In PRINCE2 7, project performance is measured and managed through six key aspects that provide a comprehensive framework for controlling and delivering successful projects. These aspects ensure that projects remain viable and aligned with business objectives throughout their lifecycle.
The first a…In PRINCE2 7, project performance is measured and managed through six key aspects that provide a comprehensive framework for controlling and delivering successful projects. These aspects ensure that projects remain viable and aligned with business objectives throughout their lifecycle.
The first aspect is TIME, which focuses on scheduling activities, establishing milestones, and ensuring the project delivers within agreed timeframes. Effective time management helps stakeholders understand when deliverables will be completed.
The second aspect is COST, covering all financial elements including budgets, expenditure tracking, and resource costs. Managing cost performance ensures the project remains financially viable and delivers value for money.
The third aspect is QUALITY, which addresses whether project outputs meet specified requirements and are fit for purpose. Quality management involves setting standards, conducting reviews, and ensuring deliverables satisfy stakeholder expectations.
The fourth aspect is SCOPE, defining what the project will and will not deliver. Clear scope management prevents uncontrolled expansion of work and ensures focus on agreed outcomes.
The fifth aspect is RISK, involving identification, assessment, and management of uncertainties that could affect project success. Proactive risk management helps teams prepare for potential threats and opportunities.
The sixth aspect is BENEFITS, focusing on the measurable improvements resulting from project outcomes. Benefits management ensures the project delivers real value to the organization and justifies the investment made.
These six aspects are interconnected and require balanced attention throughout the project. PRINCE2 uses tolerances for each aspect, establishing acceptable deviation limits that determine when escalation to higher management levels becomes necessary. Project managers must continuously monitor all aspects, making informed decisions about trade-offs when constraints arise. By maintaining oversight of these performance aspects, organizations can ensure projects remain on track, deliver expected outcomes, and contribute positively to strategic objectives while maintaining stakeholder confidence.
Aspects of Project Performance in PRINCE2 - Complete Guide
Why Aspects of Project Performance are Important
Understanding the six aspects of project performance is fundamental to PRINCE2 because they represent the key variables that must be managed and controlled throughout any project. These aspects form the basis of the 'management by exception' principle and help define tolerances within which the project team can operate. Without a clear understanding of these aspects, project managers cannot effectively monitor progress, make informed decisions, or deliver successful outcomes.
What are the Six Aspects of Project Performance?
PRINCE2 identifies six aspects that must be managed throughout the project lifecycle:
1. Time - How long will the project take? This covers the overall project duration and individual stage timescales.
2. Cost - What will the project cost? This includes all financial resources required to deliver the project.
3. Quality - What level of quality is required? This defines the standards and specifications that products must meet.
4. Scope - What will be delivered? This covers the sum total of products and their requirements.
5. Benefits - Why is the project being undertaken? This addresses the measurable improvements resulting from project outcomes.
6. Risk - What uncertainties exist? This covers both threats and opportunities that could affect the project.
How Aspects of Project Performance Work in PRINCE2
These six aspects work together as an integrated framework:
• Tolerances are set for each aspect, defining the permissible deviation from planned targets
• Controls are established to monitor each aspect throughout the project
• Exception management is triggered when any aspect is forecast to exceed its tolerance
• The Business Case brings all six aspects together to justify the project
• Trade-offs between aspects are common - for example, reducing time may increase cost or risk
The Project Board sets tolerances for the Project Manager, who then sets tolerances for Team Managers. This creates a hierarchy of control that enables efficient decision-making at appropriate levels.
Exam Tips: Answering Questions on Aspects of Project Performance
Memorization Technique: Remember the acronym TCQSBR (Time, Cost, Quality, Scope, Benefits, Risk) or create a memorable phrase like 'The Cat Quickly Spotted Bouncing Rats'
Common Exam Traps: • Questions may list five aspects and ask you to identify the missing one - ensure you know all six • Benefits and Scope are sometimes confused - remember that scope is what you deliver, benefits are why you deliver it • Risk is often forgotten as an aspect - it is equally important as the other five
Key Points to Remember: • All six aspects are equally important - no single aspect takes priority by default • The Business Case document addresses all six aspects • Tolerances can be set for any or all aspects • Changes to one aspect typically impact others
Question Strategies: • When asked about project control, think about which aspect is being monitored • If a question mentions 'management by exception', link it to tolerance breaches on these aspects • For scenario questions, identify which aspects are at risk and how they interconnect
Watch for These Keywords: • 'Performance targets' usually refers to these six aspects • 'Project variables' is another term for aspects of project performance • 'Tolerances' are always linked to one or more of these six aspects