PRINCE 2 principles

PRINCE 2 principles

PRINCE 2 which means projects in controlled environments ii is principles-based. If a project does not adhere to these principles,that means it is not being managed using PRINCE 2.

The seven PRINCE 2 principles can be summarizes as:

• Continued business justification

• Learn from experience

• Defined roles and responsibilities

• Manage by stages

• Manage by exception

• Focus on product

• Tailor to suit project environment.

1) Continued business justification: A PRINCE 2 project should have continued business justification. A project's justification is documented in a business case. The business case represents the optimum mix of information used to judge whether the project is (and remains) desirable, viable and achievable and therefore worthwhile investing in. Although the justification should remain valid, it may change. If the project can no longer be justified, the project should be stopped.

2) Learn from experience: in PRINCE 2, project teams learn from experience. They reflect back on previous projects or stages carried out, so lessons are sought,recorded and acted upon throughout the life of a project. In PRINCE 2, learning from experience should be used in three stages which are

a) When starting the project

b) As the project progresses

c) As the project closes.

3) Defined Roles and Responsibilities

A PRINCE 2 project has defined roles and responsibilities within an organization structure that engages all stakeholder interests. These stakeholders being the Business, Users and Suppliers.

4) Manage by Stages

A PRINCE 2 project is planned,monitored and controlled on a stage by stage basis. Management stages provide senior management with control points. It is required that there should be a minimum of two stages which are the initiation stage and one or more further management stages.

5) Manage by exception

A PRINCE 2 project has defined tolerances for each project objective to establish limits of delegated authority. If tolerances are forecast to be exceeded or are exceeded,they are immediately escalated to the next management layer. Tolerances can be set against six objectives for the respective level of plan. These six objectives are time, cost,quality,scope,risk and benefit

6) Focus on products:

A PRINCE2 project focuses on the definition and delivery of products, in particular their quality requirements. A PRINCE2 project uses product descriptions to define each product's purpose,composition,derivation ,format,quality criteria and quality method.

7) Tailored to shit the project environment:

PRINCE 2 is tailored to suit the project's environment size,complexity,importance,capability and risk.