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PRINCE2 Project Management Technology

Many have heard the name, but not everyone knows useful features of PRINCE2 management methodology for projects. Initially, PRINCE2 Training was chosen as the UK government standard for information systems-related projects. Later, all developments and intellectual property rights were transferred to AXELOS Ltd. And they, in turn, made PRINCE2 completely open, although they left paid training and certification services. Find out details below.

Methodology definition and history

PRINCE2 is an acronym for the phrase PRojects IN Controlled Environments.

The number “2” in the name directly indicates that the original standard has been finalized. This is a full-fledged version 2.0, supplemented and improved.

In reality, the original standard developed by CCTA (the UK Central Agency for Computers and Telecommunications) in 1989 was based on another standard called PROMPT (launched in 1975 by Simpact Systems Ltd). It develops as follows: Project Resource Organisation Management and Planning Techniques.

The PROMPT contained a system development module called PROMPT II.

PROMPT approach principles were in many ways identical to the principles of Waterfall (cascade development model):

  • Initiation
  • Specification
  • Design
  • Development
  • Installation
  • Operation

Version “2” released in 1996 assumed a large amount of rework and, unlike the original standard, extended its effect to all types of projects, not only to IT.

PRINCE2 was developed in collaboration with more than 150 European organizations.

Later, the standard was radically modified more times, but the name remained the same.

The current up-to-date version is PRINCE2 Version7.

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PRINCE2 methodology overview

The methodology could be safely called PRINCE7, since there are only seven principles, basic processes and business tools (topics).

PRINCE2 is a process–based project management methodology of any type. It allows you to answer the following key questions most accurately and correctly:

  • What are we planning to do/create (a goal)?
  • When will we start doing this (deadlines)?
  • What do we need for this (provision)?
  • Do we need help (the team) for this?
  • How long will it take (deadline)?
  • How much will it cost (budget)?

Like any methodology, PRINCE2 is needed to structure project management and to achieve a specific result. Without all this, the project is very likely to fail.

The PRINCE2 framework examines all the main roles of participants, their responsibilities, describes the stages of the project’s existence and tells how to manage changes.

Find out the PRINCE2 Foundation.

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7 Principles of PRINCE2 Project Management Technology

  1. Continuous business justification. It is drawn up in a separate document, which is updated at each new stage of the project to ensure its viability.
  2. Learning from your own experience. Within each PRINCE2 project, the same team must document the experience, then new projects will be able to constantly access their internal lesson logs or the lesson logs of parallel/previous projects.
  3. Defining roles and responsibilities. Roles in PRINCE2 must be defined, otherwise project management will be impossible. Roles are usually divided into 4 levels (ascending: team level, project manager level, project board, company management level).
  4. Stage-by-stage management. When moving from one stage of the project life cycle to another, it is necessary to update risk documents, the overall project plan and business justifications.
  5. Exception management. If the limits initially defined in the PRINCE2 project are violated for the implementation of individual goals, management is transferred to a higher level in order to speed up the decision-making process.
  6. Focusing on products. It is necessary to create products that are interesting to end users, so these products and their characteristics must be described and defined in detail.
  7. Adaptation to the project environment. PRINCE2 methodology suggests that the following aspects should be taken into account – the size of the project and its complexity, the time frame, the importance of the project and possible/potential risks.

The principles cannot be redone or changed, otherwise the management methodology will no longer be called PRINCE2.

Study the methodology at special courses, and after passing the PRINCE2 Examination you will certainly become a sought-after specialist in the field of project management.