Exploring the PRINCE2® management products
Welcome aboard the Knowledge Train where Simon Buehring explores PRINCE2 management products, essential for effective project management. This episode provides insights into how these tools help plan, execute, and control projects, and why they're crucial for PRINCE2 certification. Simon discusses the various forms these products take, their categorisation, and how they contribute to successful project outcomes for professionals at all levels.
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Transcript
Welcome aboard the Knowledge Train. In this podcast, we explore insights and tips to help you manage your way to success in your career and business. I’m Simon Buehring, your conductor on this journey to knowledge, and I’m thrilled to have you with us today.
In this ride, we’ll be exploring the management products within PRINCE2 – the things that steer project managers toward successful project delivery. These products, tailored and fleshed out within PRINCE2 processes, form the backbone of effective project management, ensuring a clear plan of action, thorough management, and streamlined project control. So, sit back, relax, and let’s ease into the essentials of PRINCE2 Management Products.
PRINCE2 management products serve as the project management team’s toolkit for planning, managing, and controlling their projects. Whether taking the form of documents, spreadsheets, or even whiteboard scribbles, these tools are adaptable to any project’s needs. PRINCE2 categorises these products into baselines, reports, and records, and assigns clear responsibilities for their creation, maintenance, and approval. For those aiming for PRINCE2 certification, understanding these products is crucial: at the Foundation level, recognising their purpose, and at the Practitioner level, demonstrating their application. The PRINCE2 manual offers a detailed list of these products, and templates are readily available for download.
Baseline management products set the definitive standards of the project. Once approved, they’re bound by change control, ensuring that any alterations are systematically managed. They typically evolve during the early stages, such as pre-project and initiation, and always feature version numbers to pinpoint the current baseline. The suite of these products, many part of the Project Initiation Documentation (the PID), encompass everything from the Benefits Management Approach to the Work Package Description. Together, they form the bedrock of project planning and execution.
Zeroing in on the Benefits Management Approach, we see a strategic layout for identifying and reaping the project benefits. This approach ensures a clear path to achieving project outcomes and subsequently realising the anticipated benefits. It’s a critical component of the PID.
The Business Case is the project’s heartbeat, justifying its existence on grounds of desirability, viability, and achievability. It’s continuously evaluated throughout the project’s lifecycle, evolving from an executive outline to an in-depth plan fleshed out by the project manager. Think of it as the project’s ongoing rationale.
The Change Management Approach sketches out the roadmap for the organisation’s transformation to accommodate the project’s objectives. It’s a blueprint for transition, demonstrating how to bridge the gap from the current state to the envisioned future.
Meanwhile, the Communication Management Approach focuses on stakeholder engagement, devising a systematic strategy for internal and external project communications. This ensures a structured, two-way information flow throughout the project’s tenure.
The Commercial Management Approach delves into the processes, responsibilities, and techniques for managing the project’s commercial aspects, including procurement and contract management.
With the Digital and Data Management Approach, the focus shifts to the management of data throughout the project’s life and beyond its conclusion, marking the strategic steps for data handling.
Then there’s the Issue Management Approach, outlining the processes for issue resolution and baseline alterations—a vital component for maintaining project fluidity.
Moving on to plans, they’re the guiding star for project objectives, timelines, and resources—crafted at various levels, from project plans to team plans, ensuring clarity and direction at each project stage.
Product Descriptions are integral during planning, tailored to the required detail level, and help define the specifics of each product within the project’s architecture.
The Project Brief acts as a project synopsis, guiding the project initiation and serving as the foundation for the more comprehensive PID—akin to the Project Charter in the PMBOK Guide.
Speaking of the PID, this pivotal document encapsulates the project’s definition, allowing the project board to evaluate performance and direction, essentially serving as a contract with the project manager.
And let’s not forget the singular Project Product Description—a comprehensive outline of the project’s main deliverable, crafted with user collaboration to secure acceptance.
The Quality Management Approach lays the groundwork for quality assurance strategies, processes, and responsibilities, set early in the project initiation phase.
Risk management is covered by the Risk Management Approach, dictating the procedures for risk identification, assessment, control, and communication, complete with designated responsibilities.
The Sustainability Management Approach ensures the project’s sustainability targets are within reach, complete with specified actions, reviews, and controls.
The Work Package Description provides an agreement on work to be done by teams, specifying products, methods, tolerances, and reporting requirements, bridging the gap between the project manager and the team manager.
Reports offer snapshots of progress, capturing the project status at specific moments. PRINCE2 recommends seven types, from Checkpoint Reports to Lessons Reports, each serving to inform the project manager and project board.
Checkpoint Reports allow team managers to update the project manager on work package progress, with agreed formats and frequencies to maintain stage plan accuracy.
At a project’s close, the End Project Report is vital to evaluate performance, confirm product delivery, and summarise learned lessons.
Similarly, each stage concludes with an End Stage Report, comparing current stage performance to targets, projecting future stages, and deciding on the project’s continuance or closure.
The Exception Report comes into play when tolerances are forecasted to be exceeded, offering resolution options and guiding the project board on the next steps.
With Highlight Reports, regular stage summaries provide early warnings and progress insights, enabling ‘management by exception.’
Issue Reports detail each registered issue, clarifying impact and resolution actions, serving as a comprehensive issue tracker.
Lessons Reports capture valuable insights for future avoidance or repetition, fostering organisational learning and improvement.
Finally, records like Project Logs and Risk Registers capture dynamic project data, updating in real-time to mirror project progression.
The Project Log encapsulates all dynamic project information, with both current and historical data central to project tracking.
Then there’s the Daily Log, where the project manager records spontaneous notes and informal issues, essential for day-to-day project management.
The Issue Register formalises issue tracking, cataloguing each with unique identifiers, status, and resolutions.
In the Lessons Log, valuable experiences are recorded, generating a knowledge base for the present and future projects.
The Product Register lists required products and their statuses, ensuring deliverable clarity.
Quality activities are logged in the Quality Register, detailing planned and completed quality checks.
Lastly, the Risk Register keeps a meticulous account of all project risks, complete with risk responses and ownership, for comprehensive risk management.
In sum, PRINCE2 Management Products are the gears that keep the project management machine running smoothly. From setting baseline standards to capturing progress through reports and maintaining up-to-date records, these tools equip project managers with everything they need to steer their projects to success.
Thank you for joining us on the Knowledge Train as we explored PRINCE2 Management Products. Don’t forget to subscribe for more insight-packed episodes, and swing by the Knowledge Train website for resources galore. Until the next episode, keep learning, keep managing, and I’ll see you further down the track. Goodbye!