Principles of Project Management Prince 2 Essay

Principles of Project Management Prince 2 - Essay Example LU Case Study Analysis The method is beneficial in project management for several reasons. For instance, the methodology is product-focused and hence all the activities are organized in a way to increase product quality. Moreover, method requires segmentation of the project in to distinct stages that are easily manageable (Hinde, 2012). The method will help the LU team to maintain focus and deliver an excellent outcome of the project at hand. PRINCE2 methodology also enhances communication among the project team members as well as other stakeholders thereby promoting effective control of the project. This is important in ensuring that all the actions undertaken in project implementation are understood by all project team members to avoid misperception and promote ownership of the project goals, which is necessary to ensure that everyone strives to achieve a common purpose. More stakeholders are allowed to contribute to the project decision making since they are at all times offered a ccess to information consistently through reports (David, 2009). With the application of PRINCE2, it is possible to make improvements in the project implementation process because of the continuous monitoring and control. Weaknesses can be detected once they emerge and solutions identified early enough to deter them from causing failure in the implementation of the project plan. The method is flexible to a great extent such that the necessary changes can be made as the project progresses (Archibald et al. 2013). Where the changes during run-time are likely to affect the project timetable, PRINCE2 ensures that the effect is curtailed. The method allows the project team members to acquire time management skills as well as cost effective ways of utilizing project resources due to the high level of organization and control, thereby ensuring that the overall project cost is lowered (Rothaermel, 2012). However, PRINCE2 methodology is not without limitations. It has a relatively high level of inflexibility due to the adherence to a step by step process. Moreover, it is likely that only the project managers may have the full knowledge of PRINCE2, meaning other project players are likely to find it complicated thereby getting discouraged or they might fail to get the best out of its application. Its application in the project will therefore necessitate training of all staff who will be involved in the project to promote competence (Seegers & Hedeman, 2009). Ten days training will be enough to sensitize the project team members and take them through practical examples of applying PRINCE2, as well to demonstrate that the method is applicable to this particular project. It should be conducted by knowledgeable professionals who have applied PRINCE2 methodology successfully in other projects. This will save time and resources during the project implementation. To support strategic and tactical decision-making on the project, it is necessary to include information that will enable successful directing of the project, which takes in to account the actions that allow the project board to make sure the project implementation plan is followed from beginning to project closure. These actions are in all the stages of project implementation. It is necessary to include in the business case the required resources for the project, the people who will