MITS5001 IT Project Management | Prince2 Methodology

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This report outlines about the prince2 methodology of Project management, its history, seven processes, pros and cons.

Answer:

Introduction

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Can we complete the work alone or we would require help from any other person?

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

2009- A Major Review

2017- The Second Significant Improvement

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:

i) Project initiation.

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:

i) The first component is providing guarantee that the data is secured and could be easily accessed for any type of group task.

Initiating a Project

ii) The next objective is building up of the steady management plan.

iii) Affirming and archiving that the sufficient business case is present in the project.

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:

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:

i) The work that could be finished is approved.

vi) The final component is to make the important remedial moves.

Managing Product Delivery

The process target is the guaranteeing of arranged item for proper delivery:

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:

i) Confirmation of degree for setting the project initiation documents.

vi) The activity course of actions are properly set up in this target.

vii) Setting up of end project reports.

Planning

The various activities for arrangement are as follows:

i) Plan outlining.

vi) Breaking of dangers.

vii) Arrangement archiving.

iv) Making of product flow diagrams.

Management Products

The management products of prince2 are given below:

v) Configuration Items Record: This provides the history, status and version of the products in details.

vi) Configured Management Strategies: These are utilized for recognizing the distinguish ability, control and security of the products in a proper manner.

Comparison of prince2 Methodology with Agile Methodology

Advantages of prince2 Methodology

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.

iv) Utilization of the Best Practices: The next important advantage of the methodology of prince2 is that the best practices could be properly utilized here and thus this has become one of the most popular and well known techniques in project management.

Issues with prince2 Methodology

ii) Lack of Risk Management: The next significant issue within the methodology of prince2 is the lack of risk management. It is extremely for a project to be risk free for avoiding any kind of complexity. However, prince2 methodology does not provide this type of advantage to a project and several risks are present in that particular project. If the project does not settle the issues related to risks properly, various destructions can occur here.

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

References

"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 project management? (2018). Retrieved from https://www.apm.org.uk/resources/what-is-project-management/