Can PRINCE2® benefit small businesses? | ALC Training News

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A common misconception among many small business owners is that IT project management training such as PRINCE2 is only beneficial for the projects of large-scale corporations. 

PRINCE2 is the world’s most widely-adopted project management method*, used by people and organisations from wide-ranging industries and sectors.

In actual fact, the exact opposite is true, as the PRINCE2 methodology is extremely scalable and can be adapted to the needs of the company. Smaller businesses rely heavily on cash flow, and PRINCE2 provides a useful way to monitor and control expenditure during the development process. This can help to can give them a competitive edge.

There are ‘themes’ of PRINCE2 that can be tailored for small projects, as these are the areas of project management that need to be constantly addressed throughout the process.

PRINCE2 Themes

PRINCE2 can be easily adapted to benefit smaller companies.

1. The Business Case

The Business Case is the centre of any PRINCE2 project, providing a way to assess how viable it is as an investment. It justifies why the project should be undertaken, how valuable it is, and how it should be approached. This can help to prevent money from being wasted. 

2. Organisation

The organisation of PRINCE2 means that the specific roles for each individual involved in the project have to be clearly established. It allows for everyone to be aware of their responsibilities, and ensures that a structure for accountability is in place, making the team more effective.

3. Quality

The methodology requires that specific standards are laid out to measure the quality of the project in terms of its overall purpose. This can help to promote a good outcome with the right product being created in the end.

4. Plans

The plan is an essential aspect of the PRINCE2 methodology, and outlines the process for developing a product. Planning is useful for setting out requirements for timelines and resource management for the project to adhere to.

It’s important to keep track of the plan for a project.

5. Risk

PRINCE2 helps small businesses to identify the risks they may face when undertaking a project, which makes them more likely to be able to cope with difficulties if they arise. They can then minimise the negative impact of difficulties, because they were aware of them beforehand.

6. Change

Although changes can often occur during the development process, PRINCE2 requires that procedures be followed to ensure alterations are appropriately managed and that the project continues to be viable.

7. Progress

Lastly, the PRINCE2 framework involves the meticulous monitoring of the project during all stages of its development. This can help it to stay on track and promote the meeting of the overall objectives.

Each of these themes can be very useful for small businesses in terms of promoting the efficiency of a project and managing its economic feasibility. It is thus apparent that PRINCE 2 training can be very valuable for companies of all sizes, not just large ones.

 

Sources:
AXELOS – What is PRINCE2

*Based on annual global PRINCE2 volumes since 1996.

PRINCE2® is a registered trademark of AXELOS Limited, used under permission of AXELOS Limited. All rights reserved.

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