Most times, projects can be complicated, time-consuming, and exhausting, and handling such projects may turn out challenging for the Project Manager. Thus, one might need a framework to ensure that a project is completed smoothly and produces excellent results.
Here in the game comes: PRINCE2 Project (PRojects In Controlled Environments). PRINCE2 is a project management methodology focusing on managing resources and risks through systematic and controlled stages.
You can take a PRINCE2 Course to better understand the Project Management fundamentals, develop a systematic approach, and learn in-demand skills and techniques.
Or if you are someone wandering to upbeat your career in Project Management, prepare yourself with PRINCE2 Interview Questions to ace your interview!
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In this blog, you are going to be looking at the following:-
- What are PRINCE2 Project Stages?
- Deep Understanding of the Management Stages in PRINCE2
- Initiation Stage
- Planning of the Next Stage
- The Closing Stage
- Advantages of Working in Stages with the PRINCE2 Project
What are PRINCE2 Project Stages?
Every project has a detailed plan and an objective. However, it becomes difficult for the Project Manager to deal with the bulk of processes.
The PRINCE2 ‘manage by stages’ principle is used to ease their work and increase the team’s efficiency. Here the Project Board divides these management stages work into smaller parts to plan, monitor, and manage the project by Stages.
The process starts with setting an objective for the project. It is then commenced, and the objective is implemented across stages.
Finally, the project’s closing occurs after fulfilling the predefined goals.
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Deep Understanding of the Management Stages in PRINCE2
You might ask, how do these management stages actually work? So, let us understand the 4 Management Stages in PRINCE2 in detail:
The task begins at the initiation stage.
The Project Manager appoints a project team by assigning them defined roles and responsibilities. Then, the Project Manager sets out to prepare a document known as a Project Initiation Document (PID), listing the plan and budget for the project.
The Project Manager is also responsible for documenting the strategies relating to the quality, risk, changes, communication plan, and other outcomes expected from the project.
Planning of the Next Stage
Planning of the next stage is where comprehensive planning for the next stage takes place.
The Project Manager strategises a detailed plan and documents the succeeding management stages. It includes listing the resources required, the schedule and costs, and the outputs derived from the project.
Here, the work is given a direction under a continuous assessment of the Project Manager.
During this stage, the final decision-makers (the Project Board) use PID and the next stage plan to control whether to move to the next management level.
If the Project Board considers the project worth the cost, time, and risk, the next stage plan and PID are approved. Additionally, hiring resources needed to achieve the next stage is initiated.
The Closing Stage
The closing stage is also known as the decision gate. It is the final stage where the board ensures whether the project needs to go on to more stages. This saves the organisation’s time, money, and resources that it initially accounted for.
The project is wrapped up here. Though it seems to be a smaller stage of the project, however, it includes some crucial tasks such as:
- Completing the documentation
- Addressing the issues (if any)
- Final evaluation
- Handing over the products
Advantages of Working in Stages with the PRINCE2 Project
Due to its systematic approach of splitting up and controlling the work throughout the stages, PRINCE2 Project has been proven beneficial for various organisations.
The following are some advantages Project Managers get by using PRINCE2 Project:
- Executing the project in stages reduces the challenges.
- An entire project can be planned effortlessly.
- The project can be continuously assessed and governed, ensuring a consistent outcome.
- The outcome is in line with the desired objective.
The PRINCE2 project management is a widely used methodology across 150 countries that simplifies the management process and allows the effective functioning of the organization. Thus, providing the finest services to the end consumer.
We are hoping, we have provided you with the required information about the PRINCE2 stages to decide on choosing this project methodology.