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Prince2 Foundation > Basic terms and acronyms > Flashcards

Basic terms and acronyms Flashcards

1
Q

What is the great strength of Prince2? (5 points)

A

It is truly generic, regardless of

  • scale of project
  • type of project
  • nature of organization
  • culture
  • geographic location
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2
Q

How does Prince2 achieve being generic? (2)

A
  1. It separates the management of the project from the specialist aspects of the project
  2. it focuses on describing what needs to be done, rather than prescribing how to do it
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3
Q

What are the 4 elements of Prince2 project management?

A
  1. Principles
  2. Themes
  3. Processes
  4. Project Environment
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4
Q

What makes a project a Prince2 project? (4)

A
  1. Applying all Prince2 principles
  2. Meeting the minimum requirements set out in the Prince2 themes
  3. Using processes that satisfy the purpose and objectives of Prince2 processes
  4. Using recommended techniques (or equivalent ones)
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5
Q

BAU

A

Business as usual

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6
Q

How is a project different from business as usual? (5)

A
  1. Change (e.g. introducing a new product)
  2. Temporary
  3. Cross-functional (i.e. different skills needed to implement)
  4. Unique
  5. Uncertainty (carry risks)
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7
Q

What are the six aspects of performance of a Prince2 project?

A
  1. Scope (defines what we’re doing)
  2. Quality (defines standards to be delivered)
  3. Risk (positive or negative)
  4. Cost (i.e. budget)
  5. Time (i.e. project duration)
  6. Benefits (improvements to BAU due to project outcomes)
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8
Q

Definition of a program

A

A group of related projects which deliver outcomes and benefits related to an organization’s strategy

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9
Q

Definition of a portfolio

A

The totality of an organization’s investment of changes required to achieve its strategic objectives

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10
Q

What are the 7 underlying principles of Prince2?

A
  1. Continued business justification
  2. Learn from experience
  3. Defined roles and responsibilities
  4. Manage by stages
  5. Manage by exceptions
  6. Focus on products
  7. Tailor to suit projects
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11
Q

What can be said about the Prince2 7 principles? (3)

A
  • They apply to any project
  • They are proven in practice
  • They give practitioners added confidence and the ability to influence the way the project will be delivered
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12
Q

7 Principles: What’s a Continued Business Case?

A

There needs to be a justifiable reason to start the project, that reason must be documented and updated and reviewed throughout the project (i.e. stay on track)

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13
Q

7 Principles: What’s Learn from Experience?

A

Avoid problems by reviewing lessons from earlier similar projects and by recording during project implementation what’s going well or not, and learning throughout the project

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14
Q

7 Principles: What’s Defined Roles and Responsibilities?

A

Everyone needs to know what is expected of them throughout the project

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15
Q

What are the three primary project stakeholders?

A
  1. Business sponsors (say yes to objectives and budget)
  2. Users (who will benefit from project)
  3. Suppliers (who provide resources to undertake project work)
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16
Q

Whose interests need to be represented in the project management team structure?

A

Those of the three primary stakeholders (business sponsors, users and suppliers)

17
Q

7 Principles: What’s Manage by Stages?

A

Projects are broken down into management stages (at least two - initiation and delivery). The more complex, the more stages a project will have

18
Q

Definition: Management Stages

A

The section of a project the Project Manager is managing on behalf of the Project Board at any one time, at the end of which the Project Board will wish to review progress to date, the state of the project plan, the business case and risks, and the next stage, to decide whether to continue with the project

19
Q

What are the benefits of managing a project by stages? (5)

A
  • Making sure the project is properly initiated before work starts
  • Giving the Project Board the opportunity to assess the project’s viability and defined intervals
  • Making sure key decisions are made before the work starts (e.g. awarding a contract)
  • Clarifying the impact of external influences on the project before the go-ahead is given
  • Facilitating the Management by Exception principle by delegating authority to the Project Manager on a stage by stage basis
20
Q

7 Principle: What’s Manage by Exception?

A

The authority to work within specified limits (“tolerances”) is delegated through the project team structure

21
Q

For what elements are tolerances set through the Manage by Exception Principle? (6)

A
  • Cost (over-/underspend)
  • Time
  • Scope (variations in project outputs)
  • Quality (e.g. variation in performance standards)
  • Risk (how it contributes to the project’s overall risk)
  • Benefits (over-/underdelivering on benefits of project)
22
Q

7 Principles: What’s Focus on Products?

A

Focus on the definition and delivery of products, and their quality requirements

23
Q

Definition: Product

A

An input or output, whether tangible or intangible, that can be described in advance, created and tested

24
Q

What are the two types of products of Prince2?

A
  • Management products (documents required and created to manage the project)
  • Specialist products (things that will be created by the project to satisfy business needs)
25
Q

What are the benefits of the Focus on Products Principle? (3)

A
  • Ensure that the project only undertakes work that directly contributes to the delivery of a product
  • Help manage uncontrolled changes or unapproved changes to products
  • Reduce risks of user complaints and acceptance disputes by clearly establishing what will be delivered at the start of the project
26
Q

7 Principles: What’s Tailor to Suit the Project?

A

Prince2 can be used on any project because it can be tailored to ensure that

  1. the method and its use are appropriate to the size of the project
  2. the project controls are appropriate to the project’s complexity, importance, team capability and risk.
27
Q

What are the 7 Themes of Prince2?

A
  1. Business case (why are we doing this project?
  2. Organization (who is involved and what are their responsibilities?)
  3. Quality (what are the product quality requirements and how will they be judged?)
  4. Plans (what’s the product, how will it be developed, when, and for how much?)
  5. Risk (What might affect the project outcome?)
  6. Change (what impact will an issue have on the project outcome, and how will it be dealt with?)
  7. Progress (where are we now, where will we be, and should we carry on?)
28
Q

What are the 7 Processes of Prince2?

A
  1. Starting up - SU (do we have a viable project?)
  2. Initiating (initiation stage)
  3. Controlling a stage - CS (allocate work, monitor and control progress)
  4. Managing product delivery - MP (accept work, deliver it and hand it back)
  5. Managing a stage boundary - SB (plan work of next management stage)
  6. Closing a project - CP (handover of product)
  7. Directing a Project - DP (Project Board making decisions, and providing advice and guidance)
29
Q

What can be tailored in a project, and who is in charge of doing it?

A
  • Processes can be adapted by combining, adding or removing activities
  • Themes can be adapted by using techniques appropriate to the industry we’re in
  • Roles can be combined and split as long as the lines of accountability are maintained and don’t create a conflict of interest
  • Terminology can be changed
    All this is the Project Manager’s responsibility. Team Managers may propose tailoring actions in their packages.
30
Q

PID

A

Project Initiation Document

Prince2 Foundation (14 decks)

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