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September 23, 2022

PRINCE2: What You Need to Know

Project management means tangible goals, processes, and best practices, all packed into a crucial timeframe to achieve a particular goal. Efficient project management methodologies help managers and coordinators avoid delays and deliver the results in a stipulated time. PRINCE2 is one of the most popular process-based project management methodologies today.  

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PRINCE2 emphasises organisation and control, beginning every project with a comprehensive plan, using structured phases, and tying up every loose end before the project is complete. Even though it is used in over 150 countries, the UK, Australia, and Europe show more affinity towards this methodology. Allowing the users to manage resources and spilt risks through the breakdown of a larger project into smaller ones, understanding PRINCE2 is essential if project management is your forte. 

PRINCE2 Product Flow Diagram: Know How to Create One

The PRINCE2 project planning technique can be broken down into four major steps:

Write the project product description

Create the product breakdown structure

Write the product descriptions

Create the product flow diagram

 The final step, creating a product flow diagram, helps identify and define the sequence in which the plan's products will be created and any dependencies between them. It also helps determine any dependencies outside the set strategy's scope. The diagram makes assessing the required tasks, estimation, scheduling, and other activities easier to map out. 

Derived from the Product Breakdown Structure, the PRINCE2 product flow diagram describes the sequence in which products are created. Here, each rectangle represents a product, and they are joined by arrows signifying the movement of creation. An ellipse indicates existing products or those not directly under the Project Manager's authority. The PRINCE2 framework diagram begins with any accessible product and concludes with the final product. In case of additional products, they are added to the Product Breakdown Structure, and a description is added. 

At the same time, the flow diagram must be kept simple by starting with 'specialist goods' and then adding the related 'management products'. Creating a flow diagram is also made easy when you begin with the result and map the way back to include items required to achieve that result. An alternate method is to split the goods into 'pieces' that can be installed, implemented, or maintained individually. 

PRINCE2 can assist with dependencies through the part called derivation. Here, questions about where each information is acquired help plan for dependencies in the project. The completion of a stage calls for corresponding Project Board approvals. 

Prerequisites

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Compared to other project management methodologies, PRINCE2 takes a unique approach to planning. The process starts with clarifying the goods needed for the project. The manager then assesses the activities, dependencies, raw materials, and other resources required to produce results. The project techniques and frameworks start with the activities and then break down the structure in a systematic manner.

The prerequisites for a PRINCE2 project life cycle are:

The plan design should be called Plan Style and Format Selection

The products should be defined and assessed through product-based planning 

Determine the activities and dependencies through product development activities 

Time and resources should be estimated

A schedule should be created to put events on a timetable and present them in order 

The documentation should be planned to include a narrative to describe the plan's assumptions, lessons learned, requirements, introduction to the plan, monitoring, control, budgets, and tolerances 

The risks should be analysed so that new and current hazards will be unearthed throughout each preceding process and must be followed up on 

Criteria for PRINCE2 Product Flow Diagram

The following are the criteria for creating the PRINCE2 product flow diagram:

Not only the Project or Team Manager but all those who produce or contribute to the products can also be included in the plan. 

You can either generate the product flow diagram with the product breakdown structure or after the latter has been developed.  

Only a few symbols are required for the flow diagram, and each product has specified symbols that indicate the order in which they should be generated.  

Explicitly mention the existing items or products beyond the plan's scope as products to be acquired outside the project.

Including a beginning point to which all entrance points are connected can benefit the product flow diagram.

A location marker can help the several entries from being forgotten. It can be the predecessor for all entry points and is not carried into the product breakdown structure. 

A product flow diagram can be created from a benefits map that connects outputs, outcomes, and benefits, guaranteeing that the project products lead to achieving benefits. 

Steps to Create a PRINCE2 Product Flow Diagram

Like the Product Breakdown Structure, the final product is at the top of the hierarchy. Working backwards, the immediate products required for building the final product are assessed and included. The goods required to manufacture these products are considered, and any pre-existing products are added to the beginning of the diagram. Following this, products that come after and other planned items without predecessors are added. All the products added so far are examined for any missing predecessor, and if found, it is then added to the flowchart and breakdown structure. 

The unallocated product pairings are compared with the breakdown structure and flow diagram to check for any relationships and what order they should come in. Integration goods are placed after the simple ones in the sequence, and each product is checked for interdependence in the branches. The Project Manager then determines if a Product Description is required and whether naming conventions have been followed throughout. Finally, the dependencies are connected with arrows, and all of them are identified.  

PRINCE2 vs PMP vs Agile

In simple words, PRINCE2 is a methodology that is essentially about listing down the steps to do a project. PMP is a standard or best practice. It is a standard derived from experience to ensure that the most favourable outcome is produced. In some ways, PRINCE2 may have a close resemblance to PMP. Agile is a framework,i.e., a base on which you can build a project. 

In Conclusion

PRINCE2 is a great way to get started with a project. Understanding the basics of PRINCE2 can simplify project management despite how complex it may initially seem.

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