Principles (Non AI)

Question 1

What are the 7 Principles?

Answer 1

1. Ensure Continued business justification
2. Learn from experience
3. Define roles, responsibilities and relationships
4. Manage by exception
5. Manage by stages
6. Focus on products
7. Tailor to suit the project

Question 2

What does the principle ‘Ensure Continued Business Justification’ mean?

Answer 2

A PRINCE2 project has business justification sufficient to warrant investment to initiate the project and ongoing investment through to successful completion. If it does not, it should be stopped

Question 3

What does the principle ‘Learn from experience’ mean?

Answer 3

A PRINCE2 project team actively seeks, records, and implements improvements as a result of relevant lessons learned from prior projects and throughout the life of the project. It applies them in future projects and shares them for others to apply.

Question 4

What does the principle ‘Define roles, responsibilities and relationships’ mean?

Answer 4

A PRINCE2 project has defined and agreed roles and responsibilities within an organization structure that engages the business, user, and supplier stakeholder interests. Moreover, a PRINCE2 project management team initiates and builds relationships with and between internal and external stakeholders.

Question 5

What does the principle ‘Manage by exception’ mean?

Answer 5

A PRINCE2 project establishes limits of delegated authority by defining tolerances for performance against its plans.

Question 6

What does the principle ‘Manage by stages’ mean?

Answer 6

A PRINCE2 project is planned, monitored, and controlled on a stage-by-stage basis.

Question 7

What does the principle ‘Focus on products’ mean?

Answer 7

A PRINCE2 project focuses on the definition and delivery of products, in particular their user quality expectations and requirements.

Question 8

What does the principle ‘Tailor to suit the project:’ mean?

Answer 8

PRINCE2 is applied and tailored to suit the project environment, size, complexity, importance, delivery method, team capability, and level of risk.

Question 9

Define a Tolerance.

Answer 9

The permissible deviation above and below the plan’s target for benefits, cost, time, quality, scope, sustainability, and risk without needing to escalate the deviation to the next level of management.

Question 10

How do you establish Accountability?

Answer 10

• Delegating authority from one management level to another by setting tolerances
• Establishing controls so if tolerances are forecast to be exceeded they are flagged as an exception and escalated
• Establish an assurance mechanism so there is confidence in the exception controls

Question 11

What are the seven aspects of a plans performance that require tolerance to be defined for?

Answer 11

1. Benefits
2. Cost
3. Time
4. Quality
5. Scope
6. Sustainability
7. Risk

Question 12

Define a Stage.

Answer 12

The section of a project that the project manager is managing on behalf of the project board at any one time.

Question 13

Define a Product

Answer 13

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

Question 14

What are the 4 types of Product identified by Prince2?

Answer 14

1. Management Products (Documents to support the management of the project)
2. Specialist Products (Needed to realise the benefits)
3. The project product (The total output from the project)
4. External Products (Outside of the projects control that the project depend on e.g standards)