PRINCE2®: What's New

7 Principles of the PRINCE2®  

1. Continued business justification: 

Every project needs a good reason to start. It should match up with what the organisation wants to achieve. Checking on projects regularly is important. It helps make sure they are still good and helpful over time. If you don't have good reasons to keep doing the project, it's a good idea to either stop or change it.   


2. Learn from experience 

Don't forget what we learned earlier! When we work on projects, it's a good idea to take a look at what we did before. This helps us get better at what we do and avoid making the same mistakes again. It's like using things we've done before to make our projects go even better.   

3. Defined roles and responsibilities

Clearly defined roles and responsibilities are essential for effective project management. People should understand what they're supposed to do, and also what others are doing. This way, we don't get mixed up, and everyone knows what they're supposed to do.   

4. Manage by stages

PRINCE2® promotes the concept of dividing the project into manageable stages, each with its own:   

• Objectives
• Deliverables
• Plans
5. Manage by exception

This is a way that each level in the Project Organisation uses to manage the level below. The layer below needs to tell the higher-up managers only if there's a really big problem that they can't handle themselves. In PRINCE2®, when something goes wrong, it's called an Exception. This means that the problem is bigger than what was expected or allowed.   

6. Focus on products

It's important to write a clear and simple description of what the product will be like. This helps everyone involved understand what to expect. The Focus on Products rule says that working on a project is important. This is to define and deliver specific products.   

7. Tailor to suit the project environment

The goal is to use project management in a way;   

• That doesn't make the project too hard
• But still keeps things under control

If the way we do things doesn't match the project we're working on, then we're not doing a good job of getting things done quickly and well. This is also called robotic project management, which means following a method without thinking about it.

The 7 PRINCE2® themes

1. Business case:

This is like a really important reason why we're doing the project. It helps us figure out if the project is worth doing and helps us make choices as we go.  


2. Organization:

Being organised is important, just like when we play a game as a team. We need to know who is in charge and who is responsible for doing different tasks. This theme helps us understand what each person needs to do in the project. 

3. Quality:

Imagine you're making something really awesome. Do you want it to work really good and look super cool, right? Quality means making sure that the things we make for our project are really good and do what they're supposed to do.  

4. Plans:

Think of a map for your journey. Plans in PRINCE2® help us know where we're going, what we're doing, and how long it will take. This keeps us organized and helps us reach our goals. 

5. Risk:

Things don't always work out as planned. Taking a risk means to plan ahead and think about what could go wrong. Then we can make plans for what to do if these problems happen.

6. Change:

Sometimes we have to change our plans as we go. This theme helps us deal with these changes and make sure they don't cause big problems. 

7. Progress:

It's a way to see if we're on the right track. We look at progress to find out how far we've come and if we're on track to meet our goals. If not, we can change things so that we can get back on track.  

The 7 processes of PRINCE2®

PRINCE2® involves seven processes that guide how a project is managed from start to finish.

1. Starting up a project (SU):

This is like getting ready to go on a new journey. We decide if the project is a good idea, who should lead it, and what we need to do to get started. It's like making plans before going on a trip.

2. Directing a Project (DP):

This is the level where you are the big boss. The people in charge of the project make sure it's going well and decide what needs to happen next. They make sure that we're on the right track and that the job is worth doing. 

3. Initiating a project (IP):

This is where our trip really begins. We make detailed plans, decide who will do what, and make sure everyone knows what to do. It's like getting ready for a trip and packing.  

4. Controlling a stage (CS):

Let's say you're playing a game, and you want to make sure you're doing everything right. This method lets us keep track of how each part of the project is going. We make sure that things are going as planned. 

5. Managing product delivery (MP):

This is like giving different people parts of your game. We make sure that every employee has the impression of what they need to do.  

6. Managing a stage boundary (SB):

When one part of the project is done, we need to get ready for the next part. This helps us move from one stage to the next. Like when you finish a level and get ready for the next one. 

7. Closing a project (CP):

We close the project just like the game ends and you see how well you did. We see if we did everything we planned to do, if we reached our goals, and if we learned anything that will help us on our next trip. 

To get an overall idea of above-discussed principles, themes, and processes of PRINCE2®.

PRINCE2®'s widespread adoption stems from its well-established reputation for successfully managing projects across diverse industries. Its:

• Universal applicability
• Clear roles
• Business-focused approach

resonates with organizations seeking effective project management.

The changing landscape of project management

In 2023, the landscape of project management continues to:

• Evolve at an accelerated pace
• Driven by technological advancements
• Shifting workplace dynamics
• An ever-increasing demand for agility and innovation

The rise of remote work has brought about a paradigm shift in project management practices. Project management has changed because more and more people are working from home.

Adding AI and machine learning to project processes has also brought about a new era of efficiency and understanding. At the same time, it's clear that projects are putting more stress on sustainability and social responsibility. Organisations know that they have a part to play in making the world and society better places to live.

PRINCE2® updates and innovations for 2024

PRINCE2® gets updated every now and then to match the best ways of doing things in the industry and the new trends in managing projects.

• The PRINCE2® salary is 57% above the national average; which is around €65,353.
• It provides 96% customer satisfaction.

Comparing PRINCE2® to other project management methodologies

PRINCE2® vs Agile  

PRINCE2® and Agile are two ways to do projects. Even though they have different ways of doing things, they still have some things in common.

PRINCE2® is like a more old-fashioned and organised way of doing things, while Agile is all about being flexible and doing things in small steps. But some groups have figured out how to use PRINCE2® and Agile together to make the most of what each one is good at. For instance, "PRINCE2 Agile®" is like a special version of PRINCE2® that includes Agile ideas. This helps companies to mix the organised approach of PRINCE2® with the adaptable methods of Agile.

PRINCE2® vs Scrum  

Scrum is a part of Agile that's all about breaking down work into smaller parts and working on them in short bursts called sprints. PRINCE2® and Scrum can work well together.

PRINCE2® is a way to manage projects that has rules for how to make decisions, keep things organised, and make sure the project is worth doing. But Scrum is a way to do things when working on a project.

Some groups use PRINCE2® to manage projects and Scrum for development. They combine the two methods to work together.

PRINCE2® vs PMP (Project Management Professional)

PMP is a special certificate you can get from the Project Management Institute (PMI). They made a special set of rules called PMBOK that they use to teach people about managing projects. PRINCE2® and PMP are both ways to manage projects.

They have some things in common, like focusing on figuring out what the project is all about, making sure everyone involved is happy, and dealing with any potential problems. But PRINCE2® is more like a step-by-step guide with its rules, ideas, and steps, while PMP has a wider range of good ways to do things.

Deciding between PRINCE2® and PMP could depend on things like what industry you're in and how your company likes to do things.

PRINCE2®'s remarkable versatility and adaptability make it a go-to choice for a wide range of project environments. Its flexible framework allows tailoring to fit specific project needs, spanning industries from IT to construction.

The future of PRINCE2®: expert predictions

• Hybrid approaches: Sometimes, people use PRINCE2® and Agile together. Because projects need both a plan and the ability to change things as they go along. This mix of two methods could become the usual way of doing things, recognising the good things about both ways.


• Digital integration: Using computers and technology is becoming more important in PRINCE2®. They might start using more digital tools to talk to each other, work together, and look at data. This could make it easier to keep track of projects and make better decisions.


• Remote work focus: As more people work from home, PRINCE2® can help make things better by improving how we manage teams that are spread out. It's all about:
  • Working together online
  • Talking clearly
  • Keeping track of everyone's progress even when we're not in the same place
  
  
• Sustainability integration: Because sustainability is becoming more and more important, PRINCE2® might include ways to manage projects that are good for the environment. This would match what is happening around the world.


• Cultural adaptation: With globalisation, PRINCE2® can help people understand how to adjust its rules to different cultures and business situations. This can help make projects successful all around the world.

Tips for transitioning to PRINCE2®

• Stay informed: Make sure you know what's going on. Start by learning about the important changes and updates that were made in PRINCE2®. Make sure you understand any new rules, ideas, or ways of doing things that have been changed or added. This will help you understand the details of the new way of doing things.


• Upskill through training: Spend time learning about the new things in PRINCE2® 2023. Sign up for classes or workshops that are certified and offered by trusted teachers. This will make sure you really understand the newest version of the methodology.


• Update documentation: Make sure to update any project documents or templates. This will help you keep things the same in all your projects. Updating will keep you on track.


• Stay open-minded: Be willing to try new things and accept different ideas. Just so you know, updates are made to make things work better and keep up with what's happening in the industry right now.

In the end, PRINCE2® has changed a lot over time to keep up with project management. It shows how it can adapt and stay strong in a world that always changes. Since it started, PRINCE2® has shown that it can:  

• Use new ideas
• Deal with new problems
• Stay important in different industries and projects

Check out the amazing new developments happening in project management field that's going to change the way things are done in the future.  

Whether you've been doing this for a long time or just starting out, our sessions will teach you helpful tips and tricks to make your projects even better. Make sure you don't miss this opportunity to stay ahead of everyone else and make your career move forward. Also, don’t miss out our free webinars on Study365. It is not just useful but cost-effective too.

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