PRINCE2 Project Management Methodology
Projects IN Controlled Environments or PRINCE2 is the typical structured method of project management as well as programme of practitioner certification (Kerzner and Kerzner 2017). This particular methodology solely emphasizes on the division of various projects into controllable and manageable stages. PRINCE2 is well accepted and adopted in various countries in the world, like the United Kingdom, Australia and Western European countries (Schwalbe 2015). It was first developed as the standard for the United Kingdom government for various projects of information systems. The predecessor of PRINCE2 method was PROMPT II or Project Resource Organization Management Planning Techniques. In the year 1989, CCTA adopted the PROMPT II version and gave the name of PRINCE (Burke 2013). The next update of PRINCE was PRINCE2 and it was launched in the year 1996. It is extremely effective as well as fast since it is completely based on seven specific principles, seven themes and seven structured processes.
The following report outlines a brief discussion on the entire concept of the PRINCE2 project management methodology. This report helps to understand the purpose of PRINCE2 methodology properly with the significant characteristics of it. Moreover, the suitable application of PRINCE2 project management methodology will also be explained here. There are several important applications of PRINCE2 and all of them are well explained here. This methodology is extremely popular in terms of project management and thus various issues related to risk, quality and configuration are also present. However, all these risks could be easily managed by the methodology. This report will also discuss about the management of these various issues. The final part of the report demonstrates a specific comparison between PRINCE2 and Agile methodologies.
PRINCE2 methodology is the procedure oriented methodology for effectively executing any project (Larson and Gray 2013). It is the standard utilized by the government of United Kingdom that is broadly recognized as well as practiced within the private sector of the country as well as internationally. The main purpose of the project management methodology of PRINCE2 is that it helps to organize as well as control all the tasks of the project (Schwalbe 2015). Since it is a structured approach, every step or process in this particular approach is properly organized and thus controlling is very easy. The project manager does not have to suffer with this particular methodology. According to the framework of PRINCE2, any specific project should comprise of an organized and controlled starting point, middle phase as well as ending point. All the activities of the PRINCE2 project management methodology are the part of a series that is being followed one after another (Fleming and Koppelman 2016). Another significant purpose of PRINCE2 project management methodology is that it helps to manage and control the various risks or threats in any project. Moreover, it helps in the proper control and management of the quality as well as alterations of the project. The techniques for risk management and quality management are utilized for mitigating the risks and maintaining the overall quality of the project (Walker 2015). This is done either by testing or by simply reviewing the tasks of the project.
Significant Characteristics of PRINCE2
PRINCE2 project management methodology is one of the most important methodologies in project management. It helps to manage any project properly. The most important advantage of this PRINCE2 methodology is that it is process oriented and thus follows a series of steps to execute the project (Harrison and Lock 2017). For this reason, this methodology is extremely fast and is adopted by all users. There are some of the most significant characteristics of the PRINCE2 methodology. They are given below:
- i) Focussing on Business Justification: The first feature of the PRINCE2 methodology is that it solely focuses on the business justification (Heagney 2016). The main focus is always given to the business in this particular methodology.
- ii) Defined Structure for Project Management: This is the second important characteristic of PRINCE2 project management methodology. The organization structure is well defined with this methodology for the team of project management (Mir and Pinnington 2014). This helps to make the entire structure extremely smooth and easy to understand with PRINCE2.
iii) Product Based Planning Approach: The third important feature of PRINCE2 project management methodology. The planning approach is completely based on product. This particular approach helps to identify each and every product or project deliverable, which is required or is contributed to deliver the goals and objectives of the project properly and significantly (Turner 2016). The documents of the project that helps in the definition of the project are known as products.
- iv) Project Division to Manageable and Controllable Stages: The next significant characteristic or feature of the PRINCE2 project management methodology is the proper division of project (Kerzner 2018). This particular methodology solely emphasizes on the division of project into manageable as well as controllable stages.
- v) Cost Effectiveness: The fifth important characteristic or advantage of the PRINCE2 project management methodology is that it is extremely cost effective and does not incur huge cost. Since, this particular methodology is cost effective; it can be afforded by all users.
- vi) Helps to Execute Project without Complexities: The next important and significant characteristic of the PRINCE2 project management methodology is that it helps to execute the project properly and without any type of complexities (Hwang and Ng 2013). This is the reason many project managers opt for the PRINCE2 project management methodology.
vii) Greater Control of Resources: The next important feature of the PRINCE2 project management methodology is that it comprises of great control of resources and the resources are not wasted. This helps in the mitigation of extra cost and thus the budget is strongly maintained by this methodology.
viii) Daily Reviews of Progress: This is another important characteristic or advantage of the PRINCE2 project management methodology (Pemsel and Wiewiora 2013). It maintains daily reviews of progress and thus regular follow ups are being taken here. This helps to maintain a structured approach and thus it is extremely popular in the field of project management.
- ix) Flexibility and Scalability: The next important characteristic of the PRINCE2 project management methodology is that it is extremely flexible as well as scalable and thus is utilized by many users in their projects.
All these above mentioned features and characteristics have made the PRINCE2 project management methodology extremely popular and well accepted in all project.
PRINCE2 project management methodology is applied or implemented in various sectors or industries (Martinelli and Milosevic 2016). The implementation of PRINCE2 methodology solely needs a constant application of the processes of project management during the entire business. Two PRINCE2 methodology implementations can never be same and the successful application of this particular methodology needs careful knowledge of techniques or terminology incorporation. Even the working practices are as well as working attitudes are incorporated. The proactive implementation and application of the PRINCE2 project management methodology helps to meet all the requirements of the project (Reiss 2013). The most significant advantage of the PRINCE2 project management methodology is that it a completely featured, highly flexible as well as robust method of project management and can work in every project.
Applying PRINCE2 in Different Sectors and Industries
PRINCE2 methodology is extremely popular when compared to other project management methodologies. There are few significant reasons for it. The most significant reason for this popularity is its structured approach. Since, the entire approach is structured; it follows a series of steps to execute (Nicholas and Steyn 2017). Thus, it is well accepted by all the users in every project, expect for the smaller projects. Planning is the next reason for the popularity of PRINCE2. The entire project is executed with the help of proper planning. It follows a seven steps procedure. The first step is the initiation of the project and it ends with the completion of the project. The third important reason for the popularity of PRINCE2 methodology is that it is extremely faster and cost effective in comparison to the other methodologies (Morris 2013). It does not incur huge cost and can be completed really fast; whereas the other methodologies are much costly and time consuming. The other major reason for the popularity of the PRINCE2 methodology is that it is extremely flexible as well as scalable and can be adopted in any project.
PRINCE2 methodology has a unique technique for the risks and issues within the project. There are several steps in this risks and issue management (Hill 2013). The various steps of the risk and issue management in PRINCE2 methodology are as follows:
- i) Identification of the Project Stakeholders: This is the first and the foremost step in risk and issue management in PRINCE2 methodology. The stakeholders are identified in this step.
- ii) Setting Up of Project Organization: The roles and responsibilities of the project are equally distributed amongst the team members (Fewings 2013). The project organization is set up in this step.
iii) Developing a Strategy for Risk Management: This is one of the most important steps in risk management. PRINCE2 develops a specific strategy for the risk management. Two separate strategies are present for this. They are the risk management strategy and the configuration management strategy.
- iv) Creating Risk and Issue Registers: Risk as well as issue registers are created so that the stakeholders are able to notice them (Garel 2013).
- v) Seeding the Registers: The registers of the risks and issues are seeded in this step.
- vi) Asking Stakeholders with new Risks: The stakeholders are asked to come forth with new risks so that the mitigation could be easily.
vii) Setting up Project Meetings: Several project meetings are held for understanding and identifying the risks (Sears et al. 2015).
viii) Escalate Risks and Issues: The risks and issues are escalated to the respective project board.
PRINCE2 project management methodology and Agile methodology are internationally recognized and popular methodologies of project management. Both of these methodologies are utilized in the successful execution of any specific project (Špundak 2014). There are various similarities as well as differences amongst both of them.
- i) Definition: PRINCE2 is considered as one of the most utilized method of project management that are mainly used in the United Kingdom and all European countries. This methodology has thus grown as the most recognized in any project.
Agile methodology on the other hand is extremely popular in terms of flexibility and adaptability (Binder 2016). The utilization of Agile methodology such as the Scrum is more popular and are more implemented in the organizations.
- ii) Operation: PRINCE2 methodology majorly emphasizes on the process as well as management of the project. The methodology is completely regarding the starting or initiation, continuation of the management processes with the provided guidelines and lastly completing the project for transferring it over to the normal business (Špundak 2014). PRINCE2 can also be termed as the linear methodology as it follows step by step. Moreover, PRINCE2 is the planning based and predictive approach which remains focused on the most important objective of the project. All the responsibilities and roles of the project manager and the other members of the team are well defined with the help of PRINCE2 methodology. All the procedures of this methodology are clearly structured and defined and the major target is always given to the quality of the product (Reiss 2013). One of the most important features of this methodology is that it can be changed for suiting any project and because the planning is done extensively and it remains with time frame and project cost. There are few disadvantages in this methodology as well. The most important drawback of PRINCE2 methodology is that it is extremely rigid. It is not suitable for the smaller projects where the requirements are altered very quickly. Since it is a structured approach, the alteration of requirements randomly is not possible (Martinelli and Milosevic 2016). The most important requirement of this particular methodology is that there is problem in partly pivoting because of the staggering amounts of documents, which are created as well as maintained during the project. The decision making procedures are much longer than the Agile method.
Agile method is one of the most advanced methodologies for project management. This is mainly due to the flexibility and the capability of pivoting. Scrum is the most recognized Agile methodology (Špundak 2014). The main advantage of the Scrum methodology is that there is no restriction in the project types and it can be utilized in every project. The most complicated and the complex projects are also well executed by this methodology. This particular methodology divides up all the complex features of the project for the easy management. The main feature of this methodology is that it focuses on the project execution and not on the management part (Pemsel and Wiewiora 2013). It needs to work closely with all the clients, stakeholders and users for properly understanding and incorporating the requirements of the project. Constant feedback is taken and given to the system for making the product even better. The main drawback of Agile methodology is that there is no clear definition of any project. Thus, the project members often lose track of their project as the style of working is absolutely intense (Hwang and Ng 2013). Agile Scrum needs convening regularly for the discussion of the progress and implementation of the changes. This often drains the resources and the project exceeds cost.
Comparison Between PRINCE2 and Agile Methodologies
iii) Differences between the Two: Agile Scrum is far better than the PRINCE2 methodology because of its adaptability. The Agile projects are more responsive to the pivots in plan and thus major changes could be easily accommodated in the requirements of the client or project (Tomanek and Juricek 2015). This particular feature is absent in the PRINCE2 methods. Moreover, Agile method does its work by simple implementation of the small and short term increments in the main business objective. Another significant different between Agile and PRINCE2 methodologies are that individual efforts are always visible in Agile Scrum; whereas this is absent in PRINCE2 (Mir and Pinnington 2014). For the collaborative nature of Agile Scrum, it is made sure that the time is utilized in the most effective manner.
- iv) Strengths: PRINCE2 methodology comprises of various significant advantages. They are as follows:
- a) Predictable: This methodology is extremely predictable in respect to others (Špundak 2014).
- b) Using Best Practice: PRINCE2 methodology uses the best practice for delivering best product.
- c) Time and Cost Effective: The time required to execute the project is extremely less and the cost incurred is very less.
- d) Testing: The testing of the product is done beforehand and this makes the method extremely effective (Walker 2015).
- a) Transparency: This approach provides the most unique opportunity for getting involved in the project and thus is extremely transparent.
- b) Early Delivery: The delivery of the project is done earlier often by this methodology.
- c) Predicted Costs and Schedule: The cost and the schedule of the project are predicted beforehand (Harrison and Lock 2017).
- d) Improves Quality: This methodology helps to improve the quality of the project.
- v) Weaknesses: PRINCE2 methodology has few disadvantages as well. They are as follows:
- a) Inadequate Focus of Project Management: PRINCE2 does not provide sufficient focus on the project management (Špundak 2014).
- b) Inadequate Handling of Tools and Techniques: PRINCE2 methodology does not provide sufficient handling of techniques or tools.
- c) Unsuitable for Smaller Projects: PRINCE2 methodology is not suitable for small projects.
The weaknesses of Agile methodology are as follows:
- a) Workflow Coordination: This does not coordinate with the workflow of the project (Tomanek and Juricek 2015).
- b) Changes: There is difficulty in changing at every stage.
- c) Long Term Planning: Long term planning is not present in this type of methodology.
PRINCE2 and the Agile project management methodologies could be applied or implemented when they are required in a single project. This togetherness of both the methodologies effectively combines the rigid framework and specificity of the methodology of PRINCE2 and the adaptive as well as flexible approach of the Agile method. Based on the project requirement that whether the project is a larger project or a smaller project, the ideal project management methodology is selected by the project manager. Although, both of these methodologies comprise of various strengths and weaknesses, PRINCE2 and Agile methods are extremely popular and well accepted by all users.
Conclusion
Therefore, from the above discussion, it can be concluded that the structured method that helps in the project management is known as PRINCE2 or Projects IN Controlled Environments. It is also a practitioner certification programme. PRINCE2 methodology eventually focuses on the proper division of several projects into manageable and controllable stages. PRINCE2 is an internationally accepted as well as adopted in several countries within the world, such as Australia, Western European countries and the United Kingdom. This methodology was first introduced as the specific standard for the government of United Kingdom for the purpose of utilizing in several information systems projects. The first version of PRINCE2 method was Project Resource Organization Management Planning Techniques or PROMPT II. PRINCE2 is considered as one of the most effective and fast approach as this methodology is absolutely based on the seven structured procedures, seven typical principles and seven themes. The above report has properly outlined a detailed discussion on the concept of the PRINCE2 project management methodology. This report has helped in understanding the significant purpose of PRINCE2 methodology properly with the various features of PRINCE2. Furthermore, the appropriate application of this PRINCE2 methodology is also significantly explained in this report. Various significant applications of PRINCE2 and all of them are also given here. This particular methodology is very popular project management and therefore several problems related to risk, quality and configuration are also present. PRINCE2 is popular for its unique risk management technique. The proper management of these risks by the PRINCE2 methodology is provided here. The comparison between PRINCE2 and another internationally recognized methodology, Agile is also clearly demonstrated here.
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