PRINCE2® - The Benefits For You And Your Organisation

PRINCE2® - The Benefits For You And Your Organisation

Insights | 13 December 2013

PRINCE2® is often cited as the most widely used project management method worldwide; it has become the international language for project management.

Consider the following:

  • There are more than 2.5 million pages referencing PRINCE2® on the web
  • The number of people taking PRINCE2® qualifications increases by 20% year on year
  • The PRINCE2® guide is available in 12 languages
  • More than 1.1 million exams (foundation and practitioner) have been taken since 1996

What do we know about PRINCE2?

PRINCE2® is a widely used project management measure that over the years has developed a common language that crosses industry sectors from public to not-for-profit to private organisations. It has become the way of delivering projects from IT to R&D, construction, product development, marketing and business transformation.

Whilst PRINCE2® is a project management methodology that provides a framework to work with, implementation of its techniques isn’t something that is picked up by simply reading through the manual. PRINCE2®’s power is based upon its interlinking elements and tailoring the method appropriately to external factors (such as corporate standards) and project factors (such as the size, complexity and risk of the project). To have an appreciation of PRINCE2® and when to use it appropriately essentially comes down to experience and the lessons obtained from implementing the practice across various projects.

First an appreciation of the full “vanilla” PRINCE2® approach needs to be undertaken, then the method needs to be adapted to enable a level of project management that does not overburden the project.

It’s important to note that PRINCE2® is not about bureaucracy; the aim is to provide the appropriate controls and information for decision making – this is the power of PRINCE2® in practice.

The Cabinet Office succinctly reminds us that a key challenge of all organisations, private or public sector, small or large is to deliver change through managing projects successfully and consistently.

“This is where the PRINCE2® project management method adds real value,
as the globally recognised standard for delivering successful projects.”

Managing Successful Projects with PRINCE2®

PRINCE2® is about managing projects; it provides guidance on what to do in order to run a project, and why it should be done this way, but PRINCE2® is not about doing the work.

The key is to understanding the real benefits of PRINCE2® as a project management methodology and how it can be advantageous to you and your organisation. Consider the following:

Benefits for organisations

  • It is a proven best practice and governance that is used in over 150 countries and in excess of 20,000 organisations. PRINCE2® is a widely recognized project management methodology
  • PRINCE2® can be applied to any type of project in any industry – whatever the scale, complexity, geography or culture; whether the project is part of a programme or is being managed as a “stand-alone” project
  • It promotes a defined structure for roles, responsibilities, accountability, delegation and authority. Through the implementation of PRINCE2®, fundamental to the methodologies success as a project tool is that project stakeholders understand each other’s roles and needs
  • PRINCE2® promotes consistency (not bureaucracy), continuous improvement (not re-inventing the wheel) and assurance, assessment and troubleshooting (not “big brother” watching you) for projects
  • It provides a common terminology and vocabulary for all project participants, promoting effective and efficient communications
  • Key strategic focus on project justification and viability (via the Business Case), rather than just seeing the completion of the project as an end in itself
  • Clear reminder that projects and project management are NOT static – adopting PRINCE2® promotes continuous improvement and learning

Benefits for individuals

  • Provides an international project management language for project managers and stakeholders – used in more than 150 countries and available in 12 languages
  • PRINCE2® Foundation and Practitioner accreditations internationally recognised – recognition that an individual has attained a level of knowledge in accordance with certification standards
  • PRINCE2® accreditations are highly regarded and often attainment are minimum requirements for project positions (contract and permanent)
  • As the method is based on consistency of project management, it facilitates staff mobility and reduces the impact of project team changes and handovers
  • Provides explicit recognition of the project responsibilities – ensuring the different participants understand their accountabilities and roles, including that of the project manager

In essence, understanding, adopting, tailoring and embedding PRINCE2® is about effective risk management for your organisation and yourself.

For more information on how PM-Partners can assist your business in up-skilling your staff around their current level of Project Management knowledge, speak to one of our qualified customer service team today on +65 6818 5771.

PM-Partners group is Australia’s most highly accredited project and PMO partner. We are the trusted service provider to Australia’s leading and emerging companies, deliver over $3B of projects each year and have helped 1000’s of practitioners achieve their professional development goals.

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MSP® is a registered trade mark of AXELOS Limited; PRINCE2® is a registered trade mark of AXELOS Limited
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