MITS5001 IT Project Management | Prince2 Methodology
This report outlines about the prince2 methodology of Project management, its history, seven processes, pros and cons.
Answer:
Introduction
We could see several projects that are underway in the recent scenarios surrounding us. Each and every project requires a project manager for ensuring about the fact that the project would be successful, irrespective of the type of project being executed. A person who checks every detail of a project is termed as the project manager. The project stages are also checked by this project manager. The project management is defined as the finding of the goals that should be achieved by us or the procedure how these goals could be achieved and the duration required for achieving them.
Before starting anything new like an assignment or any bigger project such as construction, few questions are required to be answered for us. These questions are as follows:
What should be done in the work?
When the work is required to start?
Which resources are required by us?
Can we complete the work alone or we would require help from any other person?
What will be the duration of the work?
How much monetary resource will the work incur?
The above mentioned questions can be answered by the building blocks of the project management.
A poorly controlled project comprises of the high failure probability. Few noteworthy examples of failed projects are Channel Tunnel and London Ambulance. These two projects were not only two failed projects, but even incurred huge monetary losses. Hence, we would discuss a structured methodology or project management in the following report that helps in controlling or reducing project failures to a greater extent.
Overview
Prince2 is one of the most popular and prominent methodologies in project management. This prince2 or Project in Controllable Environment 2 started its journey as the standard by the government of United Kingdom for any IS project. This is the basic technique that eventually enforces the need for splitting up the project accountability within the project manager and board of directors. The management of resources is the main responsibility of the board of directors. Moreover, they also have to provide business justification for all projects. However, the manager of that project is responsible for taking care of every activity and also managing the teams regularly. The best example of the structured PM is prince2 methodology, in which any project is sub divided to definite steps for making it more organized as well as logical. According to prince2 framework, all projects should be having definite and organized starting point, middle point and ending points. It helps to ensure that the project is being executed as per planned. prince2 methodology is utilized within several countries in the world like the Western European countries, United Kingdom and Australia.
This particular PM methodology is on the basis of seven principles that are continuous business justification, learning from experiences, definite roles or responsibilities, managing by steps, managing by exception, focusing on the products and tailor to suit the environment of project. The seven themes are business cases, organizations, quality, plan, risks, changes and progress.
History of prince2
prince2 methodology has the core connection with one of the previously utilized PROMPT II methodology. A specific standard of the government of UK was being adapted in the year of 1989 for IS project management. This was termed as prince, which was applied not only withinprince2 is the second version of prince and even this particular methodology has become popular.
Two major phases of this methodology was launched in 1996. The first was in 2009 and was called prince2 refresh and the next phase was in 2017, called prince2update. This update was regarding the various changes within the business practices as well as reviews or feedbacks from the several users of prince2 for the original environment of project.
2009- A Major Review
Various corrections were being faced in prince2 from the beginning of 1996. The client groups started the discussion about the updates of prince2 globally in 2002. By 2009, this particular methodology was made more customizable. The version of 2009 is from the seven standards of project management.
2017- The Second Significant Improvement
The next change was announced in 2009 by Axelos and hence the new direction is about flexibility and scalability. There are various changes within this type of improvement and the changes are minimum for qualifying like prince2.
The Seven Processes of prince2
Directing a Project
Project direction refers to the proper follow up of project. The coordinates and controls of the project board undergo several decisions. The main processes could be broken down into few important territories and these are given below:
iii) Ad hoc directions for checking the progress and providing direction.
Starting up a Project
The second process of prince2 methodology is termed as the starting up of project. This is the previous project procedure that could guarantee previous imperatives to initiate the project. This process has the expectation of project mandates for undertaking the desired results. The three major components of this particular project are as follows:
iii) Finally, the initiation stage planning is made and this is the third component.
Initiating a Project
The main objectives of project initiation are given below:
iii) Affirming and archiving that the sufficient business case is present in the project.
vii) The standards should be given for the basic forms of leadership needed for the project life cycle.
viii) The time venture should be guaranteed and the exertion is needed carefully for the proper assessment of the project dangers.
Managing Stage Boundaries
The process provides project board the major choice indication on the proceeding of projects. The procedural targets are given below:
iii) This project board provides the data as expected for favouring the current stage and then approving the starting of the project.
Controlling a Stage
The significant phase helps in demonstrating the control exercises as well as checking of project manager for guaranteeing the stage for responses. The phase of the project after comprising the:
iii) The changes are checked properly.
Managing Product Delivery
The process target is the guaranteeing of arranged item for proper delivery:
iii) Acquiring the endorsement of finished items.
Closing a Project
This is the final process of the prince2 methodology. Here, the project is being wrapped up and the guarantee is provided the project would close. The main targets of project closure are given below:
iii) Acquiring the formal expectation acknowledgement.
vii) Setting up of end project reports.
viii) Ensuring that all the requirements of the clients are properly met.
Planning
Prince2 has three distinct plans for showing the several requirements within the management levels of groups, stages and project.
Planning could be stated as the repetitive process and the exercises could be incorporated within the seven suitable forms of prince2.
The various activities for arrangement are as follows:
iii) Recognition of conditions.
vii) Arrangement archiving.
The strategy of Product based planning is being utilized by prince2 methodology for undergoing few exercises:
iii) Composing items’ descriptions.
Management Products
The management products of prince2 are given below:
iii) Checkpoint Review: The total follow up of the project is taken by the project manager.
Comparison of prince2 Methodology with Agile Methodology
The Agile as well as prince2 methodologies are produced as the major characteristic of the technological business. These two methodologies have the same objective of streamlining the methods for executing the projects. The prince2 methodology is the step by step process for turning into the pieces of several enterprises; however the adaptability of the Agile methodology provides the permission for technological projects with the purpose of development after some time. Axelos has demonstrated a complete review that consisted of several individuals, who have implemented the information technology foundation after undertaking the methodology of prince2. This particular review also comprised of the list of respondents, who have checked the respective Agile incentive whether prince2 capability is present or absent. This particular factor depicts that there is a major development within the Agile methodology popularity. prince2, on the other hand still remains the well known and the most popular methodology of project management that has been tested over 1 million times from the year of 2012 and hence has been accepted by the users globally. Hence, both of these technologies are effective and efficient and the selection of the methodology of any project completely depends of the manager of that project.
Advantages of prince2 Methodology
The major advantages of the prince2 methodology are as follows:
iii) Used in All Business Segments: The methodology of prince2 could be easily and promptly utilized within the respective business segments for any specific organization. Hence, all the other techniques of project management could be estimated by this particular methodology.
Issues with prince2 Methodology
The three distinct issues with the prince2 methodology are as follows:
iii) Higher Time for Documentation: The third important and noteworthy issue for prince2 methodology is its heavy weight. The overall time for the documentation is quite high than any other methodologies. This is mainly because of the overwhelming and comprehensive planning.
Conclusion
Therefore, from the above report, conclusion can be drawn that prince2 methodology is the steps oriented, documented as well as a well arranged approach or project administ ation and management. All the procedures in this particular methodology comprises of several advantages and problems. The above report has properly outlined the various advantages of prince2 methodology for the purpose of highlighting the planning oriented and well recorded products. Time and cost effectiveness are the two most significant advantages of this methodology. The identified problems of prince2 methodology are lack of risk management, heavy weight and finally troublesome change management. All the above mentioned problems in prince2could be easily mitigated by the incorporation of this methodology with any one of the techniques of Agile software development like Lean, DSDM, Scrum, Crystal Clear, TDD and FDD.
References
"Blair stays away from MPs' inquiries on Capita". Telegraph.co.uk.
"Capita administrator stops after feedback of advances to Labor". theguardian.com.
"Presenting the PRINCE2 2017 Update" (Press discharge). Axelos. 2017-12-11.
"PRINCE2 STUDY Guide) ® Handbook" (PDF). Task Management Institute. Recovered Dec 15, 2017.
</"what-is-prince2". www.prince2.com. Recovered 7 December 2017.
Pawar, R., & Mahajan, K. (2017). Benefits and Issues in Managing Project by PRINCE2 Methodology. Retrieved from https://ijarcsse.com/Before_August_2017/docs/papers/Volume_7/3_March2017/V7I3-0134.pdf
PRINCE2 versus Agile | PRINCE2 Comparisons | AgilePM Differences. (2018). Retrieved from https://www.theknowledgeacademy.com/blog/prince2-vs-agile/
The Advantages of the PRINCE2 Methodology - ITonlinelearning. (2018). Retrieved from https://www.itonlinelearning.com/blog/the-advantages-of-the-prince2-methodology
What is project management? (2018). Retrieved from https://www.apm.org.uk/resources/what-is-project-management/
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