Learn from experience - lessons learned (seek), recorded and acted upon throughout the project. 3. Continued business justification - A PRINCE2 project has continued business justification. All PRINCE2 projects require that: for starting the project, there has to be a justifiable reason this justification must be recorded and approved the justification must remain valid and is revalidated, throughout the project life-cycle to ensure that the project remains in line with the benefits which contribute to business objectives justification is documented either as a business case document or may use some business plans or any other similar document 2. Cross-functional - people having different skills work together Unique - each project will be unique such as it involves a different customer, a different time. a different team, a different location Uncertainty – All projects carry a very high uncertainty – threats and opportunities. What are six project constraints that we wish to control throughout a projectCosts – spending depends on the budget given to the project manager Timescales - A question the project manager is most frequently asked: What is your expected project completion date? Quality - products must be fit for the purpose for which they are produced. Scope – What is in-scope and out-of-scope of the project Benefits – What is the reason for doing this? A very crystal-clear understanding of the purpose of the project is required by the project manager Risk - All projects are risky but project manager must be aware of exactly how much risk we are in a position to accept PRINCE2 assumes that there will be - a customer who will specify the requirement of a product a supplier who will provide all skilled resources to deliver that product PRINCE2 StructureThe PRINCE2 Seven Principles are:- 1. It is a very methodical way of managing projects based on experience drawn from various projects and from the contributions of numerous people who worked using PRINCE2, such as project sponsors, project managers, project teams, academics, trainers and consultants. Its generic design can be applied to any project regardless of project scale, type, organization, geography or culture. It separates the project management work from specialist contributions, like design or construction Focus is on describing what needs to be done, instead of prescribing how project is to be done. PRINCE2®: is based more on governance for project management is tailored to meet the needs of the organization is implemented alongside industry-specific models e.g. ’engineering models’ or ‘development lifecycles’ helps participants focus on the viability of the project in relation to objectives mentioned in the business case makes sure that everybody involved is represented in planning and decision-making, appropriately inspires to learn lessons from experience in the projects and helps in continual improvement within the organizations.PRINCE2 in Project Management Some characteristics of project work that differentiates itself from business as usual (BAU) are:- Change - Projects are a great catalyst for introducing change. Temporary - Projects have a definite start and a definite end.
Managing Successful Projects with PRINCE2® By KnowledgeHut Apart from Project Management Professional (PMP)®, PRINCE2® (PRojects IN Controlled Environments) is one of the most widely used methods for managing projects across the globe.
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