Efficacy of PRINCE2 in Project Management

Efficacy of PRINCE2 in Project Management

Efficacy of PRINCE2 in Project Management

In the project based companies “Project Management” plays a vital role in identifying the skills of the employee at an organizational level. Project management skills are in high demand these days since many successful companies have adopted project based approach. PRINCE2 is a structured method for effective project management. PRINCE2 is an abbreviation of “Projects in Controlled Environment, Version 2”. In the discussion, the Project Management and PRINCE2 Methodology are examined. The area of focus is creating values in project management using PRINCE2 as a project management tool. The reasons behind the Project Management and PRINCE2 Methodology have been highlighted. Besides theses the advantages and disadvantages of PRINCE2 in Project Management has highlighted the reasons for adopting and non - adopting PRINCE2 methodology in the private sector organizations is the area of focus in further discussion.

There are numerous researches conducted for PRINCE2 in Project Management. A research conducted on “Creating Values in Project Management Using PRINCE2.” This study focuses on the mix research methodology and identifies the impact of using PRINCE2 on project management. It includes the Concept Mapping a qualitative research includes unstructured interviews and quantitative analysis technique known as clustered analysis. The major barrier in applying PRINCE2 tool is the framework and manual it is associated with the documentation of the project. The study identified that PRINCE2 is an effective tool in project management, but there are some issues and problems that were identified from the responses of non-PRINCE2 participants (Creating value in project management using PRINCE2, pp.3).

Another area of research is “Why PRINCE2 Isn't Widely Used in the Private Sector.” The projects are diversified, and the standardization in project management is impossible. There is no doubt that this is an effective tool as to save time but this kind of tool increases the chances of error. It was examined that PRINCE2 methodology is not flexible so that it cannot be adopted for each and every project that runs within the organization. This tool is highly structured tool and inflexible, so they need to incorporate changes in PRINCE2 Methodology as to make it successful in the corporate world (Barn, 2004, pp 1-4).

Third research focuses on the “Project Management and PRINCE2 Methodology.” A qualitative research approach includes unstructured and open ended questions were asked from the managers of various firms. The overall analysis of this research depicts that the tool for project management is effective, but there are always error as to maintain standardization in the field of project management. Every project is unique and distinctive. So the risk and uncertainties are involved in the project. In this scenario opting for PRINCE2 methodology will have a negative impact on the project management. This methodology is restricted to the inflexible approach. So chances of errors increase in project management of the organization (Raziq, 2006, pp 1-6).

There are certain advantages of PRINCE2 it includes; east to use, support for corporate leaders, beneficial for inexperienced ...