Now considered a staple among industry professionals worldwide, the Prince2 Foundation certification verifies one's skills in effective project management. The credential explores more agile, productive ways of approaching the project lifecycle, implementing greater project control, resource management, risk management, and task delegation.
Projects managed under the Prince2 framework typically follow eight critical processes:
- The startup stage, in which the project manager and key decision-makers are appointed;
- Direction, in which the the Project Board is established and the project manager is tasked with planning out the key details of the project;
- Initiation, in which the project manager prepares a "Project Initiation" document to be reviewed or revised by the Project Board;
- Stage boundary management, in which the Project Board reviews and approves the progress of the current stage and plans for the next one;
- Planning, in which members decide what products are to be produced, the resources necessary, the activities require to produce them, and any risk management and analysis;
- Product delivery management, in which the project manager supervises the project lifecycle, ensuring the right products are produced according to budget, stakeholder requirements, and schedule; and finally
- Closing, in which a "Post Project Review" is conducted to review project outcomes and areas for improvement. Upon approval by the Project Board, the project will then be officially closed down.
This process (along with the principles, tools, and methodologies one learns under the framework) enables teams to complete projects with greater planning, flexibility, quality control, and financial management. It allows businesses to save time and money through minimal risk and better resource management, while producing higher-quality project outcomes.