The implementation of PRINCE2 on any Project has many benefits and we have selected 4 of the most important:
Benefits to the organization
We start by looking at the benefits to the organization. Due to its structure PRINCE2 provides some essential benefits to the organization. PRINCE2 provides the organization with active involvement of the end product users and stakeholders. This ensures that the end product will meet the business and functional requirements. Furthermore PRINCE2 separates the product development process from management process plus enabling the management approach to remain the same regardless of the subject of the project. This also establishes a common ground in comparing projects.
Prince2 Benefits to the Project
•Regular reviews and flexible decision points
The project is managed with regular reviews at predetermined stages supported by flexible decision points throughout the project. The reviews and decisions are made by comparing the progress against project plans and the business case.
•Changes under control
These also provide a solid base for the management to keep the changes and deviations from the business case under control with the help of a change tracking procedure.
•Product quality monitored
PRINCE2 provides further benefits by establishing a continues monitoring mechanism on product quality which can be done by using the internal quality standards of the organization.
PRINCE2 Benefits to the Project Team
•Clearly defined authority structure distinguishes the PRINCE2 method.
Responsibilities are delegated clearly to all management levels.
PRINCE2 divides the project into multiple stages for convenient management and effective control
•Regular reporting between project management levels help the parties keep up to date on project issues.
PRINCE2 Benefits to the customer
•Take part in decision making
This is most important benefit that PRINCE2 provides. This prevents future conflicts that may arise at the point of final product delivery.
As mentioned already, PRINCE2 is a process based management method. Here are some ways of defining a process which will help to make this clearer.
Definition 1: A particular course of action intended to receive a result.
Definition 2: A set of related tasks performed to achieve a defined business outcome
Definition 3: A series of steps that transform inputs to outputs.