Comparative Analysis of PRINCE2®

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Table of Contents

Summary
PRINCE2: An Overview
PRINCE2: Pros and Cons
Agile: An Overview
PRINCE2 Versus Agile
Reflection
Reference List

Summary

A comparison between two project management methodologies will be provided in the present report: PRINCE2 and Agile. Moreover, personal recommendations and reflections on employing PRINCE2 provided by ILX Group will be presented. PRINCE2 or Projects In Controlled Environments is a project management methodology based on a process (originally created for the IT industry to manage existing projects), widely used by many companies worldwide. It is employed by many governmental structures, including in the UK, European countries, and Australia. Furthermore, it is actively used in the private sector for delivering effective project management. Concerning Agile, it is a methodology created in 2001 and focused on developing a product or a service.

PRINCE2: An Overview

PRINCE2 methodology is based on a process, and its primary goal is to advance all stages of a project, including organization, management, and control. The approach is more concerned with the final result rather than with planning (Digital Workplace, 2020, para. 1). PRINCE2 methodology is based on seven essential principles, which allow the control of all stages of a project. First of all, it is vital to determine a clear goal, objectives, targeted audience, and financial activities. A proper plan is needed in order to stay focused on a project. Secondly, one of the main principles of the methodology is a continuous learning process. The team should review new information and experience at each stage and make sure they implement acquired knowledge further. Thirdly, it is essential to distinguish responsibilities inside a team strictly. It appears to be critical, as it allows to measure each team member’s effectiveness and keep employees motivated.

Fourthly, the approach suggests a smart phase-wise approach in order to track all stages and stay motivated (Digital Workplace, 2020, para. 6). Each project should be divided into phases with clear goals. Moreover, it is essential to note what has been learned and what can be done differently in the next stage. Fifthly, baseline metrics should be introduced in order to manage projects in an efficient way. Sixthly, managers should keep their focus on product quality, as it can be lost while solving other issues. Lastly, PRINCE2 is easily customized, as it is suitable for almost any type of project.

Moreover, it is essential to consider seven processes, which are the core of the PRINCE2 methodology. The processes allow seeing important steps in the right sequence in order to attain the best results (Vanickova, 2017, p. 230). The first step is starting up a project, which implies an application and a thorough proposal of a project (Digital Workplace, 2020, para. 19). Secondly, assigning project guidance, to a manager who becomes responsible for the project’s realization. Thirdly, the next step is project initiation, for which a project manager prepares detailed plans, including costs, time frame, risks, quality, and other details (Mousaei and Gandomani, 2018, p. 442).

Fourthly, it is stage control, which implies that a project manager divided the project into stages and defines clear KPIs. Fifthly, product delivery management should be considered an essential basis. A project manager needs to control that a project is delivered efficiently. Sixthly, it is vital that a manager influence intermediary results at the end of each stage (Digital Workplace, 2020, para. 25). Lastly, project closing should be taken seriously – all necessary outcomes are measured, and reports are prepared.

Furthermore, it should be mentioned that reports are one of the critical parts of the PRINCE2 methodology. Reports allow managers and a team to track progress and measure the outcomes of each stage. There are six main types of documentation, which should be prepared throughout the process. First of all, it is a business case, which implies that a project manager describes what a project is about and why it is essential. The second document is called a risk register, which shows the project’s risks and opportunities and their potential effects. Another report is the quality register, which helps to track a possible difference between expectations and deliverables (Digital Workplace, 2020, para. 30).

The fourth document is called the issues register and implies a checklist where team members can list all the problems that occurred while the stages. Another report is the lessons log, which means a record of everything learned throughout the process. The last document is a daily log, and it is created for managers, which should track progress on a daily basis.

PRINCE2: Pros and Cons

Concerning the advantages of the methodology, firstly, it is its flexibility, as it can be used almost for any type of project. PRINCE2 is employed in governmental structures, such as for the UK government, as well as for private businesses. Secondly, as the approach is apparent and structured, it provides excellent communication and accountability for a project (Digital Workplace, 2020, para. 35). Thirdly, it is concerned with outcomes, and thus gives a unique opportunity for continuous development. One of the main disadvantages of the approach is its excessive documentation. As was discussed above, six types of documentation should be filled in on a regular basis. Another con that should be mentioned is the low involvement of senior management in a project, making it slower in development.

Agile: An Overview

Agile project management methodology is an “incremental and iterative approach to delivering project requirements throughout the life cycle of a project” (Project, 2020, para. 4). The approach does not imply defined steps but rather a set of values and principles. The methodology’s fundamental principles include personal interactions, working product, customer collaboration, and responding to transformation (Project, 2020, para. 15).

Concerning the advantages of Agile, it is a better business alignment, which is executed through closer communication with customers. Moreover, this approach allows for shortening delivery cycles, which helps to receive results and commentaries on a project. Besides, Agile methodology reduces costs, as it uses self-organizing teams (Project, 2020, para. 18). The difficulty in employing this approach is that it requires clients’ high involvement and a high team organization level. Moreover, Agile appears to be more suitable for smaller businesses, as it is less formal in terms of documentation and reports. Besides, in order to use this approach efficiently, an organization should have a clear vision and goals and be highly organized.

PRINCE2 Versus Agile

One of the fundamental differences between PRINCE2 and Agile is their different basis. PRINCE2 is focused on plans and allows to stay concentrated on the initial project’s aims. At the same time, Agile is an adaptive and more flexible approach, which is less defined and more responsive to changes. Moreover, the two methodologies differ in terms of their breakdown of tasks. PRINCE2 offers three planning levels, including long-term, medium-term, and short-term plans (Project, 2020, para. 30). Agile uses an entirely different approach to sprints and timeboxing. Furthermore, it should be mentioned that PRINCE2 is a more predictive approach, whereas Agile is well-known for its adaptivity. Besides, PRINCE2 is widely used in large companies and governmental organizations, as it is focused on higher management levels, whereas Agile is for smaller organizations or lower-level management.

Reflection

PRINCE2 is a useful project management methodology, which can be successfully implemented in large companies. I would be interested in working in the education and government sectors where PRINCE2 is a perfect choice for advancing all educational project stages. For instance, working in such a company as the British Council would be an excellent opportunity to utilize the PRINCE2 methodology. They employ the approach since 2009, which allowed them to improve communication and organizational adaptations (The Knowledge Academy, n. d., para. 6). Working with PRINCE2 would enable the team and me to exchange information within the company and share networks, which would be beneficial for the organization’s operational performance.

Moreover, the PRINCE2 methodology will allow ensuring efficient communication in the whole business structure, as they all will utilize the same terminological language and share common principles. When working in an educational company, I would like to help to set clear goals, and values, and define risks and budgets using the approach. I believe it helps the organization to stay focused and to assess intermediary results frequently. Furthermore, the lesson log report will allow me and my team to review lessons and apply this experience in future projects. In conclusion, it should be highlighted that the PRINCE2 project management methodology is a useful and straightforward approach, which can be easily applied in practice and boost organizational effectiveness.

Reference List

Mousaei, M. and Gandomani, T. J. (2018) ‘A new project management risk model based on Scrum framework and Prince2 methodology, International Journal of Advanced Computer Science and Applications, Vol. 9 (4), pp. 442-449. Web.

PRINCE2 methodology in project management – a complete overview (2020). Web.

The complete guide to Agile project management methodology (2020). Web.

Vanickova, R. (2017) ‘Application of PRINCE2 project management methodology, Studia Commercialia Bratislavensia, vol. 10 (38), pp. 227-238. Web.

What organizations use PRINCE2? (n. d.). Web.

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