These are the guiding obligations and good practices which determine whether the project is genuinely being managed using PRINCE 2. There are seven principles and unless all of them are applied, it is not a PRINCE 2 project.

Continued Business Justification

Each project must have a clear need, a defined customer, realistic benefits, and a detailed cost assessment. Business justification should be evaluated through out the project cycle. No business justification, No project.

Roles and Responsibilities

Every team member need to have clear defined roles and responsibilities. Lack of clear roles and responsibilities impact project timeline and delivery schedule. This is one of the major reason of project failure. PRINCE 2 provides for the explicit recognition of project responsibilities – so that participants understand each other’s roles and needs. There is a defined structure for accountability, delegation, authority and communication.

Learn from Experience

During initial stage of project, a project manager should document lessons learnt from similar projects during team meetings. Learning from experience help to avoid below mistakes and meet deadline with customer satisfaction.

• Team Size not sufficient to meet deadline.
• Lack of Subject Matter Expertise needed to complete the project successfully
• Lack of appropriate team training in either the technology in use, the processes the team will be using or the business domain in which the system will function.

Manage by Stages

Every Project has a road map, as per manage by stages principles. Project should be broke down into stages, with periodic reviews to record lessons learned and confirm the project is still on track to meet business requirements. Every milestone achievement should be celebrated. It motivate team to achieve delivery commitments and help in planning future deliveries.

Manage by Exception

Every project has an established baseline requirements like time, cost, risk, and scope. This is project manager’s responsibility to manage these baseline in day to day activities. The project needs to achieve quality threshold and ensure continuous business justification by managing exceptions in time, cost, risk and scope.

Product Focused

Teams should ensure that the deliverable are measured accurately, precisely and meeting quality threshold.

Tailoring

The Prince 2 project management practices are neutral and can be used in any industry or type of project. Tailoring Principle help project managers to tailor the project as per business requirement, without impacting principles of project management.