In today’s dynamic business environment, possession of skill sets which enhances the project management capabilities are the must. A good project manager should have a capability to plan, delegate, monitor, and control all the aspect of the project smoothly and efficiently. They should be able to motivate the team and achieve the project objective within the set timeline. Any deviation from the planned project activity will lead to huge cost overruns and time delay. In other words, we may say that a project is a mini-organization within an organization, which is created to deliver one or multiple business products. Thus, the importance of having a structured project management method like PRINCE2 is very important for organizations. PRINCE2 (project in a controlled environment), aims to divide projects into different manageable and controllable stages, which is easy to monitor.
Common problems faced by project managers
- Lack of visibility of the project landscape.
- Lack of adherence to the project timelines, due to process deviations.
- Quality of the end product delivered.
- Proper risk mitigation capabilities, resulting in massive revenue leakage.
PRINCE 2 certification – A real-time process-based approach to project success.
The need of the hour is to implement a standardized system throughout the organization, which will describe the method of managing and closing of a project. PRINCE2 is a descriptive structured management method, which leads to immense business benefits. It has five main aspects, which any organization will derive as benefits after implementation of the same:
- It tells the organization about the best method to be followed for the success of the project.
- PRINCE 2 clearly states the method of organizing a job properly.
- Takes into account the factors responsible for the success of the project.
- Clear delegation of authority.
- Effective monitoring and controlling mechanism of the project.
Project management requires an advance general framework of management principles, which can be implemented on any kind of project, irrespective of its size and organization. PRINCE2 training and certification enable project managers to analyze the project from multiple angles and test for its viability even before the work is initiated. It teaches managers to evaluate each and every risk factor in the planning stage. Due to its standardizing approach, any confusion regarding the systems, filing procedures and document control is overcome. While handling a relatively big size project, managers have to take into account several variables like cost, timeline, quality of the end product, the scope of the project, a risk associated, and key benefits derived. However, to work with these variables professionally, managers need to first have a potent project management tool at hand. The best tool available till date is PRINCE2, which is an internationally used, “best practice”, an approach in dealing with projects.
The main elements of PRINCE2
It comprises the following 7x7x7 matrices:
- 7 principles-
- Business justification of the project– The usefulness of the project is evaluated with an added dimension of cost-benefit analysis of the same.
- Lessons learned from the past projects– Any potential failure mode from the previous project of the same nature is also accounted for, so as to make the current project full proof.
- The delegation of authority– It is important to form smart teams and assign specific roles, based on individual skill sets.
- Proper management of project stages– Through monitoring of the stages is crucial for the success of the project.
- Address any exception– Course correction measures need to be undertaken, to avoid huge time delay and cost overrun.
- Increased focus on the end product-Every project activity should add value to the end product.
- Acclimatization of Project environment – This principle ensures that the project participants and processes are well coordinated and frictionless.
- 7 themes-
- Business case– This is the very foundation of the project, which is used to keep the project activities aligned with the business objective. It also drives the decision-making process of the project.
- Organization– Defines the roles and responsibilities of the stakeholders of the project or the people involved in it.
- Quality-Four elements of quality, like systems, planning, assurance, and control are addressed.
- Plan– Creates a product based planning, which forms the backbone of the management information system.
- Risk-A careful strength weakness opportunity threat analysis is carried out to rule out any unwanted project deviations.
- Change– A superb change management is established by PRICE 2 standard.
- Progress- The change is measured constantly, with respect to the initially planned project.
- 7 processes-
- Starting up of a project(SP)
- Directing a project (DP)
- Initiating a project (IP)
- Stage controlling (SC)
- Managing product delivery (PD)
- Managing stage boundary
- Closing a project
Formation of a good project board is also crucial for the success of the project. A good project board should comprise a project manager, senior project user, project executive, and senior project supplier.