PRINCE2 Principles Flashcards
What is the first PRINCE2 principle, and why is it important?
The first PRINCE2 principle is “Continued business justification.” It emphasizes that a project must make sense from a business point of view, and this justification must be maintained throughout the project’s lifecycle. If the project no longer makes sense, it’s better to alter or terminate it to avoid wasting time and resources. As Woody Williams said, “If you have never recommended cancelling a project, you haven’t been an effective project manager.”
How does PRINCE2 emphasize learning from experience?
PRINCE2 emphasizes learning from experience in the following ways:
a. Projects bring uncertainty, so unknowns should be investigated.
b. A “Lessons log” is created to document learnings throughout the project.
c. A “Lessons Report” is generated at the project’s conclusion.
d. Everyone involved is responsible for contributing information and insights to improve future projects.
Why are defining roles and responsibilities crucial in PRINCE2?
Defining roles and responsibilities is crucial in PRINCE2 because projects involve temporary team members from different organizations. Clear definitions of expectations and responsibilities prevent misunderstandings. For instance, developers should not make decisions that are the customer’s responsibility. Roles include:
i. Business Sponsor: Monitors and ensures project value.
ii. Users: Accept the project’s outcome and use the product/service.
iii. Suppliers: Provide project resources and are represented on the board.
Explain the concept of “Managed by Stages” in PRINCE2.
Managed by Stages” is a PRINCE2 principle that involves:
a. High-level and detailed stage planning for efficient work sequencing.
b. Control points to determine the best next steps.
c. Progress checks against the original plan.
d. “Go or No” decision at each stage for project continuation or cancellation.
e. Regular updates to the business case based on learnings from previous stages.
How does PRINCE2 implement the principle of “Manage by Exception”?
Manage by Exception” in PRINCE2 is implemented through layers of management with their own tolerances. Four levels include Program Management, Project Board, Project Manager, and Team Manager. Tolerances are set for Time, Cost, Quality, Scope, Risk, and Benefit. No news is considered good news, and exceptions are triggered when deviations occur within tolerances.
What does the “Focus on Products” principle in PRINCE2 emphasize?
The “Focus on Products” principle highlights that project outputs serve as the starting point. Stakeholders determine product requirements as they will use the final product. Both “Themes” and “Processes” in PRINCE2 center on this principle.
How does PRINCE2 suggest tailoring the approach to suit the project environment?
PRINCE2 suggests tailoring the approach to suit the project environment by:
a. Adapting to environmental elements like size, complexity, risk, etc.
b. Setting appropriate levels of control and reporting based on project-specific factors.
