PRINCE2®
PRINCE2® defines project as “a temporary organisation that is created for the purpose of delivering one or more business products according to an agreed business case”.
PRINCE2® is a structured project management methodology that is flexible, adaptable, and tailorable. Hence, PRINCE2® can be used for organisations of all types (regardless of its size, complexity or industry) looking to use a structured way of managing projects.
Project management and performance aspects
In order to determine the success of a project, a set of performance target or aspects are defined in PRINCE2® as:
- benefits – this can be answered by why are we doing this and the project management team must have a clear understanding of the business purpose from the project and its investment justification.
- costs – throughout the project lifecycle, a number of factors will affect the cost budget. This aspect ensures for the project to be affordable and within the parameters set by the organisation.
- time – like cost, project will be associated with start and end dates, as well as key dates for various milestones to be delivered for business. This aspect of project performance addresses the time criteria.
- quality – the quality criteria ensure the project delivers and meets the specified requirement of the business. Hence, addressing the must be fit for purpose aspect of the business.
- scope – the scope aspect is defined and agreed at the start of the project to determine what the project will deliver. A list of inclusions, exclusions and assumptions will guide through meeting the scope criteria for a project.
- sustainability – all projects have an impact on their environment, and project management teams need to know the sustainability performance targets set by the business for the project work and for the products required of the project.
- risk – all projects involve risk. This aspect addresses the risk that the business is willing to take. By reviewing the risk items with the business, the project management and/or the business can also take actions to minimise risk or to increase the potential opportunities (from a risk with positive benefits) for the business.
If you want to learn more on this from PRINCE2®, you can enrol in the PRINCE2® 7 Foundation course from ELLUMINA. The course will also include the online certification exam from PeopleCert. You can do the course at any time and from your home or office.