A Comprehensive Analysis of PRINCE2 Project Management Methodology

This report provides a comprehensive analysis of the PRINCE2 (PRojects IN Controlled Environments) project management methodology, examining its scope, advantages, and weaknesses. It highlights PRINCE2's wide recognition, flexibility, and ability to determine factors of uncertainty and risk, ...Read More

Running head: PROJECT MANAGEMENT
PROJECT MANAGEMENT
Name of the student
Name of the university
Author note

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1. Introduction to PRINCE 2
The proper management of the projects are based on the efficient functioning of the
planning, delegating, monitoring and controlling activities that are being undertaken by the
people responsible for the management. It also helps in boosting the motivation of the people
who are involved with the proper disposition of the projects.
The management of the projects helps the organization in bringing forth the change in the
structure and the functioning of the organization in the market. The consistency of the project
and the success through the proper implementation of the tools and the planning measures helps
in the proper functioning of the organization. The proper management of the projects also helps
in the reduction of the risks that are associated with the projects through careful planning.
PRINCE 2 is one of the effective methods of project management as it facilitates in the proper
functioning of the organization in the market. It helps in identifying the assorted risks and
thereby strategize ways for avoiding situations of the risks. PRINCE 2 is an acronym of PRojects
IN Controlled Environments, which was updated in the year 2009 originating in UK but is
globally accepted (Rosemann and vom Brocke 2015).
The purpose of this discussion is based on the understanding of the different aspects of
the change that is considered by the organizations on basis of the proper implementation of the
project management through PRINCE 2. The discussion helps in determining the scope,
advantages and the disadvantages of using the PRINCE 2 as a project management and
development tool.

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2. Scope of prince 2
The evolution of the diverse requirements of the organizations has facilitated the proper
utilization of the project management. Project management is an important aspect of the change
that is being undertaken by the organizations. Projects require the intervention of diverse people
and therefore proper management of the project helps in the management of the diverse groups.
It actually acts as a common language for the customers and the suppliers, the major stakeholders
of the organization who contribute to the improvements in the structure and the functioning of
the organization in the market. The major aspects of the management of the projects are based
on the allocation and the identification of the risk factors that might affect the smooth
functioning of the project and the fulfillment of its objectives. Therefore, in order to strategize
with the better identification of the risks, the organizations must take steps to undertake proper
project management through the utilization of the PRINCE 2 device.
3. Advantages of prince 2
The benefits of PRINCE 2 are being discussed in this section of the analysis. It helps in
developing a positive idea of the standard and the procedure that is being used by the
organization for the proper management of the projects.
3.1 Wide recognition
PRINCE 2 has gained wide recognition in the different languages and is adopted by many
companies for managing their projects more effectively. It has affected the expansion of the
business in the markets. The major aspects of the change, which is undertaken by the

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organizations are based on the determination of the strategies that will be helping in bringing
forth the improvements. Different projects that are being undertaken by the organizations have
diverse objectives and diverse groups of people. PRINCE 2 helps through its universality and the
acceptance by becoming the common tongue of management. Therefore, it helps in unifying the
efforts of the diverse groups of people for attaining the common objective of the enterprise.
3.2 Flexibility
The flexibility of PRINCE 2 has made it widely acceptable beyond the borders of UK. It
has helped in undertaking steps for the better understanding of the needs of the enterprise and
thereby modify itself based on the requirements of the change (Grau 2013). The methodology is
not determined by the size of the organization and the project that is undertaken nor does it
require the support of any kind of software. It thereby helps in making the project more
comprehensive and the management of the same simple and brief. The different aspects of the
change that is being planned by the organization determine the flexibility of PRINCE 2. It helps
in undertaking the various changes based on the needs of the organization. The flexibility of the
operations are based on the functioning of the organization and the objectives of the change that
is being planned by the same. The PRINCE 2 methodology helps n determining the various
aspects of the change that is being undertaken by the organizations for the better understanding
of the progress that is required by the organization.
3.3 Determines the factors of uncertainty and risk
The proper understanding of the processes of the PRINCE 2 is facilitating the
determination of the factors of the risk and the uncertainties of the project. It helps in
understanding the various aspects of the change, which is undertaken by the organization for

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maintaining the smooth functioning of the projects (Morris 2013). It helps in enumerating the
risk as well. The usage of the methodology helps in foreseeing the various aspects of he risk that
the project might face in the future. Therefore, strategies are formulated for the identification of
the risks and the understanding of the steps in order to avoid the risks that might be faced by the
project.
3.4 Ideal method of project management
The method helps in the proper understanding of the principles of the project
management and thereby undertakes sound management of the projects that are being undertaken
by the organization. Wells (2012) believed the major aspects of the change that is being
undertaken by the organization is based on the assessment of the risk factors and the
determination of the benefits for the change. Therefore, PRINCE 2 acts as an effective tool for
assisting the purpose of the organization to attain the common objective of the organization. on
the other hand, the various aspects of the change which is considered by the organization is
based on the resourcefulness of the same in the market (SILvIuS et al. 2012). PRINCE 2 helps in
enumerating the resources that will be required by the organization to undertake the smooth
functioning of the projects for bringing in the change in the situation.
4. Weakness of prince 2
The weaknesses of PRINCE 2 are being enumerated in this section of the analysis. It
helps in the proper understanding of the drawbacks of the methodology and thereby understand
the different competencies that are being faced by the methodology for the proper management
of the projects by the organization.

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4.1 Accurate measurements of the success of the project is not possible without tangible
outcomes
The methodology requires the accurate information on the different aspects of the
success. At times, the success cannot be measured as it might not be the monetary success which
is tangible in nature. The intangible assets and the success cannot be determined and measured
and it affects the proper functioning of the methodology to determine the various aspects of the
risks and the change that is being undertaken by the organizations. According to Nicholas and
Steyn (2017), one of the most important considerations that is being undertaken by the
organizations are based on the assessment of the risk that is involved with the change that is
being planned by the organization. However, the aspects of the change are based on the
assessment of the benefits and the success that is being planned by the organization. due to lack
of accurate measurements, the methodology fails to act in the manner in which it is supposed to
be which affects the smooth functioning of the organization (Parker et al. 2013).
4.2 Complexity of the methodology
The methodology that is being adopted by the companies for the proper management of
the projects and the fulfillment of the objectives are complex enough for the entities that are
involved in the analysis. The different aspects of the assessment that is being undertaken by the
organizations are based on the effectiveness of the methodology that is being used by the same.
PRINCE 2 is dependent on the various aspects of the measurement of success which helps in the
determination of the different variables (Lianying, Jing and Xinxing 2012). The proper
determination of the variables helps the organizations in anticipating the change whereas the
wrong inputs might bring forth incorrect results affecting the projects.

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4.3 Specialist aspects
The specialist aspects of the project is based on the requirements of the involvement of
the specialists actions on the projects which is not being determined by the methodology.
Specialist aspects like the technological elements in the project are not being determined by
PRINCE 2 analysis (MARTINHO 2017). The technological aspects of the change that is being
planned by the organization is not supported by the methodology. Therefore, it can be taken as a
major drawback of PRINCE 2. It affects the smooth functioning of the project as per the
objectives of the organization. It also affects the assumptions of the risks that are involved with
the technological activities undertaken by the organization.
4.4 Risk assessment
The assessment of the risk is an intangible aspect which is totally dependent on the
undertakings and the market situation of the enterprise. As an intangible aspect, the assessment
of risk therefore cannot be accurate and is therefore based on assumptions. Wrong assumptions
affect the methodology that is being adopted by the companies and thereby it affects the progress
that is being planned by the organization in the market. the major aspects of the change that is
being undertaken by the organization is based on the objectives of the organization and the aim
of the project (Špundak 2014). The project might be the change that the organization undertakes
in order to enhance the chances of its sustenance in the markets. Therefore, efficient management
of the projects by the organization helps in bringing about success in the organization. however
due to the lack of accuracy in the assumptions, the methodologies fail to deliver the accurate
results that affects the smooth and undisturbed growth of the organization n the market.

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5. Conclusion
Therefore, from the above discussion it can be stated that the proper understanding of the
different aspects of the management of the project is being enhanced through the undertaking of
the methodology. Management helps in determining the change that is planned by the
organization. The major aspects of the change is based on the efficient project management
practices undertaken by the organization. It helps in the identification of the risks and the other
evitable factors that can be avoided for bringing in the improvements. Project management is an
important aspect that is being undertaken by the organizations for avoiding the situations of the
uncertainties and the risk. Therefore proper management of the project helps in the smooth
functioning of the organization through the determination of the variable aspects of the
organization and the uncertainties, which might be faced by the organization while undertaking
the project in the market. On the other hand, the change that is planned by the organizations is
based on the requirements to bring in improvements in the situation of the organization in the
market. The company takes steps to undertake the methodology in order to understand the
requirements of the projects for fulfilling the purpose and the objectives of the organization. The
discussion incorporates the advantages and the disadvantages of the methodology while
determining the scope of its functions in the business enterprise. The discussion also aims at
understanding the importance of the proper management of the projects for understanding the
various aspects of the change that is being undertaken by the organizations in the market.

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References
Grau, N., 2013. Standards and excellence in project management–In who do we trust?. Procedia-
Social and Behavioral Sciences, 74, pp.10-20.
Lianying, Z., Jing, H. and Xinxing, Z., 2012. The project management maturity model and
application based on PRINCE2. Procedia Engineering, 29, pp.3691-3697.
MARTINHO, F., 2017. Project Management: A Study Considering the Success Criteria in a
Contingency Approach. Revista Científica Multidisciplinar Núcleo do Conhecimento.
Morris, P., 2013. Reconstructing project management reprised: A knowledge
perspective. Project Management Journal, 44(5), pp.6-23.
Nicholas, J.M. and Steyn, H., 2017. Project management for engineering, business and
technology. Taylor & Francis.
Parker, D., Charlton, J., Ribeiro, A. and D. Pathak, R., 2013. Integration of project-based
management and change management: Intervention methodology. International Journal of
Productivity and Performance Management, 62(5), pp.534-544.
Rosemann, M. and vom Brocke, J., 2015. The six core elements of business process
management. In Handbook on business process management 1 (pp. 105-122). Springer Berlin
Heidelberg.
SILvIuS, G.I.L.B.E.R.T., Schipper, R., Van Den Brink, J. and Planko, J., 2012. Sustainability in
project management. Gower Publishing, Ltd..

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Špundak, M., 2014. Mixed agile/traditional project management methodology–reality or
illusion?. Procedia-Social and Behavioral Sciences, 119, pp.939-948.
Wells, H., 2012. How effective are project management methodologies? An explorative
evaluation of their benefits in practice. Project Management Journal, 43(6), pp.43-58.

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Appendix
Figure 1: PRINCE 2
(Source: Morris 2013)