Benefits of using PRINCE2

As you might possibly imagine, there are many advantages to using a Project Management method; this also applies to PRINCE2. I will list a few of them here. You don’t need to remember these, but it is good to be aware of them. I will also include some examples where necessary.

Benefit 1: Best Practice: PRINCE2 has been used for more than 30 years in many thousands of projects, and PRINCE2 keeps learning from these projects. So all the feedback, suggestions, learning from other methods, and discussions have helped PRINCE2 to become a best practice.

Benefit 2: PRINCE2 can be applied to any kind of project. This means that PRINCE2 can be used for projects as small as organizing a meeting, to huge projects the size of running an election, organizing a conference, constructing a bridge, or an IT project.

Benefit 3: PRINCE2 provides a structure for roles and accountability (also referred to as “Roles and Responsibility”). All persons on the Project Team should know what is expected of them. This is even more important for the Project Managers, as they have the duty of checking that tasks are completed as agreed.

Benefit 4: PRINCE2 is product-focused; meaning that the product is well-defined at the start of the project and is made known to all stakeholders. As a result, everybody has the same idea of what they are working on and the expected end-product.

Benefit 5: PRINCE2 uses Management by Exception. This allows the Project Manager to handle certain project issues, but once an issue goes beyond a certain tolerance, it becomes an exception. It should then be escalated to the next higher management layer. We could say that Management by Exception allows the above management layer to manage a lower-management layer.

Benefit 6: PRINCE2 continues to assess the viability of the project from a Business Case point of view, and this happens throughout the project lifecycle. If, for example, the expected return on investment is no longer probable at any point in the project, then the project should be stopped.

You will see other benefits as you continue with this course.