The name of PRINCE2 is an abbreviation for PRojects IN Controlled Environments 2. This project management methodology is popular because of its process based principles. There are many project management methodologies in the market. Most of them follow a general project management methodology which is assumed to apply for every company in the company regardless of their function or target market. PRINCE2 focuses on the needs of each company and is easier for the company to adopt.
Every company has a set of stages it has to complete in order to begin and complete a project. These are launch, plan, execute, monitor, complete. In order to complete these processes an organization employs a project manager, required resources and an efficient team. It is the responsibility of the project manager to assign the different roles to the team members and commence the 5 aforementioned processes. The techniques mentioned in PRINCE2 make it easier for the project manager to identify the right person for the job. The highlight of PRINCE2 is that it provides a set of procedures that are customized as per the requirements of the management. It also gives ample advice to all the project management roles.
PRINCE2 also suggests various techniques that can be implemented at various stages of the project like using a Gantt chart to track the progress of the project at various stages. Due to the various advantages offered by the methodology, there are over 6,00,000 certified project managers working with PRINCE2 around the world. Compared to this, there are 4,00,000 certified project managers working with project management professional methods.
How does PRINCE2 save time?
PRINCE2’s principles are such that everybody understands the processes that are going on in each stage. They have a common approach to the given task which makes it easier for the company to recruit individuals for the project and train them. Since this methodology is process based, there is a solution in the methodology to solve any problem faced by your organization in the various stages of the project. In this way you need not spend time in discovering unique solutions for your project. You can search for the solution in the methodology and implement it using the steps mentioned. PRINCE2 came into existence over 30 years ago and has been implemented in over 1000 projects from around the world. This indicates that the techniques used in PRINCE2 are tried and trusted. Also, the techniques are updated every few years based on the feedback received from the user community.
How does PRINCE2 save money?
A business case is a document that mentions a particular problem and ways to overcome it in order to gain a commercial success. In the PRINCE2 methodology the business case is referred at every stage of the project. This is mainly to justify the progress of the project based on the business case. If the steps taken by the organization does not justify the business case, it is immediately stopped as those steps will not convert into profit for the company. Few of the highly profitable organisations in the world have the capacity to create a new project management technique to particularly suit the needs of their organization. Such a methodology would cost almost $500,000 to make. Since most companies cannot afford to do this, they opt for PRINCE2 as it is available free of cost to the users and there is no formality of a license involved. This methodology also believes that it is better to deal with the issues in the product in the production stage instead of fixing it once the final product is prepared. In this manner, the company can control the cost of the product and reduce the losses in the end. To ensure this, the product is tested at each stage to ensure that the quality standards are maintained, the customer requirements are thoroughly followed, the risks in future stages are considered etc.
All these procedures mentioned in the PRINCE2 methodology ensures that the company can save time and money in various methods. These are the two major components are vital to the company. Hence, PRINCE2 ensures that the company can achieve their targets and create commercially viable products.