Usefulness of PRINCE2 in Modern Project Management Industry

Leading enterprises across geographic borders and multiple industry sectors have been rapidly adapting to project management as a mechanism to control business expenditure and enhance project outcomes. This practice had gained prominence especially during recession. Business executives and project managers discovered that, complying with effective project management strategies ultimately helped in minimizing costs, reducing risks and enhancing success rates. A survey conducted by McKinsey & Co revealed that, approximately 60% of companies counted on having a robust project management discipline as one of the top business priorities. Therefore, it is essential for companies to opt in for reliable project management software. This is PRINCE2 project management comes into action. 
What is PRINCE2 Project Methodology?
PRINCE2 i.e. Projects In Controlled Environments is a standard and systematic project management process, that is based on the vast experience drawn from multiple projects executed by companies globally. It include techniques that sources from the stakeholders (sponsors, project managers, project teams, consultants, lecturers and industry leading experts). The final publication has been through strict reviews to make sure that the software efficiently caters to all the requirements of the project management community. 
Understanding PRINCE2 Project Management Application
By nature PRINCE2 is adaptable and is applicable to all types of projects. The projects that last for couple of days will also benefit from a careful application of PRINCE2 project methodology. 
In a training platform sometimes principles seem plausible, but can appear challenging when we try to place theory into practice. Often users find it complex to understand the way PRINCE2 will improve or add value to a project. This might result in ardent compliance to certain detailing and formalities. Thereby giving a generic impression that PRINCE2 project methodology is bureaucratic with its set of rules and regulations. Furthermore, it might also result in improper shortcuts taken by project managers, that can weaken the compactness of the PRINCE2 project methodology as well as the risk management features that it offers. 
How to deploy PRINCE2 project methodology in your workplace?
An enterprise might need some assistance with deploying PRINCE2 project management, when:
  • It’s the first time  the company or team is using PRINCE2
  • PRINCE2 project management has already been deployed but the company is not completely realizing its business benefits
  • The company is interested in attaining an official approval for its project management methods
  • The company wants to make sure that they are PRINCE2 compliant i.e. using the Project, Program and Portfolio Management Maturity Model
Salient Features of PRINCE2 Project Management
PRINCE2 can isolate the management side of any project. Its management side is not inclusive of the construction and design procedures, but it can be easily integrated as per requirement. Integrating all these aspects result in a systematic and safe structure for specialized project works. The four core elements that are vital for creating the structure of PRINCE 2 project management include:
  • Principles
  • Project environment
  • Processes
  • Themes
PRINCE2 Business Benefits
The future of PRINCE 2 look promising as the software brings with it certain business benefits. PRINCE2 business benefits include:
  • As an intuitive project management software, PRINCE2 helps a company understand its past project management errors, focus on positive aspects and eliminate certain practices prior to implementing new processes
  • Helps the company with feedback from expert consultants, trainers and project managers 
  • It can effectively tackle various project and business concerns by producing optimal results at the end 
  • Helps a company to efficiently adhere with the available resources, money and time 
  • Offers constant support and meaningful inputs aimed towards the steady project of the project at hand
Being successful with PRINCE2 Project Methodology
Do you want to know the way to be successful with PRINCE2? It is to understand that PRINCE2 is adjustable and can be customized as per the nature of your project, irrespective of the marketplace and industry vertical. Deploying PRINCE2 project management software is much more than offering professional staff with training. Instead, it is all about creating and incorporating best practices for project management into your work ambiance and attaining organizational benefits through enhanced and sustained project governance. 

About Author
Sweita Dey