In the wise words of Sir Richard Branson, "Train people well enough so they can leave, treat them well enough so they don't want to." In this competitive modern business environment, effective Project Management has become a major aspect that directs the course of success for organizations. One paramount methodology aligning with Project Management is PRINCE2 (Projects IN Controlled Environments).
What is PRINCE2?
PRINCE2, a globally recognized Project Management standard, boasts a framework that offers strategic direction in the conceptualisation, management, and delivery of projects across different sectors. The methodology encapsulates Agility, Flexibility, and Scalability, directing Progress, Time, Cost, Quality, Risk Management, and Benefits.
Key Principles of PRINCE2
The nerve center of PRINCE2's effectiveness lies in the usage of its seven principles. These principles, when thoroughly understood and implemented, can suffice to unleash your organization’s project management potential.
Continued Business Justification - This principle ensures that the project contributes positively to organizational strategic goals. It emphasizes that the project should remain commercially viable from initiation to close.
Learn from Experience - Ensuring learnings from previous projects are maintained and analyzed can significantly improve future project success. PRINCE2 emphasizes creating an environment in which knowledge transfer is prevalent.
Defined Roles and Responsibilities - This principle focuses on ensuring every team member understands their role, objectives, and responsibilities, promoting effective Communication and Teamwork.
Manage by Stages - By breaking down a project into manageable and controllable stages, this principle allows for better Risk Management, resource allocation, and control.
Manage by Exception - By setting tolerance limits for elements like time, cost, quality, scope, risk and benefits, this principle allows senior management to focus on critical issues.
Focus on Products - Focusing on a project's outcomes (product-centric view) rather than its activities helps maintain focus on delivering quality results.
Tailor to Suit the Project Environment - This principle emphasizes that PRINCE2 should be customized to suit the project's specific environment, size, complexity, importance, capability and risk.
Why Executives Should Care About PRINCE2?
As C-Level Executives in Fortune 500 companies, understanding the importance of PRINCE2 and its role in organizational project management is invaluable. Here's why:
Standardized Approach: PRINCE2 provides a standardized approach to Project Management, which can significantly simplify and streamline the process. This can lead to more efficient functioning and Operational Excellence.
Improved Governance: With its clearly defined framework, PRINCE2 allows for efficient Decision Making and improved governance, enabling optimal Resource Management and Risk Management.
Enhanced Communication: PRINCE2’s principle of ‘Defined Roles and Responsibilities’ fosters better inter-team communication, promoting teamwork, and improving project execution.
Reduced Risk: PRINCE2’s ‘Manage by Stages’ and ‘Manage by Exception’ principles offer effective Risk Management, reducing the chances of project failure.
Justifiable ROI: PRINCE2 ensures a project has justified commercial reasons to exist throughout its lifecycle, hence, performance can be evaluated against a business case, guaranteeing a measurable ROI.
How Can Executives Implement PRINCE2?
If you are wondering how you, as C-Level executives, can best implement PRINCE2 within your organization, consider these key points:
Training and Certification: Project managers should be adequately trained and certified in PRINCE2. This will ensure they have a proper understanding and ability to effectively deploy the methodology.
Institutionalizing PRINCE2 Processes: Executives should ensure that PRINCE2's methodologies and principles are institutionalized into the organization's Project Management processes.
Enforcing PRINCE2: Executives should actively enforce the usage of PRINCE2 on projects, ensuring adherence and uniformity.
Continuous Review: Regular reviews should be carried out to identify gaps and room for improvement, ensuring that PRINCE2 methodologies continuously evolve with the organization's needs.
Truly, an understanding of PRINCE2 can make a substantial difference in how you manage and deliver projects within your organization. By implementing the principles of PRINCE2, you can ensure quality, reduce risk, and generate a higher return on investment on projects.
CUSTOMER TESTIMONIALS
"As a consultant requiring up to date and professional material that will be of value and use to my clients, I find Flevy a very reliable resource.
The variety and quality of material available through Flevy offers a very useful and commanding source for information. Using Flevy saves me time, enhances my expertise and ends up being a good decision."
– Dennis Gershowitz, Principal at DG Associates
"I have found Flevy to be an amazing resource and library of useful presentations for lean sigma, change management and so many other topics. This has reduced the time I need to spend on preparing for my performance consultation. The library is easily accessible and updates are regularly provided. A wealth of great information."
– Cynthia Howard RN, PhD, Executive Coach at Ei Leadership
"[Flevy] produces some great work that has been/continues to be of immense help not only to myself, but as I seek to provide professional services to my clients, it give me a large "tool box" of resources that are critical to provide them with the quality of service and outcomes they are expecting."
– Royston Knowles, Executive with 50+ Years of Board Level Experience
"As a consulting firm, we had been creating subject matter training materials for our people and found the excellent materials on Flevy, which saved us 100's of hours of re-creating what already exists on the Flevy materials we purchased."
– Michael Evans, Managing Director at Newport LLC
"Flevy is our 'go to' resource for management material, at an affordable cost. The Flevy library is comprehensive and the content deep, and typically provides a great foundation for us to further develop and tailor our own service offer."
– Chris McCann, Founder at Resilient.World
"FlevyPro has been a brilliant resource for me, as an independent growth consultant, to access a vast knowledge bank of presentations to support my work with clients. In terms of RoI, the value I received from the very first presentation I downloaded paid for my subscription many times over! The quality of the decks available allows me to punch way above my weight – it's like having the resources of a Big 4 consultancy at your fingertips at a microscopic fraction of the overhead."
– Roderick Cameron, Founding Partner at SGFE Ltd
"My FlevyPro subscription provides me with the most popular frameworks and decks in demand in today’s market. They not only augment my existing consulting and coaching offerings and delivery, but also keep me abreast of the latest trends, inspire new products and service offerings for my practice, and educate me in a fraction of the time and money of other solutions. I strongly recommend FlevyPro to any consultant serious about success."
– Bill Branson, Founder at Strategic Business Architects
"One of the great discoveries that I have made for my business is the Flevy library of training materials.
As a Lean Transformation Expert, I am always making presentations to clients on a variety of topics: Training, Transformation, Total Productive Maintenance, Culture, Coaching, Tools, Leadership Behavior, etc. Flevy usually has just what I need to make my point.
It is well worth the money to purchase these presentations. Sure, I have the knowledge and information to make my point. It is another thing to create a presentation that captures what I want to say. Flevy has saved me countless hours of preparation time that is much better spent with implementation that will actually save money for my clients."
– Ed Kemmerling, Senior Lean Transformation Expert at PMG
SELECT CUSTOMERS
Since 2012, we have provided best practices to over 10,000 businesses and organizations of all sizes across the world—in over 130 countries.
Below is just a very small sample of our customer base.
Did you know?
The average daily rate of a McKinsey consultant is $6,625 (not including expenses). The average price of a Flevy document is $65.
Download our free compilation of 50+ Strategy & Transformation slides and templates. Frameworks include McKinsey 7-S Strategy Model, Balanced Scorecard, Disruptive Innovation, BCG Experience Curve, and many more.
Download our free compilation of 50+ Strategy & Transformation slides and templates. Frameworks include McKinsey 7-S Strategy Model, Balanced Scorecard, Disruptive Innovation, BCG Experience Curve, and many more.