Lesson 3 Flashcards
What are the characteristics of PRINCE2 principles?
USE
- Universal (apply to all projects),
- Self-validating (proven in practice)
- Empowering (give confidence to practitioners).
What do PRINCE2 principles provide?
A framework of good practices developed from lessons learned from successful and failed projects.
What is the principle of ‘Continued Business Justification’?
A PRINCE2 project must have a valid business justification throughout its lifecycle, documented in a business case. If justification becomes invalid, the project should be stopped.
How does PRINCE2 ensure learning from experience?
Teams must proactively seek, record, and act upon lessons learned throughout the project’s lifecycle—from initiation to closure.
What are the key roles and responsibilities in PRINCE2?
Business sponsors ensure value for money; Users benefit from the project’s output; Suppliers provide resources and expertise.
What is the ‘Manage by Stages’ principle?
A PRINCE2 project is divided into manageable stages, with reviews at each stage to assess progress, business justification, and risks.
What is ‘Manage by Exception’?
Each management level delegates authority with tolerances for time, cost, scope, risk, benefits, and quality. If tolerances are exceeded, issues escalate to higher management.
How does PRINCE2 ensure a ‘Focus on Products’?
Projects define and deliver products (outputs) with clear quality criteria, ensuring scope control and reducing user dissatisfaction.
Why is ‘Tailor to Suit the Project’ important in PRINCE2?
Tailoring ensures the method fits the project’s size, complexity, team capabilities, and risks. It is documented in the Project Initiation Documentation (PID).
When should lessons be captured in PRINCE2?
Lessons are captured at the start, during, and at the end of a project, using logs and reports.
What are the minimum management stages required in PRINCE2?
Two stages: Initiation stage and at least one other stage for delivery.
What factors influence the number of management stages in PRINCE2?
Project size, complexity, significant decision points, and organizational policies.
What are the six tolerances managed under ‘Manage by Exception’?
Cost, time, scope, risk, benefits, and quality.
What are the two types of products in PRINCE2?
Management products (e.g., reports, logs) and Specialist products (e.g., project-specific deliverables).
How is tailoring documented in PRINCE2?
Tailoring decisions are included in the Project Initiation Documentation (PID).
