PRINCE2 stands well above any other competing project management frameworks in the market. The system has been developed to provide individuals and organisations with the highest possibility of success in any given project. Owing to its demonstrable success over the years, PRINCE2 has attained a large and loyal following among governments of the world, non-governmental organisations, and private companies, as evidenced by the continued growth of exam takers annually. However, if you are new to the world of project management, and require a primer on the advantages of PRINCE2 compared to its competition, then please read on.
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The PRINCE2 framework effectively divides projects, regardless of its scale, into individual stages. This allows project managers and participants to closely monitor projects from inception to conclusion. The stage by stage review also prevents any surprises such as cost explosion, hiring failure, and SOP deviation.
The measure of a successful project is frequently determined by meeting industry-wide best practice standards. Since PRINCE2 is the creator of many of the existing best practices, meeting its target usually means the project will also meet industry standards.
PRINCE2 framework standardises and set targets for each and every aspect of a project to eliminate all risk of miscommunication. Since project managers and participants will work at achieving the same sets of target, everyone is fully aware of their roles and responsibilities for a project, as well as its timeline.
With all the markers in place, organisations save time, money and internal resources when training existing and new employees for a project. Moreover, new hires who are already familiar with PRINCE2 can jump straight into projects with minimal adaptation and training. Furthermore, familiarity with the framework, as well as its parameters and targets, ensures that employees will be able to quickly alert management on any deviation or new arising issues. This safeguards the project from unexpected complications. It goes without saying, with a monitoring system in place, supervisors will no longer need to conduct daily meetings and reviews to keep track the progress of a project.
PRINCE2 is an ‘open source’ framework that has been in existence for three decades. During its lifetime, the framework has been revised and updated according to the latest changes in the government and private sectors. As such, the system is current and is ready to meet all the latest challenges and complexities. Its presence in the industry also means that it serves as the benchmark for just about everything, ranging from standards to competitors.
PRINCE2 was created by the government, and thus, the framework is under public domain. As such, using PRINCE2 will not necessitate any royalty or licensing fees. That could translate to huge savings for large organisations.
Obviously, PRINCE2 offers numerous other advantages compared to its competitor in the market, as you will eventually discover, to your great delight.
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