A standard project management method, PRINCE2 gives functional devices to prepare, plan, execute, and finish the task in a precise way. For project progress controls to be measurable, project managers should monitor and compare the completed tasks and the plan so that the project managers can estimate the project objectives and continued viability. On the off chance, that this estimate isn’t favorable, then some corrective action in the form of project controls is expected to bring the project back on track. In this article, we’ll be discussing the six variables involved in any project and therefore six aspects that will influence PRINCE2 Project Performance.
Understanding the Meaning of PRINCE2
PRojects IN Controlled Environments also known as PRINCE2 is a globally recognized approach that is utilized to manage projects. The world’s most widely-adopted project management methodology, PRINCE2 is in the public domain that offers non-proprietorial best practice guidance on project management.
Developed as an information systems project for UK government standards, PRINCE2 is recognized as the most prominent project management strategy. It gives importance to dividing the projects into manageable and controllable stages. Embraced in numerous nations across the globe, including the UK, western European countries, and Australia, PRINCE2 is used to convey the change and develop new products or services.
Introduced to address the common causes of project failure, PRINCE2 is an adaptable strategy that aids you through the essentials to manage projects to be successful by paying little heed to nature. Based upon seven standards, topics, and procedures, PRINCE2 can be custom-made to meet your particular prerequisites. PRINCE2 can assist project managers to deliver projects on time, within budget, scope, and with the right quality.
It is a structured project management approach that helps in improvising the project management skills for accurate outputs. The method follows an organized and controlled framework from the beginning until the end of the project.
What are the Features of PRINCE2?
PRINCE2 gives a general dialect that brings together the project management with external suppliers and colleagues with a typical comprehension of what the project is trying to accomplish, why it’s essential to deliver the project and convey the advantages, estimate the project timescales, and all that is vital for project success. These are on the whole viewpoints where PRINCE2 can assist organizations with managing their projects better.
PRINCE2 creates the beginning of the project and its perpetuation depending on the continued existence of a possible business case. PRINCE2 helps businesses to concentrate on working on the right projects, at the right time, for the right reasons.
PRINCE2 has got a few significant features that make it unique. Below are the key features:
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It is a non-proprietary technique
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The planning approach is Product-based
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PRINCE2 emphasizes managing and controlling the project
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Integrated with the framework of procedures and themes PRINCE2 training addresses the planning, allocation, monitoring, and controlling of all the features of project performance.
A PRINCE2 Project Characteristics:
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A characterized lifecycle and quantifiable business products
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An indicated measure of assets
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An organization structure, with described duties, to deal with the venture
Understanding the Benefits of PRINCE2
A standardized approach, PRINCE2 is utilized for the projects in any organization with utmost ease. PRINCE2 gives a remarkable control of resources, and the ability to oversee business and project risk all the more successfully.
PRINCE2 provides strategies that are tried and tested methods that benefit the organization’s success. The basic standards of PRINCE2 can be custom-made to ensure a proper fit for a large number of project sizes, types, and environments. PRINCE2 brings in the experience to give practical guidance on managing projects in different situations including those utilizing agile methodologies.
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Who will it benefit? Organizations and individuals that are seeking leading project management skills and greater employment prospects.
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How Can PRINCE2 Benefit Organizations? PRINCE2’s formal recognition of responsibilities within a project helps the organization to focus on what the project has to deliver. As a common and consistent approach, PRINCE2 assured a controlled and organized way of the project throughout its life cycle.
PRINCE2 as a business approach suggests a configuration for businesses that can follow while managing projects towards producing useful results that give you a standard system, procedures, and language for projects.
The following are the benefits of PRINCE2:
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PRINCE2 approach assures that the resources are utilized and controlled in a right way
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It manages the risks and challenges in the project
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Assures flexible decision points
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PRINCE2 assists with infrequent reviews on the progress of the project plan and business situation
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PRINCE2 is a mechanism for managing deviations from the project plan
PRINCE2 Project Performance: Six Variables Involved in a Project
Costs: For PRINCE2 Project Performance
It’s essential to prepare a budget plan before starting any project. The project has to be affordable. However project managers may begin given a specific budget plan, there will be many factors that can lead to overspending and, perhaps, some opportunities to reduce the expenses.
Timescales: Optimization For Increased Efficiency
Closely connected to the budget, and likely one of the inquiries that the project managers are most frequently asked, i.e., when will the project be completed?
The efficiency in managing the time taken for the project to reach its conclusion directly shows in the revenue/productivity. Necessary skills and best practices identify the shortcomings using the PRINCE2 principles to follow through with any unprecedented delays in the project completion.
Quality: To Increase PRINCE2 Project Performance
Completing the task on time and within the budget plan, is not much of solace when the project doesn’t work. Regarding PRINCE2, the project’s products must be fit for a reason.
Quality assurance with all the requirements satisfied according to the stakeholder’s criteria is a must. And, stringent skills make sure the quality is not hindered and the end result satisfies the required quality expectations.
Scope: Definition For Better PRINCE2 Project Performance
What will the project convey? Without being aware of what to deliver, the different teams who are part of a project can frequently be experiencing some miscommunication about this. The client may accept that, for example, a fitted kitchen and additional restroom are incorporated into the cost of the house, though the provider sees these as ‘extras.’
The definition of scope on substantial projects can be much more subtle and complex. There must be concurrence on the project’s scope, and the project chief needs an adequate comprehension of what is and what isn’t inside the extension. The project manager should take care not to deliver beyond the scope as this is a common wellspring of postponements, overspends, and uncontrolled change.
Benefits
“Why are we doing this?” is perhaps the most often disregarded issue. It isn’t sufficient to fabricate a firm effectively on time, inside a budgeting plan, and for quality purposes when you can’t afford to take the benefit of working in it joyfully. The project manager must have a reasonable comprehension of the motivation behind the project as speculation and ensure that what the project conveys is predictable with accomplishing the coveted return.
Risk: Managing Risk to Improve PRINCE2 Project Performance
Most projects involve risks. However, precisely what amount of risk are we set up to acknowledge? Would it be a good idea to construct a building that is close to the site of an available source, which might be prone to subsidence? In the meantime, if we choose to proceed, we probably can enhance the foundation of the project or merely monitor with ongoing surveys.
PRINCE2 Project Performance: Aspects that PRINCE2 Does Not Cover
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PRINCE2 does not provide any opportunity that includes idea generation on any pre-project or /pre-sales activities. It also does not include post-project verification and maintenance or improvement activities.
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The PRINCE2 approach acknowledged across the globe is utilized as it avoids going in detail about the many techniques on projects. Planning, Estimating, Risk Identification, and Investment Appraisals are the range of methods of project management that PRINCE2 does not describe and the way to use them.
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Leadership ability, motivational skills, and other interpersonal skills are immensely important in project management. From autocratic to consensus-based – bears this out, PRINCE2 cannot address this aspect of project management directly.
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In the PRINCE2 methodology it is not necessary for a project manager to perform a detailed risk analysis or execute risk management attentively. Embedded with risk identification, planning, and control, PRINCE2 deals with the end goal by overcoming the risks consistently at each stage that has access to the projects.
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In any organization, the quality management system is the one-stop area as it holds the end-to-end procedure of business analysis, solution design, development, testing, and deployment that guarantees the delivery of project management. PRINCE2 likewise does not order the prerequisite for an organization-wide Quality Management System (QMS). Since PRINCE2 does not characterize HOW venture exercises ought to complete, the necessity for a QMS does not exist.
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PRINCE2 does not necessitate a detailed financial explanation for a project that utilizes NPV, IRR, Payback analysis, or some other technique. PRINCE2 does not discuss tracking project progress through Earned Value Analysis. PRINCE2 anticipates the project execution in different stages that are defined and for the activities to continually check whether it is conveying the expected value to the stakeholders.
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PRINCE2 is entirely generic. Organizational change management or procurement such as Engineering models, project life cycles, agile methods, or specific techniques can be used readily alongside PRINCE2. Such Specialist aspects need to be identified and included within the project scope and plans.
Conclusion
To conclude, PRINCE2 is a coordinated technique for principles, themes, and processes. And, it addresses the planning, delegation, monitoring, and control of all these six parts of project performance. Learn more about the PRINCE2 principles, skills, and other such processes and activities to manage projects with PRINCE2 Certification and take your project management career to new heights.
Know more about Project Management best practices through Invensis Learning’s Project Management certification training on PMP Training, Best CAPM Certification Training, PRINCE2, Project Management Fundamentals, etc.
