Analysis Of The Project Management Methodology Known As It Can Tie Into The Area Of The Subject

1128 Words5 Pages
GEORGE BROWN COLLEGE

PRINCE2
RESEARCH ASSIGNMENT
BUS 4053

Jonathan Chiu (101014291)
Shyju Kozhisseri (100993642)

TABLE OF CONTENTS

INTRODUCTION
HISTORY OF PRINCE2

PRINCE2 METHODOLOGY PRINCIPLES
THEMES
PROCESSES

PROS AND CONS
POPULARITY IN WORLD MARKET

PRINCE2 CERTIFICATIONS
PRINCE2 AND BUSINESS ANALYSTS

INTRODUCTION
“Of all the thing I’ve done, the most vital is coordinating the talents of those who work for us and pointing them towards a certain goal.” – Walt Disney. This quote is directly from Walt Disney himself. The quote has a huge relevance to project management as it can tie into the area of the subject, which is PRINCE2. The question before anything is: What is PRINCE2? The purpose of
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CORE PRINCIPLES
There are seven key principles that encompass PRINCE2. They are essentially lessons that were derived from projects that have either gone really well or gone poorly. The seven are:
Continued business justification
Continued business justification means to justify the use of time and resources at every stage of the project, especially in lower levels and emphasizes the need of a project to be aligned to the objectives of the organization. It recommends the use of business case which elaborates the purpose of starting the project, forecasts benefits of the project, estimates costs of the project including operational costs and timescale of the project.
Manage by exception
Manage by exception assumes that the day to day management of stage of the project which is in the agreed tolerance limits of objectives like scope, time, cost and risk comes under the responsibility of project managers. Only the exception ones are escalated to senior managers for decisions. This is to efficiently use the time of senior management.
Learn from experience
Team members that are involved in projects that incorporate PRINCE2 learn from previous experience. These lessons are then recorded and acted upon. They act as precedence for new projects and are applied at any given stage of the project. All lessons used are included in the reports and reviews.
Defined roles and responsibilities
It is crucial for a PRINCE2 project to engage the
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