The 7 Fundamental Principles Of PRINCE2 Project Management

PRINCE2 is a principles-based project management methodology that is commonly used across the globe. As a result, the demand for PRINCE2 certification training is also rising. However, before obtaining the PRINCE2 certification, project managers should have an in-depth understanding of the seven fundamental principles of PRINCE2.

Aside from the basic principles of project management, it is essential to apply and respect the key principles of PRINCE2 to complete a project successfully. PRINCE2 derives its methods from 7 core principles.

1. Continued business justification

In order to justify the existence of a project, you must first ensure that a viable business case exists. A project’s goal, the end-user (client), the clear benefits of the end solution, and the cost of the endeavour are among the things that need to be identified. It is also important for the project manager to consider the return on investment (ROI) of the project.

If all these aspects are clearly understood at the time of project initiation, business justification for the project is guaranteed for the project’s entire lifetime. Business justification leads project management teams to be more focused and more likely to deliver quality results.

2. Learn from experience

In ongoing projects, applying lessons learned from past projects is essential. Learning from previous projects and incorporating the good points into future projects can lead to a successful project completion. Documenting lessons learned from ongoing projects is also necessary for future reference.

3. Defined roles and responsibilities

The roles and responsibilities of the different levels of the project team need to be defined to satisfy the primary stakeholders’ interests. For example, some of the common roles assigned in a project are project managers, project sponsors, project boards, project team members, project administrators and more.

4. Manage by stages

A lot of the principles of PRINCE2 revolve around structure. There must be clear stages within the project itself. Afterwards, each stage is scheduled and managed independently. Projects are reviewed and updated as they progress from one stage to the next. The project manager is responsible for analysing the project’s overall performance, determining whether there are any risks to the project and whether any lessons can be learned and applied going forward.

5. Manage by exception

Projects should have an exception plan to ensure that it is on track. The project board should also be notified of any changes. In most cases, the project board is not involved in the day-to-day operations of project management. They are responsible for determining the project’s scope, price, and timeline. On the other hand, project managers are in charge of all other tasks and deal with most risks and issues related to the project.

However, if issues affecting the project requirements arise, then the project board has the right to step in and define the future course of the project.

6. Focus on Products

This principle enforces the quality of the product. As far as products and services are concerned, the main focus should always be on developing them, and the quality of the standard should always be maintained.

7. Tailor to Suit the Project Environment

Although Prince2 has many rules and guidelines, it promotes flexibility and a tailored approach to project management.

The methodology is primarily designed to help project teams deliver the best results. Every project requires a different approach, and PRINCE2 allows you to tailor it as necessary for your project.

Conclusion

Whether learning from experience or defining roles and responsibilities, project managers must be aware of the fundamental principles of PRINCE2 project management. These principles should be implemented into every project to ensure success for the organisation.

If you wish to upgrade your skillset as a project manager, you may consider getting a PRINCE2 Foundation certification in Singapore. At BridgingMinds, we also offer PMP training in Singapore to equip project managers with the necessary tools and knowledge to successfully lead future projects.

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