PRINCE2 Project Management explained

The term project is generic and generic describes a humans effort usually over several months, or a few years. The actual events are usually unstructured with minimal information coming in and the bits and pieces of information that do come in are scattered, incomplete, difficult to manage and very expensive. Projects are normally unstructured by clear job task definition or a clear statement of requirements. They have a limited start up and finish-time and often are completed more than once, often in different designs or even in different countries, sometimes concurrently. It is clear that projects are far more expensive than activities as are individual tasks.

In fact literally, projects are very costly to run. Those holding project grants, or “free time” from their day jobs, are typically below the national average given the current real price of gas and fuel.

It is likely that the word project is not the most fashionable or familiar term in your business. It is a very repetitive and boring method of approach and it carries a negative connotation for those that have worked on 9 to 12 prince2 project management projects and are not certified yet. To watch, listen and observe the focus on the project in these organizations is difficult.

There is currently an emphasis on team building in project leadership and the role collaboration plays in productive, cooperative, effective teamwork is becoming more evident today.

When thinking about the project approach, we must be aware of the expectation of:

* Projects are a good use of resources

* Projects can be used to develop core competencies

* Projects are great for creativity and innovation

* Projects can be successful if lead by the right people

* Projects will be successful under the right circumstances

* Projects need to be properly managed

* Projects can and should have standards established in the beginning

* Projects should have a time line, deliverables and an action plan

* Projects need to be successful for the organization

* Companies should evaluate their projects yearly and adjust the time line and deliverables as necessary

* The processes for planning a project should be documented

* The project charter needs to be followed

* The views from corporate business need to be clearly understood

* All ongoing projects need to be tied to strategic goals

* Key individuals in the organization have a clear picture of the mission of the company

* Most times these projects will be part of the organization’s prince2 project management program

Prince2 project management plans need to be applied in all businesses

* A budget should be formulated prior to executing project activities

* Venture management investors must understand the company’s project objectives

* Project managers need to have the essential skills identified in the highly competitive venture capital environment

* Projects should be evaluated at least annually

* Prince2 project management plans for new product launches

* Project plans are continually reviewed and adjusted

* Each project will be evaluated at least annually

* The results of their prince2 project management effort should be reflected in the business annual report.