How PRINCE 2 Regulates Project Management Governance

When considering project management governance, PRINCE 2 is one of a handful of project management methodologies that contains a governance component.

One of the most beneficial aspects of PRINCE 2 is that it can be applied to any project no matter the complexity, size, type, etc. As a system, it enables project management to more effectively manage programs and projects, with a project defined as “a temporary organisation that is created for the purpose of delivering one or more business products according to an agreed Business Case”.

The elements of PRINCE 2

There are four elements of PRINCE 2:

First is the Principles that guide PRINCE 2. These are based upon the lessons learned from project management experience. They cover areas that include the definitaion of roles and responsibilities; management by stages; focus on prducts; and tailoring to suit the project environment.

The second of the PRINCE 2 elements are the themes that describe the project’s factors that must be addressed by the projct management team to successfully complete the project.The complaxity of the project, as well as its size, will dictate how these themes will be applied and customised.

The third element is the applicatio of the PRINCE 2 processes that steer the project from starting point through to project close.

These three elements sit inside the fourth element that is the project environment itself. Diagramatically, PRINCE 2 operates as follows:

How PRINCE 2 Works in Practice 1

What are the strengths of PRINCE 2?

PRINCE 2 enables a project to be systematically controlled for the benefit of all stakeholders. It insists that prior learning is embedded to strengthen project direction and management, and places each element and stage of project delivery into individual and easily identifable silos.

Project direction will be a constant throughout, while project management begins upon the initiation of the project. Delivery is dictated by task and final delivery requirements. The PRINCE 2 process has five major strengths:

  • It assures continuity of project direction and management
  • It provides a framework and process for project governance
  • It defines roles and responsibilities at appropriate levels
  • It empowers the project management team to focus and plan on a product basis
  • It enables customisation of project management and embedding into an organisation

 

In my next post, I’ll be looking at 5 questions an organisation should ask itself when assessing how well it is using PRINCE 2 in the management of its project portfolio.

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