Benefits of PRINCE2
PRINCE2 enables an organization to put controls in place which enable effective decision-making on projects. These controls, such as reports, can be applied at each level within the project management team.
PRINCE2 also defines a number of key roles and corresponding responsibilities as part of a project management team. These responsibilities determine the kind of decisions to be made, when, and by whom. This enables decisions - for example about expenditure or allocation of resources - to be made by the right people in a timely manner.
PRINCE2 therefore benefits organizations because it enables greater control over risks and resources, and maximizes the chances of delivering projects successfully.
Furthermore, for an organization which has adopted PRINCE2 as its project management method of choice, it provides the following benefits:
- a common approach across all projects
- a common vocabulary to be used by stakeholders across those projects
- a clearly defined structure of delegation, authority and responsibility so everyone knows each other's roles
- clearly defined decision points - at the start, middle and end of projects
- it can be used on any type or scale of project
- it can be used alongside specialist industry approaches - e.g. SCRUM, agile development
- it focuses on products i.e. what will the project deliver, why, when, by whom and for whom
- it recommends the use of different levels of plan to meet the needs of the different project stakeholders
- it encourages the efficient use of senior managers' time via the principle of 'management by exception'
- it encourages project sponsors to focus on the project benefits to ensure the project gives value for money
- it has a mechanism to help continuously improve project management practices
PRINCE2 also benefits individuals who are looking to improve their project management skills and employability, project and programme managers and sponsors who take key decisions about projects. For these individuals, having a PRINCE2 qualification can help them apply PRINCE2 more effectively, whilst at the same time, boost their employment chances.