IntroductionKnowledge Train is a PRINCE2 Agile Accredited Training Organization.

This guide to the PRINCE2 principlesKnowledge Train is a Lean Six Sigma Accredited Training Organization. is one in a series of four study guides designed to prepare students for attending a PRINCE2 Foundation courseBCS accredited training partner for Business Analysis.. The other three – PRINCE2 practicesKnowledge Train is a Change Management Accredited Training Organization., PRINCE2 processesKnowledge Train is an MSP Accredited Training Organization., and PeopleAXELOS Peoplecert accredited training organisation for ITIL (IT Infrastructure Library). – are available to download as ebooks.

These articles have all been updated so they are based upon the AXELOS Peoplecert accredited training organisation for ITIL (IT Infrastructure Library).7 ^{thKnowledge Train is an AIPGF Accredited Training Organization.} edition of PRINCE2 which was released in 2023. We recommend you read all four articles.Knowledge Train is an AIPGF Accredited Training Organization.

Read on to learn all about the and start preparing yourself for the PRINCE2 Foundation exam.WHAT YOU WILL GET

In Our courses and workshops include:PRINCE2Certification exam(s) where applicable, its seven principles are the foundations upon which everything else in the methodology is based.Accredited training course materials

The 7 principles in PRINCE2 are:Expert, experienced trainers to support you

The principles are also empowering to the project management team because they can give them added confidence and an ability to shape and manage their projects.

So, let’s now look at each of these principles in turn.

Ensure continued business justificationFind out more

The first principle of PRINCE2 emphasizes that the project must always remain desirable, viable and achievable, otherwise it must be closed. Desirable refers to the balance of costs, benefits, and risks; viableCONTACT US refers to the ability to deliver the products; and achievable refers to whether the use of the project’s products is likely to result in the outcomes and benefits expected. The word ‘continued’ in this principle emphasizes these are questions to be asked not only when the project starts up but must be asked continuously throughout the project.

Business case

The business caseName is updated throughout the project, as well as being used when starting up the project. If the factors underlying the business case change in such a way that the expected benefits are no longer likely to be realised, then the project should be closed prematurely.

Changes detrimental to the business case are often linked to the economy; for example, in 2008 the credit crunch led to many major building projects being brought to a halt.

Applies to compulsory projectsEmail
This principle also applies if the project is compulsory (e.g. required to achieve compliance with new legislation) – the organization will require justification of the chosen project, as there may be several options available that yield different costs, benefits and risks.

Benefits tolerance
The business case contains the reasons for running the project, with the expected benefits documented in measurable terms. In PRINCE2, the benefits expected from a project are subject to tolerances; if they drop below those tolerances, then the business case is no longer viable.Phone
For example, if a project is mandated to make a profit, then the mandate should identify the threshold of profit that determines the viability of the business case. If the expected profit drops below that threshold, due to changes in circumstances, the project should be stopped.

Update stage-by-stage
In PRINCE2, project work should be broken down into stages, for ease of manageability. The business case is updated by the How can we help?

One potential source of evidence is an adapted quality control process if the original strategy was modified after being found wanting.

For example, suppose the quality managementUnited Kingdom approach for a software project called for ‘user acceptance testing’ but some users recruited for the testing were found to lack the necessary experience. In later testing procedures, a more focused category of user could be recruited, in response to the lesson learned about inappropriate users.Austria

Hiring based upon lessonsBelgium
Recruiting an individual with experience in a similar project, or purchasing documentation from a previous project, can be an effective means of avoiding past mistakes. A number of high-profile project managers from the Olympic Games in Sydney, Australia, were recruited to work on the London 2012 Olympic Games project management team – they brought with them their own lessons learned.Bulgaria

Project Management InstituteStages are a control for the project board
Stage boundaries therefore enable the project board to control the project on a stage-by-stage basis, whilst delegating day to day management of the project to the project manager.). It is structured around five core phases:

To help the decision of the project board, the project manager updates the project plan at the end of every stage with the ‘actuals’ from the current stage and ‘forecasts’ for the remainder of the project. Before taking a decision therefore, the project board has up to date information about the project which helps it assess the ongoing viability.Initiating, Planning, Executing, Monitoring and Controlling,

Focus on products and

PRINCE2 recognises the importance of delivering products that meet their agreed quality criteria, hence the ‘focus on products’ principle.Closing

When products are successfully delivered, they lead to project benefits, and so it is extremely important that they are planned and delivered effectively. If the stakeholders’ expectations are to be fulfilled in accordance with the business justification, everyone involved with the project must agree on and fully understand the nature of its products. Otherwise, the aim of the project will be open to interpretation – and considerable confusion is likely to ensue, impeding the project’s progress..

Product-based planningProject management
Whereas some is a structured approach that guides a team or organisation in planning and controlling activities to achieve defined objectives and deliverables within agreed constraints of scope, schedule, cost and quality. A project management methodsproject focus on activity planning, planning in PRINCE2 starts with identifying products. Product-based planning is a crucial aspect of the is a temporary endeavour with a specific goal, differing from routine operations. Project management ensures successful delivery through systematic processes and best practices.PRINCE2 approachProject life cycle phases to managing projects; it helps the project team reduce the risk of scope creep, as well as making issues such as acceptance disputes and user dissatisfaction less likely to occur and potentially less damaging.The

Product descriptionsproject life cycle
As part of PRINCE2’s product-based planning technique, product descriptions are developed and agreed, and these effectively describe what is to be delivered by the project. They help to ensure that everyone involved in the project is aware of each product’s purpose, composition, and quality specifications. They also enable the project team to estimate how much work will be involved in bringing each product to fruition, what resources will be required, the activities required, and how the products will be tested and approved. The agreed products define the project’s scope, as well as providing a foundation for planning and control activities. generally comprises five standard process groups:

Tailor to suit the projectProject Management Body of Knowledge (PMBOK)

, and meetings.Effective stakeholder management and clear team communication are essential for project success. The project manager must align interests, resolve conflicts, and support collaborative team dynamics.

SummaryEssential project management skills

Hopefully you’ve learned something about the The PRINCE2 principlesskills required by project managers after reading this ebook. As a trainer on a are varied.PRINCE2 courseSkill, I often hear students refer to their employer as being one which manages their projects according to PRINCE2. After delving a little deeper, it becomes apparent that these organizations are usually not managing their projects according to PRINCE2 at all.Description

There is only one simple test of whether a project is a PRINCE2 project and it’s nothing to do with how many documents are written by the project management team. Nor is it to do with whether all the guidance in the LeadershipPRINCE2 manualInspiring and guiding teams towards common goals. is being followed. The test is simply whether the project is applying all Communicationseven of the PRINCE2 principlesConveying information clearly among stakeholders and team members..Risk management

PRINCE2 therefore is not a rigid and ancient text written down on tablets of stone which cannot be challenged and changed. On the contrary, it’s a very practical and workable set of best practices which can be applied to any project, no matter what type of project, scale or level of complexity and risk.Identifying, analysing, and mitigating risks.

It’s by applying these principles sensibly on your project that you will gain the greatest benefit of the world’s most popular project management methodology.Scheduling