Decoding the PRINCE2 Methodology – PRINCE2 Foundation Training Course

PRINCE 2 foundation Training course provided by Multisoft Virtual Academy has been designed keeping all the key aspects of PRINCE 2 Project management methodology in mind, where participants will learn the fundamentals of Prince2.  PRINCE2 process based approach allows users to plan and manage the entire project right from the beginning to the end.  Developed in the late 1980s, the Prince methodology was a way to manage IT projects. Later it was updated and named PRINCE2. It presents a project management framework that organizes projects into logical steps, enabling to control project plan and progress throughout the project life cycle.

How does PRINCE2 work? – PRINCE2 foundation Training course

Wondering how PRINCE2 methodology works? PRINCE2 follows 7 steps in every process, which begins with: 

1. A request for a new project called project mandate gets submitted. A project mandate is a brief that covers only a few details such as why the project is necessary and what it is designed to accomplish. The project mandate gets reviews, then approved if the company is capable of taking on the project. The person who submitted the request then sends a detailed project brief, covering the actions, manpower, resources, etc. required to develop and execute the project.
2. Project brief gets reviewed and evaluated by the project board based on business justification, whether it should go for another round of review. Project board then decides what all is required to organize and execute the approved project and delegate a project manager. 
3. The project Initiation Document is created by the project manager, which includes the overall project plan along with baselines for performance targets, such as time, risk, cost, quality, scope, and benefits. Initiation documents are then sent to the project board for review and approval. After approval, work begins.
4. Now, the project manager divides the project into smaller tasks and sends them to team managers and teams to work on and complete. Here, the project manager is responsible for overseeing the progress of allotted tasks during each stage. He can intervene at any stage and help correct mistakes and overcome roadblocks wherever necessary. Team managers work in coordination with their team members to receive detailed reports of daily work, while making sure that everything is going according to the defined plan. 
5. The project manager oversees progress against the project brief, ensuring that deliverables meet quality expectations of PRINCE2. Then, the project board assesses completed tasks and approves them or suggests revisions or changes.
6. Project board and project manager review every stage to ensure that the project is progressing as per the plan and fulfilling all project assurance requirements. At every review, it is decided whether to take the project to the next stage or to stop the project completely. Here, project managers are also responsible to work with the project team to record all lessons learned, in order to improve the next stage.
7. Once the project gets completed, the project manager reviews the project and completes the last steps, which includes PRINCE2 documentation, outcomes, and reporting.

What are the principles of PRINCE2? – PRINCE2 foundation Training course

Every project in PRINCE2 methodology has to follow these 7 principles. 

• Each project must have a defined customer category, a clear need, detailed cost assessment and realistic benefits. 
• The second principle talks about learning at every project development stage, so that the information can be used to improve future work.
• Everyone in the team should be aware and clear about the roles and responsibilities of their teammates. 
• Projects are divided into individual work phases, wherein periodic reviews are performed to record lessons learned at every phase and to confirm the progress of project as per defined requirements and deadline. 
• Since the involvement of senior executives is typically less in the project, to monitor project’s daily progress or development, they set standard requirements for things like cost, time, risk, and scope. These details are sent on a daily basis by team-members working on the project to senior executives, which are then delegated to the project manager. If the project is going over budget or out of track, the project manager has the authority to intervene and get the project back on track. However, if there is any issue impacting the established requirements, it’s called an “exception,” and the project board is responsible to provide the best solution to address the issue. 
• Quality of deliverables is constantly checked against requirements using a quality register. 
• The PRINCE2 method should be adjusted as per the need of the project, which includes number of people involved, planning to fit the size of the project, changing the amount of oversight, work package delegation, etc.

Now that you have understood what and how the PRINCE2 framework works, let’s understand how it benefits the users. 

Benefits of using PRINCE2 framework – PRINCE2 foundation Training course

The PRINCE2 methodology has six aspects; where in an organization will be able to check or gauge project scope by outlining the goals, deliverables and deadlines of a project; determine project cost and other expenses to prevent going over budget; determine the time required to complete the project; check for risks and establish proactive risk management process; defining standards to maintain quality of the product and justifying business objectives. Here is the list of key benefits offered by PRINCE2 to its users:

• Applies consistent approach
• Focuses on business justification
• Provides greater control through regular reviews of project’s progress
• Implicates detailed competencies as per the role designated for the project
• Gives stakeholder opportunity to intervene and make decisions at very stage 
• Improves communication between external stakeholders and all team members 
• Completely product-based, the framework divides projects into smaller stages making it easy to manage.

Why choose Multisoft Virtual Academy for the PRINCE2 Foundation Training Course?

Multisoft Virtual Academy has been in the training industry for more than 2 decades and backed by a team of global subject matter experts from around the world. When you enroll for PRINCE2 Foundation Training Course from Multisoft, you get the opportunity to learn from experienced industry experts and gain experience and skills in Prince2 with hands-on experience from real-life projects and assignments. All the courses offered by Multisoft come with perks like lifetime access to e-learning material, recorded training session videos and after training support.

The courses are delivered in live instructor-led, one-on-one and corporate training sessions, where after successful completion of the PRINCE2 Foundation Training Course, aspirants receive a globally recognized training certificate to validate and showcase their learning and skills to employers across the world. What’s more? Multisoft after training support assists you to connect with potential employers and lucrative job opportunities in related areas, so that you can step up in the career ladder without delay.

Conclusion: Learning PRINCE2 foundation Training course from Multisoft Virtual Academy will help you attain high-quality project management skills to be able to control risks and resources and become a resourceful team player. It would also allow you to access lucrative job prospects due to the growing demand of PRINCE2 certified professionals.