procedures.
Benefits Every project requires a business case and a cost-benefit analysis to articulate its objective and financial or strategic benefits.
Why Is PRINCE2® Important?
1. Develop and Enhance Your Project Management Abilities
The primary reason also confers the most obvious benefit: significantly enhanced Project Management skills. With PRINCE2® training, a professional learns and implements more effective Project Management techniques.
You will learn the methodology, terminology, framework, common systems, and procedures utilized by many project managers and the skills necessary for successfully planning, initiating, monitoring, and executing projects. In general, PRINCE2®-certified professionals utilize a methodology that is an alternative to PMP, and their familiarity with both sets of best practices grants them greater flexibility and adaptability.
2. Prince2® Is Much More of a Methodology than a Guidebook
In contrast to other PMP certifications (e.g., PMP, IPMA), PRINCE2® places a greater emphasis on the Project Management principles it embodies than on following a manual with rigid rules.
As a technical reference guide, it describes the roles and responsibilities associated with all project processes and stages. It will not lead you on how to micromanage the next task in your project, but it will ensure that you have a thorough understanding of all project principles and processes and how to manage them. With this, you can easily customize your PRINCE2® projects to meet your specific requirements and closely monitor all of the projects you manage.
3. You Can Begin Easily
When deciding on certification, it is important to consider the time required to study and prepare, the associated costs, and the disruption it causes to other areas of your professional life. PRINCE2® provides the unique advantage of only requiring preparation for the PRINCE2® Foundation exam. As a result, you can obtain a legitimate Project Management certification without investing significant time and money in training.
In addition, the PRINCE2® Foundation certification will provide you with a comprehensive overview of what to expect if you pursue the PRINCE2® Practitioner certification and beyond. It significantly simplifies the initiation phase of a Project Management certification career.
4. You Receive Your Certificate Faster than with Most Other Exams!
After completing the training, you must either take an exam administered by your training provider or a public exam. There are no time-consuming and complex registration procedures, nor is an audit of your application necessary, as is the case when registering for the PMP exam.
5. Certified PRINCE2® Professionals Earn a Fortune!
The average salary for PRINCE2®-certified project managers is over £50,000, among the most sought-after professionals in Europe.
6. Your Certification Enjoys Global Acceptance
Your PRINCE2® certification is well-known globally. PRINCE2®, developed in the public IT sector under the supervision of the UK government & many parts of the world. In addition, governments, businesses in the public and private sectors, and non-profit organizations use it today, and its popularity continues to grow globally, including in the United States, Asia, and Africa.
AXELOS Ltd., the organization that owns the rights to the PRINCE2® certification, published a white paper titled “Using PRINCE2®TM to Manage US Federal Government IT Projects” in 2009 to support the growing demand among US organizations. Therefore, this certification allows you to undertake international project work.
7. Many Organizations Favor the Prince2® Approach to Project Management!
In contrast to other Project Management certifications, in PRINCE2®, the project manager is not the sole hero and star of the project. Within the project organization, PRINCE2® projects have clearly defined roles and responsibilities. Therefore, even though the Project Manager plays a significant role in a project’s success or failure, he is not the only person to blame when things go wrong on a PRINCE2® project.
Moreover, the shared roles and responsibilities in a PRINCE2® project contribute to its success and reduce the likelihood of failure.
8. PRINCE2® Does Not Restrict You to a Single Industry
As PRINCE2® is a Project Management methodology, it is not specific to a particular industry or type of organization. Instead, it applies to all organizations, industries, and project sizes. As a result, it greatly expands your potential project areas.
9. The Evidence of Certification Is Visible to All!
With PRINCE2®, demonstrating certification is very simple. Moreover, the register is accessible online to anyone. Consequently, submitting documents and copies of PRINCE2® certificates is unnecessary, for instance, during the application process for a job.
The online register verifies that you have passed the examination and the date you did so. It is searchable by candidate name and number.
10. Your PRINCE2® Certification Makes Other Certifications Easier and More Affordable to Obtain
PRINCE2® is an independent project management certification. Obtaining the certification, however, will qualify you for exemptions when studying for other project management certifications and beyond.
A PRINCE2 certification enhances a professional’s Project Management abilities. The purpose of this certification is to prepare you for successful project management. Moreover, utilizing a common language, systems, and procedures, PRINCE2 enables the control of resources and risks.