When it comes to project management, the methodologies you use can vary by the field, project, or team in a company. You can use one strategy alone or integrate two or three to get the best results. However, you won't be able to apply the procedure appropriately if you don't grasp it. As a result, project management professionals must keep up with current approaches.
To operate in a field that employs project management methodologies, you must have the necessary training and certification, and when it comes to such methodologies, PRINCE2 is one of the best. It is a methodical technique focusing on organization and management throughout the project. For this reason, PRINCE2 training may be useful to project managers.
Numerous "management products" are available through PRINCE2, and they can take the form of a document, slideshow, video, display, or even a phone call. Hence, they are referred to as “Management products” instead of documents. Management products in princes are of two types:
- Specialist Products – those that form part of final deliverables and are handed over to the customer.
- Management Products – those that are created to deliver and support the specialist products.
Check the below official PRINCE2 Documentation Templates:
Benefits Review Plan
Check Point Report
Communication Management Strategy
Configuration Item Record
Configuration Management Strategy
The project environment determines the suitable form for each management product, so you should adapt it to the project. Furthermore, PRINCE2 templates free download is also available. Now, let us look at various management products of PRINCE2 and their templates.
Benefits Management Approach
The benefits management approach aims to pinpoint the advantages and, more significantly, to decide how to quantify or measure them to prove that they have been accomplished.
The Business Case gathers data so management can assess if a project is worthwhile to fund and compare it with other requirements and concepts.
Change Control Approach
A change control approach is utilized to determine how and by whom the project's products will be regulated and safeguarded throughout the project. Both change and issue management are included in this.
Communication Management Approach
One of the four approach (guideline) documents developed at the beginning of the project by the project manager is the Communication Management Approach. The project manager uses PRINCE2 communication plan template approach as a guideline to determine how to communicate with stakeholders (both internal and external to the project) throughout the project.
A PRINCE2 project plan template gives a general overview of how and when goals are to be accomplished across a specific project period. A plan will outline the deliverables (or scope), as well as any necessary actions and resources.
Before the project plan can be finished, all the goods must have product descriptions produced as part of the planning process. If necessary, a Product Description is often prepared for each of the goods listed in the product breakdown structure.
The PRINCE2 Project brief template provides a summary of the project. It is developed by the project manager throughout the starting up of a project process and is utilized to give a complete and solid foundation for initiating a project.
Project Initiation Documentation
The goal of the PRINCE2 Project Initiation Documentation (PID) template is to define the project in great detail so that the Project Board can use it to judge the project's performance.
Project Product Description
A 1-3 page description of the primary product that the project will create often makes up the project product description. Both the quality and plan topics discuss the organization of this document.
Quality Management Approach
A quality management approach outlines how the project's quality will be handled. This covers the precise steps, methodologies, standards, and obligations that must be followed.
Risk Management Approach
PRINCE2 recommends that each project have a separate PRINCE2 Risk Management template approach document. This document outlines the project's risk management processes regarding how risk will be recognized, evaluated, managed, and communicated throughout the project.
The Project Manager can delegate work to a team or Team Manager through work packages to help them develop one or more products. Therefore, a Work Package collects data about one or more Required Products.
Configuration Item Record
Records for configuration items are only created when the project's change control strategy demands it. They serve as a record of details about significant links between configuration items, including their history, status, versions, and variants.
PRINCE2 Daily Log template is designed to track any unofficial issues, remarks, etc. that are currently not included in other project publications. If necessary, the project manager can use an office program with columns for Date, Comment, Person Responsible, and Date of Follow-Up. Go for PRINCE2 Foundation certification prerequisites to excel in this field.
All official issues are recorded and kept track of in the Issue Register. Throughout the project, the project manager keeps a close eye on it to make sure they are documented, tracked and resolved to ensure project success.
Since the Lessons Report is delivered to the Project Board at the end of the project, the Lessons Log serves as a repository for lessons relevant to this project and subsequent initiatives.
A quality register is a log of the project's quality activities, including workshops, reviews, testing, and approval. A Quality Register provides information for the End Stage Report and End Project Report by providing a summary of all Quality management actions that are scheduled for or have already occurred.
Nearly all the risks discovered and related to the project are maintained in the Risk Register, which also includes information on opportunities and threats. As a result, it offers a record of risks, including their status and background.
The team manager informs the project manager through a checkpoint report.
End Project Report
The project board uses the end project report, which the project manager creates approaching the project's conclusion as part of completing a project process, to assess the project before deciding whether to approve closure.
End Stage Report
The project manager produces the End Stage Report near the end of the stage, which contrasts the stage's performance with the stage plan.
A report on an issue outside of tolerance is typically an exception report.
The Project Manager frequently prepares the Highlight Report for the Project Board as a report on the stage progress.
An issue report is a statement of one or more issues. A study of the issues' impact is also included.
The Lessons Report, also known as the Lessons Learned Report, is intended to record lessons that could be helpful for upcoming initiatives.
Product Status Account
Within certain parameters, the Product Status Account offers information about the status of products.
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PRINCE2 has a set of seven themes that offer guidance on how a project, in particular, should be run. They might be viewed as fields of knowledge or the application of principles. They are put up at the start of the project and followed up on all the while. To keep projects on track, certain themes must be continually addressed, so let us look at the seven themes of PRINCE2:
1. Business Case
This theme is in line with the ongoing business justification premise. PRINCE2 Business case template makes it possible to determine whether a project is beneficial and feasible.
This theme is associated with the principle of defining roles and duties. According to the company theme, project managers must keep track of everybody's roles and duties.
This theme is about the emphasis on the product principle. To keep a project on track, defining quality at the outset is essential because it might be an elusive idea. Also, a focus on quality saves projects from costly upheavals or changes later on.
A plan clearly outlines how objectives will be met and emphasizes the items, timeline, price, value, and advantages.
This theme aims to discover, evaluate, and manage uncertain project-related occurrences. A risk log includes a record of these aspects, and opportunities and risks are terms used to describe positive and negative risks.
This theme focuses on managing modification requests and problems that develop throughout the project. The goal is not to forbid changes but to accept them before implementation.
This theme is all about monitoring the project's progress. Project managers can use this to assess and manage their progress concerning the plan. Without this or any other theme, projects can derail; if you are not tracking, you might not even be conscious of it happening.
There's no denying the fact that the goal of every project manager is to complete projects on time, within a plan and budget. This further justifies choosing some of the top Project Management certification programs. PRINCE2 project management guides you through the stages of a project's lifespan by offering your project a framework and common language. It incorporates the "how to" of project management and may be adjusted, expanded, and tailored to meet your specific requirements.
The time-tested expertise of project management professionals worldwide serves as the basis of PRINCE2. It provides the ideas, principles, and techniques necessary to finish tasks of any size or level of difficulty successfully. Overall, it is safe to claim that PRINCE2 can help you manage your project successfully. If you wish to learn more about PRINCE2, you can take KnowledgeHut PRINCE2 training and enhance your skills.
Frequently Asked Questions (FAQs)
1. What are the 7 themes of PRINCE2?
The 7 themes of PRINCE2 include business case, organization, quality, plans, risk, change, and progress.
2. What are the 7 phases of PRINCE2?
The PRINCE2 methodology consists of 7 phases that include starting up a project (SU), initiating a project (IP), directing a project (DP), controlling a project stage (CS), managing product delivery (MP), managing state stage boundaries (SB), and closing a project (CP).
3. How do you remember the 7 principles of PRINCE2?
You can remember the 7 principles of PRINCE2 by the acronym P-JESTER.
- Product – Focus on the product
- Justification – Continued business justification
- Experience – Learn from experience.
- Stages – Manage by stages.
- Tailor – Tailor to suit the project environment.
- Exceptions – Manage by exception.
- Roles – Defined roles and responsibilities
4. What are the 4 elements of PRINCE2?
PRINCE2 consists of 4 different elements that include principles, themes, processes, and tailoring.
5. What is the PRINCE2 methodology?
PRINCE2 stands for Projects IN Controlled Environments, a methodology for project management that focuses on control and organization.
6. Which is better, Agile or PRINCE2?
Prince2 is primarily useful and targets upper management levels, while Agile emphasizes more fundamental concepts. Agile is the more flexible approach, whereas Prince2 is more predictive. Prince2 defines what products may be needed for fulfillment of business needs and Agile focuses on incrementally building and delivering them in iterations – so it is safe to say that both complement each other.