7 Principles of PRINCE2 Methodology

Projects IN Controlled Environments or commonly called PRINCE2^® is a well-known Project Management method. It advocates the use of effective Project Management practices for effective project handling and completion. This methodology covers over 150 countries and is especially recognized in the U.K. market and the private sector.

PRINCE2^® provides guidance to the Project Managers about organizing and controlling entire project and delivering it within the specified time limits. It suggests the best tried and tested practices from various industries and backgrounds.

7 Principles of PRINCE2^®

PRINCE2^® is famously known as a process-based approach that primarily keeps an eye on an organization’s overall project line. This indicates that the projects are keenly viewed before they are sent to next stage. PRINCE2^® methodology is based on 7 principles mentioned below:

1. Projects need Business Justification: Every project should be initiated by having a clear understanding of the needs of customers, an idea of real time benefits, and a detailed cost evaluation.

2. Teams should keep learning from all stages: Every process in PRINCE2^® methodology teaches some lessons to the teams and these lessons should be taken as a feedback while working on other projects in future.

3. Roles & Responsibilities must be assigned clearly: All team members must be aware of their responsibilities along with having knowledge of the responsibilities of other peers.

4. Work should be broken into stages: Projects must be broken into smaller parts, usually called phases of a project. These phases help in reviewing the work progress of a project and help in analyzing, if a project is reaching the completion phase properly.

5. Project boards move in to manage projects: Board members declare a baseline of things like risks, scope, costs and time that may impact the project. Studying and managing these tasks is left on Project Managers and they keep an eye on completing the projects in time. However, if the project goes out of track due to some reasons, the board members take over the charge, which happens in exceptional cases.

6. Focus on Project Quality should be maintained by teams: Quality register is used to keep an eye on whether the deliverables of the project are met against the defined targets.

7. Tailored approach should be used in all projects: PRINCE2^® methods should be tailored to satisfy the needs of the projects. It must also be adjusted by altering the oversight amount and size of the project, along with keeping in mind the number of people involved.

Hence, PRINCE2^® is a widely chosen methodology by Project Managers to showcase their expertise in effective handling of projects. The candidates who are willing to get a deep understanding of the concepts of PRINCE2^® can go for a formal training.