PRINCE and PRINCE2 Frameworks in Management and Business Strategy Essay

PRINCE and PRINCE2 Frameworks in Management and Business Strategy - Essay Example This management method was initially developed for use in IT projects (PRINCE) but has since been expanded in scope to deal with project management in any type of organization (PRINCE2). This report will focus mainly on PRINCE2 since this method is more extensive and applicable to all kinds of organizations. PRINCE2 is owned by the United Kingdom Office of Government Commerce or OGC, and it is in the public domain, which means it is free and available for use by anyone (Office of Government Commerce, 2005). The only potential cost incurred when utilizing PRINCE2 is the cost of training and certification (see the "APM Certification in PRINCE2" section below). When a client addresses a problem and contracts a company to remedy their problem, the PRINCE2 method can be used to set the framework for how the resulting project is to proceed. The objective of PRINCE2 is to allow newly minted businesses to start off successfully, by learning from their predecessor's mistakes, rather than to reinvent the wheel, per se, of project management. In effect, PRINCE2 is available to facilitate the most efficient and directed project management possible. ... The top problems were, "unclear direction, over- or under-worked staff, people and equipment not available when needed, rework or wasted effort, final tasks were rushed, poor quality work, problems late and overspent, small problems had a big impact (Bentley, 2003)." This is rooted in a number of sources, including "customer involvement, coordination, communication, planning control, progress, and quality control (Bentley, 2003)." Although it may seem that businesses should easily overcome these problems out of common sense, the reality is that many businesses do not know the proper way to consistently apply their past mistakes to problematic issues that regularly arise. The PRINCE2 framework can be used as a robust, adaptable system that project managers can consult throughout each stage of a project. There are eight steps, or phases, in the PRINCE2 method. These phases, which constitute the Business Case (i.e. the justification for the project) must be carried out fully to ensure that the end product is high-quality, generated in the allotted amount of time, and utilizes only the funds that are allocated for it (Office of Government Commerce, 2005; Getronics, 2003). The first step is called the start-up phase, during which project managers decide whether or not to accept the project desired by the customer, based on their own resources and capacity. Essentially, the managers address the question, "Is this project worth doing, and, if yes, are we fully equipped to complete it" This is an important phase during which the feasibility of the project is assessed and the company decides whether they can aptly handle the requests of the customer in the time allotted.