Why use a Methodology ?
Organisations that use a best practice project management methodology can substantially improve their capability and maturity in delivering projects.
PRINCE2 is based on proven best practice, provides a structured approach and promotes consistency and a standard way of managing projects.
➡️ A project management methodology increases the likelihood of project success and delivers better outcomes. A KPMG survey found that projects that follow a structured methodology are 28% more likely to be completed on time and within budget compared to those that do not.
4 Reasons Why I like PRINCE2
1. Managing By Stages
The main advantage of managing a project with stages in PRINCE2 is better control and adaptability.
Stages provide clear breakpoints for assessing progress, reviewing performance, and making informed decisions like the ongoing viability and justification for the project.
This way, you can make sure you're using your resources well, handling risks, and staying on track with your goals. Plus, it makes planning, checking, and controlling the project easier, as you handle one stage at a time with its own plan.
2. Managing by Exception
The principle of ‘managing by exception’ is a control measure supporting proper delegation of management responsibility to the project manager. The project manager, together with the team, manages the project with full delegation, as long as certain project parameters stay within limits and agreed tolerances.
This is a very efficient way of managing projects as it free’s up senior management time. Decisions are made at a local level; where the knowledge resides. Senior management is only involved when required.
3. Manage with focus on Products
Products are the outputs of the project. PRINCE2 focuses on the definition and delivery of products, and their requirements and quality expectations. By focusing on the products, the plans are more efficient.
In PRINCE2 plans are built by deconstructing the main products into smaller and smaller components that the project team has to deliver. Project progress is also reported against headway made with the products.
4. Tailor the methodology to Suit the Project
The methodology can and should be tailored to suit the size and complexity of the project. During the initiation phase of the project PRINCE2 requires the project governance group to approve how the methodology is to be applied in the project. For example terminology and risk processes can be adjusted to corporate standards. The amount and size of PRINCE2 documentation should also be tweaked to suit the project.
The size of the governance group (Project Board) should also be appropriate for the size and complexity of the project.
Note: PRINCE2 is now owned by PeopleCert International Ltd.
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