PRINCE2 is one of the most widely used methods in project management. It is the standard for many governments in more developed economies and has also been adopted by large multinationals. So it is natural for many managers to want to learn it in order to grow professionally.
In essence, this method describes how to manage a project effectively. It is a practical, flexible and scalable method that can be adapted to all types of projects. It is the fruit of decades of experience of thousands of project managers. To quote Newton, we could say that it is like sitting on the shoulders of giants in project management.
What is PRINCE2?
PRINCE2 is an acronym for PRojects IN Controlled Environment. As the name suggests, the goal is to create a controlled environment where we can reduce risk and uncertainty to manage the project step by step until its life cycle is successfully completed.
In the early 1990s the UK government adopted this method to manage IT projects. But after its release in 1996 as a generic method for managing all types of projects, its application spread rapidly and was incorporated into all types of industries.
At present, on a world-wide level, it is an established method in all kinds of sectors. If one aspires to be a project manager, it is essential to know this management method. Even experienced managers seek training and certification to be considered as true professional in project management.
For this reason, the 5th section of our program focuses for several weeks on PRINCE2. In fact, one of the certifications to which many of our Master’s students in Project Management aspire is the PRINCE2 ® Foundation.
A project must meet all PRINCE2 principles to be recognized as such. Its foundations are easy to understand and very concrete. The 7 principles of PRINCE2 are explained below:
- The first of its principles is continued business justification. Every project must, of course, be justified both in its initiation and in its maintenance. Otherwise it is best to close the project. This is understood from the program manager to the last member of the project team.
- The second principle indicates that we must learn from experience. As we have mentioned, this method is the result of the experience of thousands of professionals. It will therefore be essential for the team to collect the experiences of previous projects and of the ongoing project in order to learn.
- The third principle refers to roles and responsibilities. These must be well defined so that the team has a clear organizational structure.
- The fourth principle is manage by stages. This method will guide us to be able to execute a project step by step. First, the project is planned and then each of the phases is monitored and controlled until the project is completed.
- The fifth principle requires management by exception. In this controlled environment we are going to delegate authority, but to maintain control we will do so with tolerance levels. So if certain limits (of time, cost, quality, risk, etc.) are reached, the higher level must be consulted. This will also allow you to manage everything that was not planned.
- The sixth principle indicates that we must focus on the product. This method for project management focuses on product definition, delivery and quality requirements.
- The seventh and final principle requires tailoring to suit the project environment. In other words, we must adapt the PRINCE2 method to the characteristics of our project. We must adjust to the size, complexity, importance, capacity and level of risk of the project.
If you want to learn more about PRINCE2 and obtain the necessary preparation to obtain its official certifications, with the MA in project management you can get it. It’s also much easier now because you can take the master’s course online.