A Product Status Account is a specialized report within the Change Theme that provides a snapshot of the status of products within a project at a specific point in time. This document serves as a powerful monitoring tool that extracts and summarizes information from the Configuration Management Sys…A Product Status Account is a specialized report within the Change Theme that provides a snapshot of the status of products within a project at a specific point in time. This document serves as a powerful monitoring tool that extracts and summarizes information from the Configuration Management System, presenting it in a format tailored to the needs of particular stakeholders. Product Status Accounts can be configured to show various aspects of product development, such as the current state of all products (draft, approved, handed over), products delivered to date, products scheduled for delivery in upcoming stages, or products that have undergone recent changes. The flexibility of these reports allows project managers to focus on different dimensions of product status, including development maturity, quality check results, or version control information. These accounts are particularly valuable during stage boundaries and quality reviews, providing decision-makers with accurate information about the project's deliverables. They support effective governance by enabling the Project Board to verify that products are being developed according to plan and that changes are being properly controlled. For complex projects with numerous products and interdependencies, Product Status Accounts offer a means to cut through complexity and focus on critical information needed for decision-making. They also serve as an important communication tool, providing stakeholders with transparency regarding the evolution and current state of project deliverables, thereby building confidence in the project management process.
The Product Status Account - A Comprehensive Guide
The Product Status Account is an essential component of the PRINCE2 Change theme. Let's explore what it is, why it matters, and how to tackle exam questions about it.
What is a Product Status Account?
A Product Status Account is a specialized report that provides information about the status of products within a project. It can be created for a stage, a work package, or an entire project, depending on what information is needed.
The Product Status Account functions as a reporting mechanism that tracks:
• The products completed so far • The products in progress • The products not yet started • Any deviations from planned quality criteria • Quality check results for completed products
Why is the Product Status Account Important?
• It provides visibility into the current state of all project products • It helps track progress against the Quality Register and Quality Management Strategy • It enables informed decision-making about product approvals • It supports the monitoring of quality throughout the project • It provides an audit trail of product development
How the Product Status Account Works
The Product Status Account is:
• Generated upon request (not a standard time-driven report) • Created by the Project Manager (or Team Manager for a work package level account) • Derived from information in the Quality Register and Configuration Management records • Used to inform progress reporting at various management levels • A reference for quality review meetings and stage assessments
The report typically includes details such as:
• Product identifier and description • Planned completion dates • Actual completion dates • Status (draft, approved, etc.) • Quality check results • Any variances or issues
Exam Tips: Answering Questions on Product Status Account
1. Remember its purpose: The Product Status Account is primarily a quality tracking tool, not just a progress report.
2. Know who's responsible: The Project Manager creates it for the project/stage level; Team Managers create it for work packages.
3. Understand when it's created: It's produced on request, not at regular intervals like Highlight Reports.
4. Recognize its relationship to the Quality Register and Configuration Management records - these are the sources of information.
5. Focus on product status: Questions may test if you understand that this report tracks products, not tasks or activities.
6. Link to quality management: Connect the Product Status Account to the overall Quality Management Strategy.
7. Identify scenarios where a Product Status Account would be requested (e.g., preparing for a quality review, assessing stage completion readiness).
8. Distinguish from other reports: Know how it differs from Checkpoint Reports, Highlight Reports, and End Stage Reports.
When faced with exam questions, remember that the Product Status Account is about tracking the quality status of products throughout the project lifecycle. It's a key tool that helps ensure products meet their defined quality criteria and provides transparency regarding product completion status.