Benefits of PRINCE2:
PRINCE2 embodies established and proven best practice and governance for project management. It can be applied to any type of project - and can easily be implemented alongside specialist, industry-specific models ('engineering models' or 'development life cycles').
The method is widely recognized and understood, and therefore provides a common vocabulary for all project participants - promoting effective communication. The method also 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.
Some observed benefits are:
- Promotes consistency of project work and the ability to reuse project assets; it also facilitates staff mobility and reduces the impact of personnel changes/handovers.
- Is an invaluable diagnostic tool, facilitating the assurance and assessment of project work, troubleshooting and audits.
- Plans are carefully designed to meet the needs of the different levels in the management team, improving communication and control.
- Ensures that participants focus on the viability of the project in relation to its Business Case objectives - rather than simply seeing the completion of the project as an end in it.
- Defines a thorough but economic structure of reports.
- Ensures that stakeholders (including sponsors and resource providers) are properly represented in planning and decision making.