Today’s data-driven world is also inherently process-driven. Transferring and deciphering data has become an important aspect for any company and having strong process-driven methodologies enables stronger project management. There are a few software available in the market but PRINCE2 is a popular one that breaks down projects into various stages that are managed on their own. These processes are all defined with set inputs and outputs that satisfy specific objectives.

Why are the seven PRINCE2 principles important?

The seven principles that comprise PRINCE2 foundation certification are important for a business to ensure projects are managed smoothly with no interruptions. There are a few principles which elucidate why these seven processes can make a world of difference –

  • Business Justification – Every project needs to be supported by certain justifications that must be valid right throughout the project lifecycle. All these justifications are backed by factors related to reasoning, time, cost and profit
  • Experience-centric – A member working on a project must be able to learn from their experiences and not repeat the same in the future. This makes PRINCE2 highly evaluation-centric software to study.
  • Defined responsibilities and roles – Each member in the project lifecycle are allotted specific responsibilities and roles. This clear demarcation of their tasks ensures there is no confusion with regards to the process and distribution.
  • Stage management – Each project on PRINCE2 is managed by stage. The methodology also states that a project must have at least two stages – the project starts and the initiation stage.
  • Exception management – These projects must be managed by exception along with a plan that ascertains the project is flowing right. Any changes to this flow must be directly escalated to the reporting manager.
  • Product focus – This is a principle that enforces the product quality with the focus lying on developing services or products with a consistency managed throughout
  • Tailored – This is the principle that refers to customizing the PRINCE2 structure based on different projects. Every project needs to be tailored according to the requirements and PRINCE2 foundation training gives users the freedom to mix and match use-cases of PRINCE2  as they wish.

So, if you’re interested in going through with the PRINCE2 course, here are the seven processes that you need to know:

  1. Starting-up the project (SU):

Before any process begins in PRINCE2, there is a pre-project session that checks and confirms if a project is worthwhile. The activities that are involved here include forming a project board, appointing and designing a project management team, appointing a project manager, defining a use case for the business, ensuring the effort and time taken is wisely taken into account, creating a strong initiation plan and finally preparing a project brief as well.

  1. Initiating a project (IP):

This is the process that involves articulate and detailed planning. The output of this project is the Project Initiation Document. The main activity here includes the creation of four management strategies – Risk, Configuration, Quality, and Communication Management Strategies.

There are other tasks as well, including setting up project files and project controls and assembling a Project Initiation Document.

  1. Directing a Project (DP):

PRINCE2 has a process that runs from the beginning of a project to its closure and is aimed at the Project Board. This Board monitors and manages with the help of controls via decision points. Activities here include the likes of authorizing initiation, project, stage or exception plans and ad-hoc direction and activities pertaining to project closure.

  1. Controlling a Stage (CS):

The CS processes describe controlling and monitoring the activities of the Project Manager and this also includes how work packages are received and authorized as well.

here include assessing progress, authorizing work packages, examining and capturing project issues, reporting highlights, reviewing stage statuses, receiving a completed work package and escalating any project issues.

  1. Managing Stage Boundaries (SB):

If you’re looking to provide the project board with key decision points, then the SB stage takes that call. You’ll have the responsibility of knowing whether to continue with a project and knowing what needs to be done for stages that are beyond tolerance levels.
 
 The key activities here include planning a stage, providing the Project Board with the required information to approve the completion of the current stage, authorizing the start of another stage, reporting the stage end and producing exception plans.

  1. Managing Product Delivery (MP)

This process controls links between team and project managers and controls the flow of work packages, right from the assignment stage to deliveries. The work is then assigned and delivered back to the project manager.

  1. Closing a project (CP)

Here, you’ll need to understand the steps required at the end of a project to finally close it. It requires due diligence including decommissioning the project, identifying the required follow-on actions and checking that the objectives set in the PID have been satisfied.