PRINCE2 Principles

PRINCE2 is built on seven fundamental principles that guide project management. These principles ensure that projects deliver value and remain well-structured. 1. Continued Business Justification: Every project must have valid business reasons for starting and these reasons must remain valid throughout the project's life. If justification ceases, the project should be reconsidered. 2. Learn from Experience: Project teams should learn from previous projects. Lessons are sought, recorded, and acted upon during the project. This continuous learning enhances project effectiveness. 3. Defined Roles and Responsibilities: A PRINCE2 project establishes clear organizational structure with defined roles and responsibilities for all participants. This clarity ensures everyone understands their accountabilities. 4. Manage by Stages: Projects are planned, monitored, and controlled stage by stage. Each stage boundary provides an opportunity to assess progress and viability before committing to the next phase. 5. Manage by Exception: PRINCE2 delegates authority from one management level to the next by setting tolerances (time, cost, quality, scope, risk, benefit) for project objectives. This allows efficient use of senior management time while maintaining control. 6. Focus on Products: PRINCE2 focuses on defining and delivering products that meet quality requirements. This product-based planning ensures all participants understand what the project will deliver and the quality expectations. 7. Tailor to Suit the Project Environment: PRINCE2 must be tailored to suit the project's size, complexity, importance, and risk. The method can be applied proportionately according to specific circumstances. These principles form the foundation of effective project management under PRINCE2. When applied consistently, they enable projects to be managed efficiently while delivering value to organizations.

PRINCE2 is built on seven fundamental principles that guide project management. These principles ensure that projects deliver value and remain well-structured. 1. Continued Business Justification: E…

Concepts covered: Learn from Experience, Manage by Stages, Focus on Products, Tailor to Suit the Project Environment, Product-Based Planning, Management by Stages, Continued Business Justification, Business Case, Defined Roles and Responsibilities, Manage by Exception