Importance of Project Management from PRINCE2 Perspective

Overview

In present scenario, business organizations are striving very hard to fulfill the customer requirements by providing the cost-effective and timely deliverables. In spite of these, most of the companies are struggling to achieve this situation.

Following are the hard hitting pain areas from which most of the organizations are suffering:

• Late completion of Project
• Project goes over-budget
• Poor product or output quality
• Reactive approach of managing project
• Poorly conceived project schedule
• In spite of these, project executed successfully because of few smart individuals

Ideally Project Management is the solution of overcoming above limitations. On the other hand, having project management skill does not guarantee that there will be no issues or surprises within your project but it provides you a framework to deal with all surprises or issues which might impact the outcome of your project.

Project management helps you in following ways:

• Timely and quickly project completion
• Outcomes are more predictable
• Proactive approach of managing the outcomes
• Quicker solution of customer queries or complaints
• Proactive approach of risk management
• Meeting the customers and stakeholders expectation through effective communication
• Improved financial management
• Restrict the initiation of poorly conceived project
• Emphasize on data-driven approach of decision making

Project Management – why not we love it?

After going through above points you might ask why Project Management is not being followed by most of the organizations.

If you ponder over this issue, you will find following basic reasons:

• Initial Requirement of time and effort and skill development
• Organization does not foresee the benefits that can be accrued by project management
• Ignorance of stakeholders about project management benefits
• Organization lack skilled resources on project management
• Management having myth that project management is a tool  

Main purpose of project management approach is to help you in managing and executing a project within defined timeline, cost and agreed quality parameters.

Benefits of using PRINCE2

PRINCE2 is one the widely used method of Project Management. Prince2 is a generic structured approach of project management that can be applied on any kind or type of industry. It helps you to identify and manage risk, controlling product/ service quality within agreed framework.

There are many advantage of using PRINCE2 as a Project Management approach. A list of few benefits are mentioned below:

1. Standard Approach: within a project team, every team member has a common approach of executing task. It reduces the ambiguity within team and helps in delivering the desired result quickly.

2. Best Practices: It is a compilation of best practices of project management over the years and across the domain. These best practices provide you a guiding principles through which any project can be executed successfully without any hindrance.

3. Defined accountability: It provides a structure for roles and responsibility and every member within the project team knows what is expected from whom and when. It gives a clear insights about the resource utilization to a project manager.

4. Business Case Driven: Business Case is a very critical document within a PRINCE2 project. Entire project exists on the basis of this document. This is used as a reference document to justify the business viability to their stakeholders and ensuring that project is delivering value to the customer.

5. Product Focused: Success of any project is measured using the final outcome of a project and that’s why customer requirement is well defined at the beginning of the project in a PRINCE2.

6. Management By Exception: Exceptions are common pitfalls within a project. In case of exception, PRINCE2 has defined approach of managing lower management layer by the next above management layer.  

7. Stakeholder Representation: PRINCE2 mandates the key stakeholder participation in decision making. It helps in reducing the conflict of interest within the stakeholder.

8. Compatibility of other compliance: PRINCE2 method can be clubbed with other quality related compliance. If your organization has already implemented Quality Management system then PRINCE2 can be included as a Quality Management System.

Advance Innovation Group, NOIDA one of the leading and training provider in NCR. Our training program enables you to leverage the benefits of PRINCE2 through adoption of PRINCE2 methodology.  We are authorized center for PRINCE2 Foundation and Practitioner examination.

Advance innovation Group having more than 25 years of experience in corporate training and Project management certification that gives an edge over our competitor.  Vast domain expertise of our consultants help you understand and provide solution with an ease.