PRINCE2 benefits, advantages and disadvantages
How does PRINCE2 benefit me?
As an individual becoming PRINCE2 certified gives you 4 key benefits.
Gaining PRINCE2 can boost your earnings. In 2019, jobs in the UK requiring PRINCE2 ranged between £30-75k (according to www.indeed.co.uk).
Studying PRINCE2 will give you some core project management skills to take part in or manage projects.
Your PRINCE2 knowledge can boost your confidence to apply it at work.
How does PRINCE2 benefit my organisation?
PRINCE2 offers an organisation many benefits.
1. Best practices
PRINCE2 embodies best practices. It is a proven approach to managing projects.
PRINCE2 is generic. Use it on any project in any industry or sector.
PRINCE2 promotes better communication by providing a common vocabulary.
It makes people accountable by defining roles and responsibilities.
PRINCE2 focuses on what a project delivers. It concentrates minds on how the outputs will benefit the organisation.
PRINCE2 can be adapted to suit the needs of each project.
7. Saves senior managers’ time
PRINCE2 does away with regular progress meetings. Instead it depends upon reports. This saves time for busy senior managers.
PRINCE2 focuses on achieving benefits. This avoids a project becoming an end-in-itself.
9. Involves stakeholders
PRINCE2 encourages the involvement of stakeholders in decision-making.
10. Continuous improvement
PRINCE2 has an in-built mechanism for continuous improvement.
PRINCE2 uses a common language. It promotes consistency and re-use of assets across projects.
All the benefits above are all great reasons to get your boss to fund your course.
PRINCE2 advantages and disadvantages
- Widely known
- Easy to recruit people with certification
- Based upon project management best practices
- Is a full project management methodology
- Can be used on any project type or size
- Principles can be applied universally
- Can be used with agile
- Complements the PMBOK® Guide
- Certification is quick (compared with PMP®)
- No prior qualifications needed.
- Only has 2 tools and techniques (over 100 in PMBOK® Guide)
- Doesn’t cover soft skills
- Easy to run PINO projects (PRINCE2 IN name Only)
- Requires senior management buy-in to be successful
- Requires experience to apply it well
- Has (unfair) reputation that it’s documentation-heavy
- Has (unfair) reputation that it only supports waterfall approach.
PRINCE2 benefits infographic
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PMI and the PMBOK are registered marks of Project Management Institute, Inc.