A common misunderstanding among small business owners is that project management methods such as PRINCE2 is only useful for large organizations and complex projects.
While PRINCE2 is used in manufacturing, IT and other large industries, the PRINCE2 method can also be scaled and adjusted to suit the requirements of the small business and projects. Small businesses rely heavily on capital, and PRINCE2 can provide an easy and effective method of monitoring expenditures during the development process. This can help ensure you see returns on your investments and prevent projects from failing due to lack of time or resources.
There are many ‘styles’ of PRINCE2, some of which are tailor-made for smaller projects. You get to pick and choose which parts of PRINCE2 you’d like to integrate into your projects. This helps prevent redundancy and process bloat you might incur when adopting other project management strategies.
PRINCE2 is built around 7 themes that you can tailor and adjust to more easily accommodate your business needs and constraints.
The Business Case
A business Case forms the core of any PRINCE2 project. It provides a way for project managers to determine how viable it is to embark on a project. A business case demands project managers justify why a project is to be started, how valuable the product will be to business, and how project goals should be approached.
PRINCE2 helps determine the roles of each individual involved in the development process. It allows for everyone to be aware of their duties and makes sure that there are protocols for quality assurance, project governance, approval and decision-making.
Each quality of each task in PRINCE2 project management is measured in relation to its’ total function. This helps ensure that each task contributes to the overall success of the project, improve development efficiency and ensures that no resources are dedicated to tasks that help ensure project success.
A comprehensive development and management plan is a vital aspect of the PRINCE2 methodology. Preparation involves setting out requirements, timelines and resources each stage needs to be successfully completed. This not only helps keep projects on-track but can help you find where there may be any inefficiencies in development.
PRINCE2 assists small companies to assess the risks they assume when undertaking a project, which makes it easier manage problems if they develop. Creating a solid backup plan helps reduce the stress of management and can help negate the change of a project failing.
Changes can occur at any time during the development process. PRINCE2 requires that procedures be followed to guarantee changes are appropriately handled and that the project does not suffer from scope creep.
Finally, the PRINCE2 method involves the careful monitoring the progress of tasks during all phases of its development. This helps developers meet deadlines and keep the project on-time and within budget.
Regardless of the size of your projects or your business needs, PRINCE2 can be tailored and adapted to suit any purpose. PRINCE2 can greatly help in promoting the project development efficiency while also assisting in balancing time and resources with deadlines and project goals.
PRINCE2 training is readily available through either classroom or online courses. If you really want to take your project management skills to the next level, after completion of a PRINCE2 course, consider investing in an Agile course.
Agile project management helps refine project management strategies to accommodate for rapidly changing project environments and consumer demands.