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As a business owner or project manager, you’re sure to agree that every project you embark on should be worth doing. The following Prince2 principles help in many ways such as shortening time to market, reducing rates of failure, high quality, and controlling and managing the projects for meeting the customer expectations. The 7 Principles of PRINCE2® By KnowledgeHut There is a wide range of project management methodologies available in the market, but PRINCE2® is one of the most widely used project management methods that has been used by the enterprises and businesses in more than 150 countries. PRINCE2 uses an integrated framework of elements for successful project management: principles, themes, processes and tailoring the method to the project environment. These could be thought of as seven distinct areas of knowledge. PRINCE2 identifies who should be involved in the project and in what capacity. The seven principles of PRINCE2. This is one of the strengths of PRINCE2. There are seven principles that should be met in a PRINCE2 project: Continued business justification – a project should be justified in its original expenditure commitment and the reasons should remain valid throughout the entire expenditure. Continued Business Justification. These seven principles of the project management approach are the basis of the definition of a PRINCE 2 project. PRINCE2 is a process-based approach for project management. A principle is a core value that must always exist on a PRINCE2 project. The 7 principles are not product or services based but to meet and attain the project success. Here are the details about the 7 PRINCE2 principles: Continued Business Justification: Before starting the actual development of the project, first of all reasons and objectives of the project must be justified. There are seven principles of PRINCE2 methodology that support its value and focus: Every project must have a business justification. Acquiring knowledge on the general principles; Be a team player in the team 7 principles of PRINCE2. The PRINCE2 methodology is based on seven fundamental principles from which its entire organization derives: Permanent justification for the purpose of the project; Capitalization, i.e. These are: Projects must be justified as valuable to the business; Teams and individuals should learn along the project lifecycle; drawing lessons from the experience gained from previous projects; This means that the project has to have some value for customers, which will result in a good return on investment. Important: The new PRINCE2® Foundation and Practitioner exams (PRINCE2® 2017) are available from 10 July 2017 (details of the changes here).Don’t worry, the changes are quite minor indeed as all the 7 principles, themes and processes remain the same. PRINCE2 is based on these seven principles for a quite simple reason. Seven Principles of PRINCE2. Seven Principles. Organization: Define and establish the … The PRINCE2 principles are: Universal - They can be applied to any projectSelf-Validating - They have been proven to … The PRINCE2 certification is offered in various languages. The researchers also found that if a project was missing any one of the seven principles, then failure was more much more likely to occur. The 7 Principles of PRINCE2 Project Management All businesses go through change as they grow and develop and it will become likely that at some stage every business will take on a project of some sort, whether that’s the delivery of a new IT system, reducing wastage in … First, we have seven overarching principles to bear in mind: 1. In this interactive resource, we look at the 7 core principles that must always exist on any PRINCE2 project - why they are needed, and what role they play. 7 Principles, Themes & Benefits of "PRINCE2" for Project Management . The 7 Principles of PRINCE2 Methodology. Being principles-based, it signifies that the framework may be utilized to any form, measurement or sort of undertaking. The 26 Project Documents of PRINCE2 The 7 Themes of PRINCE2 The Quick Guide to PRINCE2 PRINCE2 Certification: What You Need to Know The 7 Principles of PRINCE2 Filed Under: PM Home Page , Project Management Tagged With: prince2 , prince2 foundation , prince2 practitioner , prince2 processes PRINCE2 was developed by the UK to provide a basic standard for information system management. PRojects IN Controlled Environments (PRINCE2) is a process-driven project management method. The PRINCE2 project management methodology is designed to be customizable to the specific needs of the project and its environment. System management stages and each stage is managed separately from previous projects ; projects in Controlled Environments ( )! Confidence, then a successful outcome was more probable using PRINCE2 be customizable to processes. 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