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Prince 2: The Road Map To Project Success

PRINCE2 is an acronym for PRojects IN Controlled Environments. It is an effective process-based method for authoritative project management. It is mostly used by the UK Government and also in private sectors, internationally. The PRINCE2 method offers the best practice guidance on project management. PRINCE was established in 1989 by CCTA (the Central Computer and Telecommunications Agency). Since then, it is widely used for Project Management. PRINCE2 principles helps to manage the projects particularly in the business world. Before proceeding further, you should have knowledge about, “What is a Project and what makes a successful project?” A project can be defined as “a management environment that is created for the purpose of delivering one or more business products according to a specified business case”. You can connote the term “Project” in a broader perspective by considering the downside, that is by taking into account the conditions that culminate in the failure of a project.   Given below are some of the factors responsible for the failure of a project- Lack of management support: Results into insufficient finance and resources. Resource problems: Can mean there is a lack of employees in the project Lack of clarity: If the clarity about the roles and responsibilities is missing, a sag in the performance curve is inevitable. Poor communication: The necessary project information, if not routed in the proper direction, may cause confusion among the team members. Lack of leadership – A project can be unsuccessful if team members are not guided properly. This may happen if the project manager himself does not have the required experience or management skills. The Project can be successful if the following are present- Preplanning– For a project to be successful, planning plays a crucial role. The project manager should have a vision of the project outcome. The first step to achieve this is to create and explain the roles and responsibilities to the team members. Strong leadership – The team lead should be skilled enough to spearhead in the best way possible. If the team members get proper guidance, any project can be implemented successfully. Project completion time – The key to the success and reputation of a project hinges on how well the timeline has been managed. Completing the project within or before the stipulated time not only impresses the Client, but also proves to be a measure of the potential of the project members. For successful and smoothly operated projects, PROMPT II, PRINCE, and subsequently PRINCE2 were all introduced to operate with the common reasons for project failure. PRINCE2 (PRojects IN Controlled Environments) is considered as a calibrated International product. It is the standard method for managing the projects and providing a flexible and accommodating approach to suit all the projects. There are some keys to project success while using Prince2, which enhances the quality of the project. Reducing Waste: Reducing waste saves both money and time. However, it is difficult to predict and pinpoint the sources of waste. Prince2 helps eliminate waste through the following two techniques- Project Assurance : Project Assurance is essential for a PRINCE2 project. It is a kind of survey which gives accurate information to the project board. Organizations are getting smarter due to “assurance audit”. This does not need a separate role, since the ‘financial merger’ does the ‘financial audit’ for you. Tailoring –:With PRINCE2, you can tailor the projects to make them small, yet effective.     1. Improving Strategy for Business Arrangement: To make the project run and sync towards the business goal, make sure your project is equipped with: Continued business justification – ‘A project should be run only if it is aligned with the organizational goal’, is the fundamental principle of Prince2. If you plan a strategy and resources for the project, your project will be effective. Business Case – The Business Case keeps record of the costs and expected outcome of a project. The non-perishable business cases can create inconsistent project objectives.      2. Sponsor engagement: Communication – It is useful to keep all the stakeholders in loop, including the sponsors.  PRINCE2 calls it stakeholder engagement rather than sponsor engagement. If anyone is interested in the project, they are expected to be updated with the project. Communication Management Strategy – A document that describes communication strategy with the stakeholders, may vary depending on the project size and organisation. You can make groups for communication. For instance, the group for project team meeting can also have communication strategy for individuals which depends on their communication preference. By and large, Prince 2 has proved to be a highly effective method for the success of any project. The team leads should be knowledgeable enough to master the method and upscale their teams accordingly.  
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Prince 2: The Road Map To Project Success

393
Prince 2: The Road Map To Project Success

PRINCE2 is an acronym for PRojects IN Controlled Environments. It is an effective process-based method for authoritative project management. It is mostly used by the UK Government and also in private sectors, internationally. The PRINCE2 method offers the best practice guidance on project management. PRINCE was established in 1989 by CCTA (the Central Computer and Telecommunications Agency). Since then, it is widely used for Project Management.

PRINCE2 principles helps to manage the projects particularly in the business world. Before proceeding further, you should have knowledge about, “What is a Project and what makes a successful project?”

A project can be defined asa management environment that is created for the purpose of delivering one or more business products according to a specified business case. You can connote the term “Project” in a broader perspective by considering the downside, that is by taking into account the conditions that culminate in the failure of a project.  

Given below are some of the factors responsible for the failure of a project-

  • Lack of management support: Results into insufficient finance and resources.
  • Resource problems: Can mean there is a lack of employees in the project
  • Lack of clarity: If the clarity about the roles and responsibilities is missing, a sag in the performance curve is inevitable.
  • Poor communication: The necessary project information, if not routed in the proper direction, may cause confusion among the team members.
  • Lack of leadership – A project can be unsuccessful if team members are not guided properly. This may happen if the project manager himself does not have the required experience or management skills.

The Project can be successful if the following are present-

  • Preplanning– For a project to be successful, planning plays a crucial role. The project manager should have a vision of the project outcome. The first step to achieve this is to create and explain the roles and responsibilities to the team members.
  • Strong leadership – The team lead should be skilled enough to spearhead in the best way possible. If the team members get proper guidance, any project can be implemented successfully.
  • Project completion time – The key to the success and reputation of a project hinges on how well the timeline has been managed. Completing the project within or before the stipulated time not only impresses the Client, but also proves to be a measure of the potential of the project members.

Prince 2: The Road Map To Project Success

For successful and smoothly operated projects, PROMPT II, PRINCE, and subsequently PRINCE2 were all introduced to operate with the common reasons for project failure. PRINCE2 (PRojects IN Controlled Environments) is considered as a calibrated International product. It is the standard method for managing the projects and providing a flexible and accommodating approach to suit all the projects. There are some keys to project success while using Prince2, which enhances the quality of the project.

Reducing Waste: Reducing waste saves both money and time. However, it is difficult to predict and pinpoint the sources of waste. Prince2 helps eliminate waste through the following two techniques-

Project Assurance : Project Assurance is essential for a PRINCE2 project. It is a kind of survey which gives accurate information to the project board. Organizations are getting smarter due to “assurance audit”. This does not need a separate role, since the ‘financial merger’ does the ‘financial audit’ for you.

Tailoring –:With PRINCE2, you can tailor the projects to make them small, yet effective.

    1. Improving Strategy for Business Arrangement:

To make the project run and sync towards the business goal, make sure your project is equipped with:

Continued business justification – ‘A project should be run only if it is aligned with the organizational goal’, is the fundamental principle of Prince2. If you plan a strategy and resources for the project, your project will be effective.

Business Case – The Business Case keeps record of the costs and expected outcome of a project. The non-perishable business cases can create inconsistent project objectives.

     2. Sponsor engagement:

Communication – It is useful to keep all the stakeholders in loop, including the sponsors.  PRINCE2 calls it stakeholder engagement rather than sponsor engagement. If anyone is interested in the project, they are expected to be updated with the project.

Communication Management Strategy A document that describes communication strategy with the stakeholders, may vary depending on the project size and organisation. You can make groups for communication. For instance, the group for project team meeting can also have communication strategy for individuals which depends on their communication preference.

By and large, Prince 2 has proved to be a highly effective method for the success of any project. The team leads should be knowledgeable enough to master the method and upscale their teams accordingly.

 

KnowledgeHut

KnowledgeHut

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KnowledgeHut is an outcome-focused global ed-tech company. We help organizations and professionals unlock excellence through skills development. We offer training solutions under the people and process, data science, full-stack development, cybersecurity, future technologies and digital transformation verticals.
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We need to bring all costs as well as all benefits to their corresponding present values (PV) using the above equation and assuming an interest (discount) rate of 10% for ease of calculation.   Yr. 0Yr. 1Yr. 2Yr. 3Yr. 4Yr. 5Yr. 6Discount rate at 10% (0.1)Cost (FV)100000000000Benefits(FV)250002500025000250002500025000Cost (PV100000000000Benefits(PV)0227272066118782170751552714112Example of CBA using Discounted MethodPV of all costs = 100000 (as it is happening in year 0 only) PV of all revenue = 25000/(1.1) + 25000/(1.1)2 + 25000/(1.1)3+ 25000/(1.1)4+ 25000/(1.1)5 +  25000/(1.1)6 = 22727+20661+18782+17075+15527+14112 =108884 Net Present Value (NPV) = Sum of PV of all benefits – Sum of PV of all costs = 108884 – 100000 = 8884 (> 0)  Hence this project investment will lead to a profit after discounting the effect of interest and any other inflationary factors which are taken as 10%) If NPV is > 0, then the project investments will lead to profit. NPV is one of the most practical methods for doing cost benefit analysis by considering the time-value of money.  IRR (Internal Rate of Return) – IRR is the rate of discount at which the sums of PV of all benefits equals sums of PV of all costs. Or in other words IRR is the rate of discount at which NPV equals 0.  Calculating IRR is a more complex affair. In simpler term IRR denotes expected rate of return from the investments. According to a general guideline, higher the IRR from an investment, the better the opportunity.  How to establish a framework As we discussed above, there are various methods for undertaking cost benefit analysis. Different financial parameters such as Benefit Cost Ratio (BCR), ROI, Payback Period, NPV, IRR etc. need to be calculated for arriving at decisions and making necessary recommendations on whether a specific project should be taken up or not. Every organization is unique in their capabilities to invest and take risk. Organizations can define their specific guidelines or framework for project selection taking into account the above financial parameters, the risks involved in doing the project and most importantly specific nature of the investors. A framework for project selection will include all above factors.  Below are some basic guidelines which are used for decision making during cost benefit analysis (CBA) NPV should more than 0. Higher the NPV, the better is the project. BCR should be more than 1. Higher the BCR, the benefits outweigh the cost more. ROI should be high. Higher the ROI, the better is the investment opportunity. IRR should be high. Higher the IRR, the better is the opportunity. Payback period should be lower. Lower the payback period, the better seems the opportunity. Challenges and considerations while doing CBA How accurate is Cost Benefit Analysis? Cost benefit analysis can be reasonably accurate if these are done by technical and financial experts. Experience and availability of real data about costs and benefits of similar projects from past can greatly enhance the accuracy of cost benefit analysis.  Are there limitations to Cost Benefit Analysis? Since cost benefit analysis requires estimating costs and quantifying future benefits accurately, it requires solid maturity in terms of knowledge and availability of past data. In the absence of experience and data availability, CBA may fall short in its accuracy.  The risks and uncertainties in Cost Benefit Analysis While doing cost and benefit analysis, it will be important to understand risks and uncertainties involved in doing the project. It will also be equally important to understand the uncertainties involved in realizing the benefits once the project is done. Cost benefits analysis need to consider the implications of uncertainties to make it realistic. It may require doing statistical simulations and modeling as well.  Cost Benefit Analysis in the real world We saw that CBA became a formal and mandatory practice as early as 1930s in the US government departments, for numerically evaluating if the benefits will outweigh (and by how much) the costs of doing the project.  Organizations have become highly knowledgeable, experienced, and matured. Availability of past data coupled with ability to process the data using modern mathematical and statistical techniques and computerized tools exists in abundance within organizations.  In today’s world the need for doing CBA has become necessary. Businesses and governments are held more and more responsible and accountable to their citizens and investors for justifying their investment decisions. They can do this only by conducting a thorough cost benefit analysis.  
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