Prince2 is a project management methodology created by the British government, it stands for Project in Controlled Environment. Firstly, it was used by the British Government only, but now it is used in private sectors as well worldwide.
Features of Prince2 project management methodology:
Key features on which the Prince2 project management methodology focuses are:
- Business justification
- Defining organizational structure for the project management team
- Using a product-based approach for executing the project
Prince2 lays an emphasis on dividing and subdividing projects into manageable and controlled stages with flexibility. Prince2 specializes in having great control over the resources and having excellent control over the business and risk management of the project.
What is Prince2 Methodology?
It is used to answer and structure many common and important questions of project management, such as:
- What are you trying to do?
- When will it start?
- What is needed to execute it?
- Do you need help?
- How long will it take?
- How much will it cost?
By organizing a project into various steps, Prince2 asks for a framework that provides control and organization, even before the project is started. This framework should maintain its organization throughout the middle and end of the project.
You can also read Project Management related articles with download access: Project Management Tools
Steps of Prince2 project management:
To ensure the Control and organization throughout the life of the project, certain steps, 7 in total are performed. They comprise all the activities needed to accomplish the desired outcome from the project.
Each step has a set of activities that helps to help, direct, manage and deliver the project. The 7 steps are as follows:
Startup the project:
In this step, the viability of the project is determined. If it is confirmed then the project is approved by the management. This step delivers:
- a project brief which includes the business case
- Best way to do the project
- Name of the project manager
- Detailed stage plan that includes the detailed plan of all the work that needs to be done before initiation
- The trigger is the high-level document defining the mandate of the project
- Due diligence to save time and money once the project starts
Initiate the project:
In the initiation phase, many questions are answered like what work needs to be done in the project, what is the reason for the project including its risks and benefits, and how the risks can be avoided, identified, and resolved. To answer these questions:
- Define project’s scope
- Schedule baseline
- How to monitor the project’s progress. Whom to share and how?
- Construct risk, configuration, quality, and communication management strategies
- Set up project controls, project plan, and project initiation document
Direct the project:
The project board is accountable for directing the project through their decision-making. They are authorized to initiate the project, control it, deliver its end product and close it. They also work with project management and corporate entities to determine post-project benefits. This phase includes:
- Initiating the project
- Initiating various phases or stages
- Provide direction until the project closure is authorized
In this stage, the project manager assigns tasks, monitors the work, deals with the issues that arise, and reports the progress of the project to the project board. It includes the following activities:
- Authorization of work package along with the team
- Review of status and progress
- Review of quality after completion
- Track the schedule according to baseline
- Manage and resolve risks
Manage product delivery:
In this step, the delivery of the project product is managed while controlling the work between the project manager and the team. It includes:
- Accepting the work package
- Executing the work package
- Delivering the product of the work package after making sure it is complete
Manage stage boundary:
In this stage, there are two parts. Firstly, the project manager has to send an overview of the project to the project board. The overview is of performances, updates in the project plan and business case, and the project manager creates a plan for the next stage. In the second part, the project board evaluates the overview from 1st stage, analyses the current stage, and also reviews the updated plan. This includes:
- Planning the next stage
- Reporting on stage end
This step ensures that the project has achieved its goals and objectives in the scheduled time. This includes mandatory activities like:
- Handing over the product
- Reviewing the life cycle of the project
- Recommending the closure to the project board for official closing out
You can read the related article with template full access: Project Closure
Benefits of Prince2 methodology:
- Time-saving: it updates regularly hence saving top management from keeping track
- Quite Adaptable: it can be easily adapted for any project as the name suggests that it is a project in a controlled environment.
- Accountable team: each team member has roles and responsibilities; hence they are accountable for their work. This helps the team be more focused and highly motivated to meet objectives.
- Well, communicated team: this methodology implements communication strategies right from the start. This means that all members are well informed, following those strategies and hence they can overcome challenges more easily.
- Improves standard: this methodology breaks projects into stages, thus improving the quality of deliverables at each stage.
- Consistency: Prince2 ensures consistency by controlling the resources and maintaining the deadlines.
Prince2 Project Management Initiation Document:
The project initiation document is the foundation of the project. Prince2 is already a method that works well in stages and organization. So, this method adapts this template very well. The main purpose of this stage is:
- Defining the scope of the project
- Defining direction and purpose
- Budget allocation
- Risk management and prevention
Here you can read detailed articles on Project Initiation and get the access to the templates: Project Initiation Template
Categories of project initiation document:
A project initiation document is a collection of multiple documents. All these documents lay the foundation of the project in the planning phase. This helps the project run smoothly and ensures accountability. Two of the documents that are the high light of PID are:
- Project specification template (For article reading and template download: Project Specification Tool)
- Project Initiation Document Template
- Feasibility Study Template Excel
- Business case template
- Project Brief template
- Prince2 project charter template
Prince2 Project Planning Templates
You can read the following Prince2 Project Management famous articles and also get full access to templates: