Top 7 Principles of Project Management with PRINCE2

PRINCE2 and its 7 Core Principles for Effective Management of Projects
A growing number of businesses and business houses are realizing the importance of project management as an organizational strategy and communication strategy. There are still companies that don’t want to examine the reasons for their failures and learn from them. This is where innovative and effective project management methods such as PRINCE2 are useful.
PRINCE2: Definition
PRINCE2 (Projects in Controlled Environments), is a project management method that assists in the execution of all government-commissioned projects. It offers guidance and a collection best practices that aim to improve project management from the initial stages of the project through to its completion.
These are the 7 fundamental principles of PRINCE2 that you must follow. Any company that wants PRINCE2 implementation should adhere to all 7 core principles.
Sustained business justification: This indicates that every project has a reason to start and remains the same throughout the project’s life-cycle. This justification must be documented in the Business Case and approved. This documentation allows for effective decision-making and ensures that projects are in line with the company’s business goals.
Outlining the roles & responsibilities: The roles and responsibilities of the PRINCE2 projects are defined. They include all elements of both internal and external organizations, i.e. The supplier, the business and the user. All 3 stakeholder interests must be presented to the project management group in order to make the project a success. You can easily define the roles and team structure by answering one simple question: “What is expected from each team member?”
Learn from past experiences: PRINCE2 teams must draw lessons from previous experiences. These lessons can be recorded, sought and responded to throughout the project’s life cycle. To improve project management and execution, lessons can be drawn from earlier projects. PRINCE2 requires that all lessons are documented in Lesson Log. This log is part of the Lessons Report which is generated by Project Manager at the end of each stage and project.
To monitor by exception: PRINCE2 projects define the tolerances for cost and scope, time, quality benefits, risks, and other factors to limit the authority entrusted at all levels. This allows for effective decision-making and accountability. It also puts into practice the theory of “management without exception”.
To manage by the stages: PRINCE2 projects are usually planned in management levels that create control points throughout the project. This allows the project to be managed and controlled by its stages. The project is evaluated at the end of each stage to determine if it can still carry out the Business Case. This is done using the “rolling wave” planning process. It uses two plan stages: a detailed Stage Plan and an entire Project Plan for each stage.
Focusing on the products: PRINCE2 best practice focuses on delivering products that meet the defined quality criteria. This includes the final product, as well as other core specialist and management products that are generated throughout the project’s life cycle. This output-based approach to projects allows for the creation of a series “agreed upon projects” and then strategizing how to achieve them. Through product descriptions and product-oriented planning processes.
PRINCE2 must be customized to suit the project environment.