Creating Value using PRINCE2
New Study confirms PRINCE2 adds value
A major academic study has found that PRINCE2 is “a very robust, comprehensive and pragmatic project management framework which underwrites project success.”
The study, by Australia's Queensland University of Technology identified several areas of strong PRINCE2 value add including:
- PRINCE2’s use of the Business Case to ensure project viability
- Guidance on project governance
- Use of tolerances in key areas such are risk, scope and quality
- Clear definition of roles and responsibilities
- The Focus on Products principle and ‘starting with the end in mind.’
- New chapter in the PRINCE2:2009 manual on tailoring.
PRINCE2 study participants also called for more education and certification in some key areas:
- Project Board members, project sponsors and organization managers, including training on project leadership
- An advanced PRINCE2 Practitioner qualification which recognizes actual experience with PRINCE2
- A PRINCE2 coaching qualification
Download the Queensland study here
Advantage paper shows $900,000 gained by using PRINCE2
Advantage Learning has long recognized the importance of demonstrating the value of PRINCE2 and, 2 years ago, commissioned the “Worth Every Penny” Case study.
Written by an award winning PRINCE2 project manager, “Worth Every Penny” is the only study worldwide which can show the actual ROI achieved by introducing PRINCE2 into the organization. In this case; over $900,000 US Dollars was saved in just 3 projects.
The Queensland study is one of the first empirical studies into the use of PRINCE2 on project performance. Study participants were drawn from a diverse range of industries including IT, Construction and Transport in the UK, Europe, USA and Australia. The study focused on 2 key questions:
- Problems and Issue: What problems or issues adversely affected the utility of the particular project management methodology (PRINCE2 or Other) in successfully delivering project outcomes?
- Existing and Recommended features: What existing or recommended features mitigate or would mitigate (if not resolve) these problems or issues?
Results were compared with data from a group using other project management approaches and PRINCE2 compared very positively, particularly in terms of the actual PRINCE2 method and manual, where PRINCE2 project managers raised almost no significant issues. The study identified several areas for inclusion in future release of the PRINCE2 methodology.
