If you are considering a PRINCE2 project, you should be aware that it follows a specific structure. This is called the Project Management Hierarchy. The hierarchy contains five stages, each of which requires different types of planning.
Project management hierarchy
PRINCE2 (Project in Controlled Environment) is a method of project management that focuses on organising and controlling work throughout the lifecycle of a project. It is a highly structured and comprehensive method, and can be customized to suit the needs of a particular project. This project management framework is useful for a variety of projects, and is particularly suitable for large-scale projects, such as infrastructure or construction.
In this type of project, a team of specialists is used to produce a specific outcome. Each specialist is responsible for providing the expertise necessary to make the project successful. Some projects will also need assurance from a dedicated project assurance team. Assurance ensures that the project is delivering a good solution, and that the requirements have been met.
A project manager is a person who leads the project on a day-to-day basis. He or she will create the project plan, select people who will work on the project, and monitor progress. Project managers may also need to delegate tasks to other team members.
The role of the project manager is crucial to a successful project. A good project manager will set and maintain quality standards for products and outputs. To do so, the project manager should use an effective communication strategy. Moreover, he or she should work within the constraints set by the project board.
Depending on the project, the project manager may need a team manager to assist him. Team managers will be responsible for managing project products and delivering hard deadlines. Alternatively, the project manager can fulfill the roles of both team manager and project manager.
In a PRINCE2 project, each individual’s responsibilities and roles are clearly defined. They are divided into stages, each of which has its own set of responsibilities. These stages are sub-processes. While they can be confusing, it is important to understand the structure of each stage.
At each stage, a project must meet the viability standards. This means that the project must be able to deliver on its promises, and be able to justify its costs. Similarly, the project must have an adequate risk management strategy. If these are not in place, a project can go disastrously wrong.
In addition, a project’s objectives, processes, and methods must be clearly defined. A clear idea of how to manage project resources, such as staff and budgets, is also essential. Since PRINCE2 is a process-based methodology, it relies heavily on frequent progress reporting and change monitoring. For this reason, a project manager must ensure that each of the subtasks is logically connected to its main task.
Finally, the project should include an exception plan. An exception plan helps the project manager to identify and respond to potential problems that might arise, so that a project’s success is preserved. The exception plan also helps the project manager to determine whether a particular activity is part of the project or not.
Stages of a PRINCE2 project
In PRINCE2, a project is organized into stages that are broken down into smaller, manageable tasks. This allows for better control, communication and transparency. While the project is divided into manageable phases, it is important to remember that each phase is separate and cannot be rushed.
Each PRINCE2 stage involves the creation of a detailed project plan that explains the resources and time required to complete the task. It also includes the quality requirements of the deliverables. The plan is reviewed during the transition from one stage to the next. Throughout the process, project managers and team members should keep track of the project’s progress. They should submit information for quality checks and check that the final product meets the team’s high standards.
Before embarking on a PRINCE2 project, the project manager should carefully consider the business case. This document will explain why a project is being undertaken and how it will benefit the company.
Next, the project manager must create a detailed plan for the next stage. At this point, the project board is consulted. Once approved, the next stage is developed. These projects are typically set to a deadline.
At the end of each stage, the project manager must review the results to determine whether the project has met its goals and objectives. If not, the team should seek guidance. During this phase, the project manager should make sure the project is completed within budget.
The final phase of a PRINCE2 project is called the closing phase. In this stage, the project manager has to ensure that all results have been achieved. He or she should also review all documentation and reports.
At this point, the project team should take note of any lessons learned from the previous stages. These are recorded in a project log. Throughout the project, the team should use this log as a reference. A lesson log is available for download for free.
During the project, the project manager should regularly report progress to the project board. The board will then decide whether to continue with the next management stage or proceed to the next stage.
During each phase of a PRINCE2 project, the team should work towards meeting the requirements of the customer. This involves the project manager, senior user, user support, and other project stakeholders. All roles must be clearly defined. Project team members can share these roles, but they should be independent and have authority.
When planning a project using the PRINCE2 methodology, it is important to recognize the seven principles. Although they are universal, they need to be tailored to suit the specific project and the team. Having a well-defined plan will help project managers monitor their projects and control costs.
As a part of the PRINCE2 method, the quality register plays a major role in the final product. In this document, the team describes the quality standards for the production of all deliverables.
Business case
The business case for PRINCE2 is a document that describes the reasons behind a project and provides a means to judge whether the project is viable. This document should be actively maintained and updated throughout the life of the project. It should include the costs, benefits, risks, and other information necessary to successfully manage the project.
One of the most significant aspects of the PRINCE2 Online Training Course is the creation of a business case. While many projects are initiated without any formal business case in place, this is not recommended.
Before beginning a project, the executive will determine whether the proposed venture is feasible. He or she will then develop the case and present it to the Project Committee for approval. During the initiation stage, the business case will be refined to match the specific needs of the project.
In order to evaluate the feasibility of a project, an executive should assess the cost/benefits ratio. This is a simple analysis that helps the decision maker decide whether a project is worth pursuing. A detailed business case involves extensive reporting on the economics, risks, and commercials involved.
Another aspect of a business case is the return on investment (ROI). ROI measures the potential value of an initiative. For example, the ROI of an additional service desk for a restaurant could be measured by the amount of time it saves the business or the amount of errors it eliminates.
In addition to ROI, the business case should also explain the costs and benefits of a project. If the project is viable, the benefits must be tangible and the costs justified. However, the return on investment may not be realised until the project is completed.
When evaluating the return on investment, one should consider the most cost-effective and appropriate way to do so. This is based on an appropriate cost-benefit analysis and appropriate risk-balancing techniques.
The benefits of a project can be analyzed using the Business Case for PRINCE2. The benefits include increased productivity, better efficiency, reduced costs, improved quality of service, and more. To justify the project, the executive should describe the benefits in detail. These benefits should be quantified and backed by solid research.
As part of the process, the executive should consider the Benefits Management Approach. This approach defines the timing and scope of a project, as well as the number of reviews that should be conducted to evaluate the benefits.
The main objectives of a business case are to determine whether a project is feasible, to make sure that the benefits are realised, and to ensure that the goals of the project are achieved. By tracking the benefits, a project can be guaranteed to deliver on its objectives.
While it may seem like a long-winded process, a well-constructed business case can significantly improve the success of a project. Furthermore, a well-built case can be easily adapted and revised throughout a project’s lifetime.
