The Benefits of PRINCE2 Methodology for Organisations
PRINCE2 is one of the most respected, popular and successful project methodologies used to improve project success rate. Followed extensively by the UK government and increasingly around the world, its best practice framework is designed to address the common causes of project failure.
This generic methodology is based on proven principles, drawn from experienced project practitioners and academics from a variety of industries and backgrounds.
Organisations can adopt it for any project, whatever the size, and in doing so can substantially improve capability and maturity across any area – not just project management but also business change, construction, IT, mergers and acquisitions, research or product development.
Why you should consider implementing a PRINCE2 methodology at your organisation
With PRINCE2, time is dedicated to ensuring that the project is planned, requirements are understood, and risks are considered. Put simply, that a sound business case exists for the project. This allows organisations to clearly see when a project’s risk outweighs the potential benefits, or when risks could affect the project’s completion.
The PRINCE2 methodology can also be tailored to the needs of your project and business and can be used for projects of any size and type.
PRINCE2 addresses change by ensuring regular project reviews are carried out to review the continued viability of the project and thus ensuring a robust change management process exists.
The many benefits of PRINCE2:
- Free to use. Any business, regardless of size or type, can benefit from this mature project management method – once employees are competent in its use.
- Widely recognised and understood and so provides a common vocabulary for all those involved in a project, which improves communication.
- Provides distinctive project responsibilities so that all those involved in the project understands each other's roles and needs. There is also a defined structure for accountability, delegation, authority and communication.
- Using a common approach and language, ultimately saves time. All team members understand their tasks and responsibilities and can commit to them from the outset which means that focus is placed on what the project needs to deliver.
- Every project has a defined lifecycle that is periodically reviewed in order to check that the project is still viable.
- A continual focus on business justification ensures that the project delivers value to the organisation, and therefore its customers - and failure to do so eliminates any justification for the continuation of the project.
- Dividing the project into smaller phases or stages not only makes large-scale projects seem more manageable, but goals can be set and achieved more easily.
- The PRINCE2 approach provides organisations with a step by step method from project conception to closure. Its focus on the project’s deliverables - the what, why, where, when, and by whom, gives the project an organised and controlled process throughout.
- The PRINCE2 method allows for regular reviews of the project’s progress against the business plan, so any risks or potential problems can be addressed and managed.
Why PRINCE2 training is vital
For PRINCE2 to bring success, the methodology needs to be properly tailored to the needs of the organisation. This can only be fully achieved if all members of the project team are qualified in its use.
PRINCE2 training courses ensure practitioners understand how to apply it to their projects. When fully understood, and with organisational buy-in, the PRINCE2 methodology will further benefit the organisation by ensuring stakeholders (including sponsors and resource providers) are properly represented in planning and decision making thus enabling more effective engagement of stakeholders in the process of project approval and management.
The fact that PRINCE2 provides the technical structure of the framework for a project means that it can be applied to any type of project, within any industry sector, and will always complement the softer skills learnt on other project management qualifications, such as the Project Management Institute’s Project Management Profession (PMP) certificate.