Managing by exception is a principle that helps senior management stay informed without being involved in day-to-day operations. Project managers are given authority to manage the project within predefined tolerances, such as time and budget limits. If the project stays within these limits, it continues without further intervention. However, if issues arise that fall outside of these tolerances, they are escalated to senior management for guidance.
Another core principle is the focus on products. PRINCE2 is product-based, meaning that the desired project outcomes are clearly defined before work begins. By focusing on what needs to be delivered, the project team can ensure that their efforts are directed towards achieving specific, measurable results. This product-focused approach prevents scope creep and ensures that all deliverables meet the agreed-upon quality standards.
PRINCE2's principle of tailoring to the project environment is what makes the methodology adaptable to different projects. It can be adjusted to fit the size, complexity, and context of each project, ensuring that the processes used are appropriate for the situation. This flexibility makes PRINCE2 suitable for a wide range of industries and project types, from small internal initiatives to large, complex programmes.
One of the reasons PRINCE2's principles are so effective is that they encourage consistent review and reflection throughout the project lifecycle. By regularly checking the business case, managing risks, and reviewing progress, project managers can make informed decisions at every stage. This continual oversight ensures that the project remains aligned with its objectives and allows for course corrections when necessary.
The core principles of PRINCE2 provide a comprehensive framework for managing projects successfully. They guide the project from inception through to completion, ensuring that it remains aligned with business goals, follows a structured approach, and delivers high-quality results. By applying these principles, project managers can maintain control over their projects while remaining flexible enough to adapt to changing circumstances.