What is PRINCE2®?
The PRINCE2® (Projects in a controlled environment) project management methodology is an effective way to manage the projects. Global companies and business professionals widely use it.
PRINCE2® provides project essentials and serves as a fundamental guide to help organizations be successful in their projects. It can be tweaked to suit any industry or environment.
PRINCE2® is based on core Principles, Themes, and Processes.
Principles:
PRINCE2® is a guidance system used by professionals across the globe. They have seven guiding principles that help with strategy and various other elements of project management. Let’s Find Out:
- Continued business justification (business value, worthwhile, viability)
- Learn from experience (retrospection, maturity, feedback, improvement)
- Defined Roles and Responsibilities (who is doing what, what is expected from whom, project stakeholders)
- Manage by stages (boundaries, phases)
- Manage by exception (delegation of authorities with tolerance)
- Focus on Products (quality-centric approach to product delivery
- Tailor to suit the project (less bureaucratic)
Themes:
Project management is the process of organizing and completing projects. These projects can be related to business, engineering, or other activities. It involves a high level of planning to evaluate the specific risks associated with the project and ensure that you have enough project resources and time to complete it. Questions that arise are:
• What documents/templates/logs/registers/plans/communications are required from the start to the closure?
How to run the project?
• What techniques/methods are required to manage the project?
The seven themes are:
- Business Case theme (Business Case, Benefits Management Approach)
- Organization theme (Project Organization Structure with roles and responsibilities, Communications Management Approach)
- Quality theme (Quality Management Approach, Quality Register)
- Plans theme (Project Plan, Gantt Charts)
- Risks theme (Risk Management Approach, Risk Register)
- Change theme (Change Control Approach, Issue Register, Configurations Management)
- Progress theme (Project Controls)
Processes:
A process is a step-by-step series of actions that need to happen to complete the project. PRINCE2® techniques show which steps need to be taken by staff, manager(s), and the board itself.
PRINCE2® has a set of processes to help organizations be successful. These processes build upon one another to maintain continuity and constant purpose while providing flexibility.
- Starting Up A Project (feasibility checks)
- Directing A Project (Authorization and approvals)
- Initiating A Project (Solid foundation before execution of the project work)
- Managing Stage Boundaries (adjustments to the plans and activities, retrospections)
- Controlling A Stage (work package, managing of risks/issues, progress reporting)
- Managing Product Delivery (development of specialist products)
- Closing a Project (formally end the project)
Some Benefits of PRINCE2®!
- PRINCE2® provides a practical framework for managing projects.
- You can apply it in any industry, domain or organization.
- It can be integrated with any other project management methodology.
- It helps to understand the project when everyone uses the same vocabulary.
- A clear structure for accountability, delegation, authority and communication is established with the help of the project organization structure. All key stakeholders are represented, which helps create better planning and decision-making.
- We focus on delivering high-quality products to stakeholders.
- PRINCE2® offers a variety of solutions to meet the needs of different levels of management in an organization.
- Manage by exception ensures that you don’t need to micromanage, with the help of delegation (with tolerances) and still have necessary control on projects.
- PRINCE2® is centred around benefiting the client rather than just completing it within deadlines and costs.
- PRINCE2® documentation is more appropriate and adaptable to the needs of today’s agile world.
- PRINCE2® recommends strategies for retrospection, learning lessons and ensuring continuous improvement.
- It helps make decisions and boards more confident in what they are doing by providing a way for them to be transparent.
How can you benefit from PRINCE2®?
• PRINCE2® certification is designed to provide students with the project management skills they need before entering the corporate world.
• It is helpful for project managers who need to learn the basics, but it can also serve as a great starting point for those new to this field.
• If you have experience in project management and have encountered people using PRINCE2, this will help you adopt PRINCE2 best practices.
• PRINCE2® Agile shows businesses ways to tailor PRINCE2, their current project management process, to small agile environments.
How is PRINCE2® beneficial to your organization?
• PRINCE2® is a project development methodology. It provides proven, practical, and usable techniques that systematically help you run successful projects in the most efficient way possible.
• PRINCE2® is helpful for different project management methods. One of the great benefits of PRINCE2 is its use of a manager’s time. The concepts of delegation with tolerance help nurture a culture of empowerment and experimentation, leading to increased agility and control over projects.
• If you are working with PRINCE2® models for your projects, you will want to map your work according to the customer’s needs.
• Having a PRINCE2® certified practitioner in your company will help you bag new contracts/clients.
• Many factors contribute to a project’s success. The most important factors are management support, user involvement, incomplete requirements, etc. PRINCE2® includes various process-related documentation formats, such as documentation of the structure of the whole project and individual tasks
• Project management can be challenging, but PRINCE2® is robust and versatile. Being compatible with any number of decision-making models can provide support for any other initiatives that an organization may undertake. And with the growing popularity of agile models, PRINCE2 is flexible enough to accommodate changes in how projects are run.
• PRINCE2® is a structured project management method used in any industry or domain of any size.
Closing the gap with project management
In their report, the PMI (Project Management Institute) recognizes three reasons for a skills gap in the industry. Firstly, they noticed increased requests for project executives with specific talents. Alongside this trend, there is greater demand for individuals who can work on relevant projects in both emerging and non-industry sectors of the economy.
The world needs more project managers, but there aren’t enough people entering the field. The PMI ability hole report calculated that You should add 25 million new project managers by 2030 to close the skill gap. The problem is that the number of people entering every year isn’t enough to fill the demand of 2.3 million each year when needed.
Organizations should be more competitive to meet the competition for talented wage earners. Evidence of PRINCE2® compensation growth indicates that companies are searching for ways to improve their performance. As well as enrolling new employees, organizations should strive to provide them with opportunities to learn and improve their skills. Associations ought to hope to give the staff of organizations a job that suits their abilities and matches the organization’s vision.
Ensure the training for your business is lined up with business abilities, rather than glancing at long stretches of learning and course-finish rates, instead of centre around recognizing what powers are needed to be on par with your association. With that arrangement and latitude, L&D can develop an expertise building program that is in compass with your company model.
PRINCE2® professionals are in huge demand!
If you are a qualified professional or currently studying to become one, it will be exciting to hear that PRINCE2® qualified candidates are in high demand!
Project management-oriented employment is a fast-growing field with 2,135 jobs listed on Indeed.com and 1,137 jobs listed on Reed.co.uk requesting PRINCE2 skills.
PRINCE2® is a process-based project management method that has been adopted all over the world. It teaches professionals how to manage projects straightforwardly, ensuring that their work goes well and stays on schedule. PRINCE2 certification shows that the person has these skills and provides them with the framework for success.
PRINCE2® Certification includes:
• PRINCE2® certification comes in two levels.
• PRINCE2® Foundation is the pre-requisite exam for those wishing to take the PRINCE2 Practitioner exam.
• If you are already a certified project manager, you can take the exam to become PRINCE2 Practitioner certified.
• To be eligible for the Prince2® Practitioner exam, you must bear the Prince2 Foundation exam and earn your PMQ or CAPM.
Taking the exams:
• You can take PRINCE2® exams in 3 different modes:
- Paper-Based Test
- Computer Based Test
- Online Proctored Test
You must talk to an Accredited Training Organization (ATO) to book your exam, and they will issue your certificate once you pass the exam. For a list of ATOs in your province or country, visit www.knowledgewoods.com.
• The PRINCE2® Foundation and Practitioner examinations are currently available in 6 languages: English, German, Dutch, French, Danish, and Norwegian.
Certification Cost:
The certification cost is different depending on your specific set of needs. The expenses of exams may range from $500 to $900, depending on your location and mode of examination. However, there are many fees not included in the exam fee that you will need to consider before booking a test.
You can also buy the exam directly from Peoplecert (Examination Institute authorized by Axelos). To know Peoplecert’s certification rates, please visit.
How much does a PRINCE2® Professional earn?
There is a push for more versatility in skills amongst professionals. Being able to master many different aspects of your job is a common desired trait for people in this modern world. Current trends are highly influential, and employers want people who can manage their projects successfully, even with the high demands of this digital era.
Projects are used to cause any changes in organizations. From process improvement to new product development and commissioning, decommissioning services or products, making significant changes in existing products and services from one company to another, transition activities, organizational transformation, and responding to a competitor’s moves or technological advancements (like robotization, cloudification, artificial intelligence), environmental changes, action plans to address uncertain situations like COVID-19 etc., there is always a need for project-related roles.
If you want to work in the project management field, there might be thousands of job openings available on LinkedIn, Naukri or other job websites. But not all projects will require a specific set of skills. Some organizations will have internal candidates who can fulfil the role, and others may consider employee referrals or partnerships when sourcing the correct candidate.
A snapshot of salaries related to project management roles in India published by PMI is furnished herewith. For more information about other countries, you may visit.
Average Salary of a PRINCE2® Professional in UK:
The average PRINCE2® salary in the UK is £54,634! which is a fantastic 57% above the national average. (Source: Adzuna) A great salary by all accounts and one which evidences the value of project professionals becoming PRINCE2 qualified
Getting Started in your career as a PRINCE2® Professional
Entry-level positions in PRINCE2® start around £35,000 per year, but most experienced workers make about $60,000 per year. That’s not the only advantage of taking PRINCE2 training. And it can also help you achieve your goals by increasing your success rate in projects while moving you up your career ladder more quickly.
We offer courses on PRINCE2®, which are designed to provide you with a firm understanding of how the methodology works. You don’t need to be working in the field to take these courses, as they are open to everyone.
Once you qualify for the course, there will be opportunities to progress to become a PRINCE2® practitioner. Passing this exam will enable you to get your Practitioner Certificate. This exam deals with how well you can apply PRINCE2 theory independently in running and managing your project.
Conclusion:
• Every job role needs specific skills.
• PRINCE2® certification can help with your position in the job market and career progression. It is a recognized qualification that will help you be successful in many projects and programs.
• PRINCE2® supports organizations in judging their business outcomes, showing value for money, reducing risks, optimizing the customer experience, and enabling business change.
• PRINCE2® is a structured approach for delivering outcomes in a customer-focused way. The language it uses allows for better cross-functional communication, provides on business needs efficiently, and scales well as the business grows.
• Please find out more about our PRINCE2® Consulting services, get the answers to your questions on our site, or reach out to us. We’re ready and waiting for you!