What is PRINCE2® Foundation?
Project management is an important aspect. It ensures that projects are completed on time and on budget, which leads to higher profits for the company. There are many different project management methods available, with one being PRINCE2.
PRINCE2 is a project management methodology for efficiently delivering projects. The PRINCE2 method has established itself as one of the most popular project management methods for organizations worldwide. PRINCE2 stands for "Projects IN Controlled Environments," which applies to controlled environments such as business or government projects where risk can be managed and contained. It is designed to help organizations meet their objectives, manage risks, and control change.
PRINCE2 has been developed as a framework that guides how to prepare for projects. It uses a hierarchical structure with six processes: Initiating, Planning, Executing, Monitoring and Controlling, Closing and Support.
PRINCE2 is an internationally recognized project management method that has been around since 1987 and was developed in the United Kingdom. So it's easy to understand why it has endured: PRINCE2 is one of the most popular methods in use today.
Why Is PRINCE2® Foundation Important?
The PRINCE2® Foundation course is a popular choice for project management certification because it provides you with the essential knowledge and skills to succeed in your project management career. The two main benefits of this training are increased efficiency and effectiveness, which will lead to improved results.
The certification equips project managers with a theoretical and practical understanding of how the PRINCE² methodology can be applied in different settings. It's an intensive course that gives participants the ability to lead successful projects from start to finish. With this globally recognized certification, you'll be able to take your career as a project manager to new heights!
This study guide includes a comprehensive collection of:
- 2 Axelos sample papers and 22 downloadable slides will help you prepare for your upcoming examination.
- It also offers access to 7 scenarios.
- One hundred fifty-six lesson-end quizzes, 26 process templates, and an exam fee are included in the cost of this product.
The Seven Principles of PRINCE2® Foundation: An Overview
The PRINCE2® Foundation training course teaches you how to apply the seven principles of PRINCE2
The seven principles of PRINCE are:
- Business Justification: Business justification is a process that determines whether a project will positively impact the organization. The first step of business justification is to define the project's objectives and how it contributes to organizational goals. Once those are established, you must identify any risks or negative impacts the project may have on other areas within your organization. Finally, there should be some analysis of what could go wrong with this type of investment for your company.
- Defined Roles and Responsibilities: The PRINCE2® Foundation is a management methodology that helps develop projects. This methodology allows you to have a structured approach when working on any project in your organization. It has defined roles and responsibilities for all stakeholders involved in the project, ensuring clear lines of communication between everyone involved. The PRINCE2® Foundation guides organizations on how they can use this method to complete their projects by using eight different phases, each broken down into four stages.
- The first stage is known as "Inception," It is where the project team meets for the first time to discuss and plan the project.
- The second stage, known as "Initiation," is where the business case for the project is created and approved by management.
- The third stage, known as "Delivery," is where work on the project begins, and it is divided into three parts: initiation, delivery, and closure.
- Finally, the fourth stage, known as "Closing," marks the end of the project where final reports are created and lessons learned are documented.
- Continued Business Justification: The Continued Business Justification is a process that PRINCE2® Foundation practitioners use to gain support from stakeholders for a project or a change. The business justification helps provide evidence that the project's benefits outweigh any risks. There are many steps in this process, but we will focus on three:
- Identify and document because the organization needs to invest in an improvement opportunity now.
- Present information about how you might address those needs with your proposed changes.
- Gain stakeholder buy-in by demonstrating that the proposed changes are the best possible solution to meet the identified needs.
- Managed Risk: Managed risks in PRINCE2® Foundation can be defined as the risk that a project manager manages. The risks may be from external or internal sources, and they need to be monitored and controlled throughout working a project. There are several types of Managed risks: Generic Risks, Environmental Risks, Business-related Risks, Political/Legal Risks, and Resource-related Risks.
- Tailored Governance: is a strategic and innovative way of structuring your PRINCE2® Foundation project management. This type of governance is based on tailoring the project to suit your needs without compromising the principles of PRINCE2®, which are clarity, focus, simplicity, ownership, and responsibility. Three main areas impact tailored governance: scope definition, structure design, and control system design.
- Quality Management Framework: The Quality Management Framework in PRINCE2® Foundation is a critical element of the project management methodology. It's essential to understand what this framework entails and how it can improve your projects. The Quality Management Framework offers guidance on planning, managing, delivering, reviewing, and closing quality requirements throughout the project lifecycle.
- Plans Driven By Themes: Themes are a central part of PRINCE2® Foundation, and they are the primary way it differs from Prince. Themes go plans intending to achieve their objectives. They do this by establishing indicators for measuring progress towards the goals, defining outputs related to the plan's objectives, and then detailing how resources should be used and where risks might arise during the execution of activities or tasks that contribute to the delivery of outputs.
Prince2 Foundation: Self-Paced Learning, the latest addition to the popular self-paced learning range. The course is designed for those who are new to project management and want a quick introduction to the basics of Prince2.
The course has been developed with input from experienced practitioners and includes:
- A comprehensive understanding of project management and how it can be applied successfully in every organization.
- An overview of all nine knowledge areas that form the core curriculum of prince2 foundation.
- Examples and exercises demonstrate how these knowledge areas might be applied in practice.
5 Benefits of PRINCE2® Foundation
The PRINCE2® Foundation is a globally recognized project management methodology helping organizations successfully manage projects. To help you decide if the PRINCE2® Foundation is right for your organization, we have provided five benefits of this system below:
- It guides how to handle all types of projects.
- It helps reduce cost and time overruns.
- It can be tailored to suit an organization's needs.
- The training process ensures that employees are qualified before they begin using the framework.
- Organizations get access to resources like templates, tools, and examples to help them get started.