27 Apr 2011

The Benefits of PRINCE2

Posted by Paul Atkin

The Benefits of PRINCE2

PRINCE2 makes a difference. Using a tried and tested methodology to deliver key projects will benefit stakeholders, the business and the bottom line.

PRINCE2 Saves Money

Business Case drivenSave Money

The Business Case is the life support system for the PRINCE2 project and Continuous Business Justification is a key PRINCE2 Principle.  The Business Case must be in place and valid from start through middle to the end of the project. If it is taken away the project has no justification, and should be stopped. PRINCE2 builds in mandatory updates and re-assessment of the Business Case at key points to ensure that the project is delivering something of value to the customer organization

Free to use

The cost to create an in house project management method has been estimated at between $200,000 – $500,000 by the UK Project Manager Today Magazine (August, 2002). Only the largest corporations can do this and, even then, will need to spend time and money training new staff, external suppliers and partners in their proprietary approach. Using PRINCE2 allows all parties to hit the ground running. You will benefit from PRINCE2’s absence of licensing fees, “per seat” charges, support costs etc

Front Loaded

PRINCE2 is front loaded: a lot of effort is devoted to ensuring that the project is viable and worthwhile before proceeding. Even when this is established, further effort is dedicated to making sure that the project is properly planned, risks are considered and the customers requirements and quality clearly understood. Failure or cessation at the point of project validation and planning is cheap compared to errors or misunderstandings which come to light in products once they have been built

PRINCE2 Saves Time

Standardization

This is the biggest benefit. Everyone on the project is has a common approach to the work. There are common document sets, filing systems and procedures. Time is saved in recruitment, training and auditing of projects. The fog is lifted because everyone is on the same page

Road Map

PRINCE2 is based on 7 Processes.  It is a step by step method from conception to close. PRINCE2 has been proven over the years so whatever it is, when something happens on your project, there is a point, somewhere, in the methodology to deal with it. Once you can locate your situation in the method, the interlinked process and your common sense will take you to a successful outcome. You benefit from economy of effort: there is less need to come up with unique solutions every time

A Mature Methodology

PRINCE2 benefits from over 30 years of development in 1,000s of projects worldwide. It is tried and trusted. Updates are made every 2-3 years in the light of best practice and suggestions from an active user community

PRINCE2 delivers Quality and Compliance

Product Based Planning (PBP)

All PRINCE2 plans begin with Product Based Planning. During PBP clear Product Descriptions are created to specify the composition, quality and checking arrangements for project outputs (products). Product Descriptions provide a common quality standard for each deliverable and are the basis of management approval (before work begins), production and quality checking. Product Based Planning allows all members of the Project Team to work together to deliver quality products

Controlled Change

Change can bring chaos to a project – but it is inevitable. PRINCE2’s Change Theme provides for the capture and analysis of all project issues. Decision making is made at the appropriate level, and documented clearly

Defined Roles and Responsibilities

One of the 7 Principles of PRINCE2: each member of a PRINCE2 Project Management Team has a written role description specifying their responsibilities. This is done before the project even begins so that all team members understand their responsibilities

Improved Compliance

The PRINCE2 Method can be mapped to other quality and compliance standards such as ISO or SOX. PRINCE2 can form part of an organization’s overall Quality Management System

Complements other Project Management approaches

PRINCE2 complements the PMBOK framework and many Canadian PMs are seeing the benefits in become both a PRINCE2 Registered Practitioner in addition to their PMP.  Some PRINCE2 training courses qualify for PDUs

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