There are many benefits of PRINCE2 project management business tools. Read on to discover more about them!
As the capabilities and requirements of organizations and businesses worldwide continue to evolve, so too do the accepted norms for ‘best practices. How teams and projects are managed continues to transform in line with changing technology, customer expectations, and global connectivity. Yet, the basics remain as critical as ever: teams must complete projects on time, within budget, and in a way that leaves stakeholders satisfied.
‘PRojects IN Controlled Environments 2’, better known as ‘PRINCE2 6th Edition’, is one of the world’s most popular and widely used project management frameworks. It offers a straightforward and flexible approach to project management, which has been tried and tested across various industries in both the public and private sectors. It also has a more straightforward certification path for prospective project managers than those provided by the Project Management Institute (PMI).
Still, while investing in a proven project management framework makes sense, PRINCE2 is hardly the only game in town. So what sets PRINCE2 apart, and what are the most important benefits you should be aware of?
Benefits of PRINCE2 Project Management
Flexibility in project management
One of the most significant advantages of using PRINCE2 is its flexibility. As a generic methodology, PRINCE2 can be applied to any project regardless of size, scale, location, industry, or sector. Practitioners do not require specific software to run PRINCE2, and it is even flexible enough to be combined with other frameworks, with one of the most popular packages being PRINCE2 Agile.
Whatever your typical projects may entail, PRINCE2 can accommodate them. By learning as you apply and tailor the framework, you can gradually create a more bespoke and subjectively suitable approach to project management for your organization.
At this point, PRINCE2 has been in use for several decades. It has become highly recognized and widespread, with a global community of practitioners familiar with the framework’s common terminology and methods.
In essence, PRINCE2 standardizes project management processes. While it can be widely applied and adapted, the essential principles, themes, techniques, and project environments remain consistent enough that users can communicate from different projects, departments, organizations, and industries. A PRINCE2 practitioner can gain expertise in one team and apply it to another, and so on.
Many organizations choosing to utilize PRINCE2 will even upskill multiple employees at once to create project teams that are ready to go (to say, nothing of saving on bulk course purchases!)
In PRINCE2 project environments, there are clearly defined roles, responsibilities, and lines of communication. Every employee will know what is expected of them and their teammates, with all points of accountability and authority specified from the outset.
This level of clarity is essential for streamlined project management. It prevents any delays typically caused by confusion or needless finger-pointing. If there are any issues, team members know who to go to or hold accountable. PRINCE2-powered project environments make it easier for practitioners to share knowledge across teams and departments.
With a transparent management structure, PRINCE2 projects can save much time and effort that is often wasted by human error. The result projects that can be concluded more quickly and with fewer resources without sacrificing quality.
A best practice framework
When skimming over the various corporate standards and frameworks floating in the market, dismissing them as out of touch with the reality of running a business can be easy. After all, you don’t need a degree to become a millionaire, so why invest in corporate training if it isn’t necessary?
PRINCE2 is not a mere theory, however. The methodology is based on practitioners’ expertise and practical knowledge from various industries and sectors. It also has a proven track record of success, with no shortage of case studies to back up the effectiveness of PRINCE2 best practices.
It certainly makes sense to investigate the framework before investing in PRINCE2 training. However, if you are looking for a proven and practical approach to flexible project management, PRINCE2 has you covered.
An essential characteristic of PRINCE2 projects is that they must be viable from the get-go. Practitioners establish and assess individual projects’ requirements, risks, and rewards, not just during the planning stages but consistently throughout. There must be a realistic and viable Business Case, which the team will keep referring back to as the project progresses.
PRINCE2 offers a transparent methodology for risk assessment, allowing teams to avoid costly setbacks and failures by predicting and preparing for them. At the same time, PRINCE2 also enables practitioners to adapt when faced with unexpected challenges. By applying and tailoring the framework in this way, teams can learn from their experiences and create a more bespoke approach for future projects.
Most importantly, the Business Case for a project will ensure that it keeps a consistent focus on the end product and its benefits. If risks or costs ever get to the point where they outweigh potential rewards, a project can be prematurely terminated, and any remaining resources recovered.
Part of what makes PRINCE2 projects so streamlined is their emphasis on ‘Management by Exception’ as a best practice. In a PRINCE2 project environment, management is treated as a series of layers, with each section overseeing the one below. However, managers on individual layers are mainly autonomous, only requesting help from above if they encounter an issue outside their usual capabilities (that is, an ‘exception’).
By managing projects this way, PRINCE2 practitioners can avoid delays in delegating any decisions to upper management. With the power to work autonomously, managers can also enjoy the opportunity to develop their skills and gain experience as PRINCE2 practitioners.
PRINCE2 recognizes that, within a given project, a variety of stakeholders will be interested in its success. This can include customers, internal users, suppliers, shareholders, etc.
During project planning stages, as well as points where critical decisions need to be made, PRINCE2 practitioners will ensure that the needs of all stakeholders are adequately represented. Teams will know the exact expectations of each group, allowing them to ensure that the end product will meet all the requirements. PRINCE2 enables users to account for changing conditions before a project’s completion.
For example, what would customers expect as standard if you were planning to release a new service? What features should be provided to ensure a top-notch and market-leading product? By having solid stakeholder assessment practices in place, you can clearly define the required makeup of your end product, which will leave you far better prepared to work towards it.
Why pursue a PRINCE2 certification with Good e-Learning?
Good e-Learning is an award-winning online training provider. We cover the world’s most famous corporate standards and frameworks, including PRINCE2, Agile, Lean, and ITIL 4. As a market disruptor, we have enjoyed immense success, with over 3,000 active learners, 250 global clients, and 90% repeat business.
We believe in making training courses easily accessible. Our PRINCE2 Foundation, PRINCE2 Practitioner, and PRINCE2 Foundation & Practitioner courses are all fully mobile-accessible. Students can log in from computers, laptops, tablets, and smartphones, allowing them to study anywhere at any time.
Thanks to our in-house team of experts, we can offer top-tier PRINCE2 training courses at excellent prices. Unlike the competition, we do more than deliver slideshows and text documents. With Good e-Learning, students can enjoy engaging training assets like interactive videos, motion graphics, audio narratives from tutors, and gamified quizzes. We even provide 24/7 support so students can call on our experts anytime.
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