Why is PRINCE2 needed in an organization: All you need to know

PRINCE2 Foundation and Practitioner Certifications by Axelos are among the Management courses that are high in demand. Although, the course has been popular in UK and other European countries, its demand is increasing across the globe. Before we dive into the details of the benefits of PRINCE2, let’s understand what is it all about?

What is PRINCE2?

PRINCE2 (Projects in Controlled Environment) is the de facto project management standard that provides you with the skills and confidence to manage projects successfully. It uses a common language, systems and procedures that helps you analyze and control risks. It trains you to manage resources efficiently.

PRINCE2’s process driven approach divides projects into stages providing easy and access and controllable stages that results in lesser errors. When there are mistakes, there must be means of rectify them. PRINCE2 has a lesson log which teaches the team how to work on their flaws.

As the saying goes, “To err is human.” So, let’s understand why projects fail.

Why projects fail?

Even after putting in 100 percent of the effort, projects seem to fail. According to a research 80% of the projects across industries fail while only 20% are delivered on time and as per specification. Be it budget restraints or failure to allocate resources effectively, does make a project slag. Here is a list of reasons why Projects seem to fail:

1. Lack of Preparation

There needs to be clarity regarding the plan in the initial stage itself. Every step needs to be chalked out and discussed end to end to check for lapses and potential threats. The stake holders need to be involved at this stage as it is essential to have clear picture and understanding of their requirements, budget, time, product and its quality.

2. Poor Leadership

It is not the prerogative of the Project Manager alone to ensure that the project is running smoothly. Every manager involved in the project is equally responsible for what goes on. This does not mean that he must micromanage his staff instead he should support and motivate them from time to time to avoid slags. Every individual in the team must be competent, pro-active, professional and invested in their part of the project.

3. Project Managers with little or no experience

The Project Manager has a lot of responsibilities. From appointing the right candidates to ensuring that the project runs smoothly and communicate with the stake holders from time to time. He is a juggler. An inexperienced project manager may not be able to handle the magnanimity of the project, resulting in its failure.

4. Inaccurate setting of costs and parameters

When a plan is written and discussed in detail, the costs, deadline and other parameters need to be taken into consideration as well. Failure in meeting deadlines and excess expenditure leads to the lapse of the project.

5. Failure to communicate

   very step of the project, also there must be clear communication between teams and its members. Often the lack of communication causes breaks in the projects resulting in the failure poor quality of the delivered product.

How can the organization benefit from the PRINCE2 methodology?

The PRINCE2 methodology is a tried, tested and trusted method. It has been revised and developed over 25 years by project management experts from across the globe. Hence, the method guarantees success. Listed below are the ways PRINCE2 can help your organization.

1. Predictable methodology:

PRINCE2 breaks down projects into stages and segments using a step-by-step method that helps monitor it closely from the start to the end. This method leaves little scope for errors and reduces the chances of the project running out of track at any given point in time. The major focus should be on the business case which has to be well planned and clear.

2. Using resources effectively:

Although, it is important to have the stakeholder involved and updated, it is best to bring him into the picture at only key junctures. Too much involvement could lead to loss in direction and delay in submission of the project.

3. Time and Cost Effective:

PRINCE2 follows a common language that is easy to understand, thus time spent on training new members reduces substantially. Also, when the plan is detailed with step-by-step processes in place, the focus becomes as there is more clarity. This way you can also figure out loop-holes or potential failures and work on them instantly reducing the time taken to solve them and the cost as project will be completed on time.

4. Clear roles and responsibilities:

With a well-defined structure accountability, delegation and communication, and all those involved in the project are aware of their roles and responsibilities.

5. Free to use

It is observed that project management methods usually charge a licensing fee if they are to be used on projects. PRINCE2 does not have any such licensing fee and the methodology is free for use. Thus, organizations can freely use this methodology instead of developing something of their own.

Tips for Successful PRINCE2 Management

With so many benefits of PRINCE2 the application of the methodology ought to be a challenge. Here are some tips to make it a less daunting task:

Preparation

The role of a project manager is a highly responsible one and thus can not be taken lightly. To be an effective leader and ensure that the project runs smoothly, you need to plan and structure your business case in the most efficient manner. A well-organized plan helps in giving clear instructions that ensures that the project runs efficiently.

Common understanding

Clarity in communication is the key to success of any project. For the smooth sailing of the project it is important that your team as well as you are on the same page. What needs to be done and how is decided and mutually agreed upon. In case of doubt or lack of clarity, the issue should be explained and rectified immediately.

Monitoring

Planning and handing over the project to the team for the operation is not enough. The project needs to be monitored and you are required to actively participate from time-to-time to check if it is headed in the right direction, is on track and on time. You need to be up to date with who is doing what and if the plan is being followed as discussed.

Prioritize

As a Project Manager has a lot on his plate and giving attention to everything at once is quite a challenge. Hence, you need to prioritize, and which area needs to be focused on first and then work upon it accordingly.

Competent team players

For the efficient functioning of the project, each member needs to be clear about his role, lack of clarity could result in the lapse of the project, also spoiling their experience of working on it. In case they are capable, they can always be guided, helped and supported to perform better. If they continue to struggle, consider shifting them into a team where they can provide their best services. At any given time, the project should be the focus and the plan of utmost priority.

The PRINCE2 helps both organizations and individuals alike and the demand for the certifications are increasing, as more organizations are adopting the methodology.

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