Benefits of PRINCE2:
PRINCE2 embodies established and proven best practice and governance for project management. It can be applied to any type of project - and can easily be implemented alongside specialist, industry-specific models ('engineering models' or 'development life cycles').
The method is widely recognized and understood, and therefore provides a common vocabulary for all project participants - promoting effective communication. The method also provides for the explicit recognition of project responsibilities - so that participants understand each other's roles and needs. There is a defined structure for accountability, delegation, authority and communication.
Some observed benefits are:
- Promotes consistency of project work and the ability to reuse project assets; it also facilitates staff mobility and reduces the impact of personnel changes/handovers.
- Is an invaluable diagnostic tool, facilitating the assurance and assessment of project work, troubleshooting and audits.
- Plans are carefully designed to meet the needs of the different levels in the management team, improving communication and control.
- Ensures that participants focus on the viability of the project in relation to its Business Case objectives - rather than simply seeing the completion of the project as an end in it.
- Defines a thorough but economic structure of reports.
- Ensures that stakeholders (including sponsors and resource providers) are properly represented in planning and decision making.
Adopting PRINCE2 promotes learning and continual improvement in organizations. Its product focus clarifies (for all parties) what a project will deliver, why, when, by whom and for whom. It is based on a 'management by exception' framework, providing for the efficient and economic use of management time (whether at corporate, program, Project Board or project management levels).