The document outlines 7 principles of PRINCE 2 project management. It discusses that every project needs a business case justifying it that is reviewed periodically. It also emphasizes learning from experience at the start, end of stages, and end of the project. Additionally, it states that PRINCE 2 defines primary stakeholder roles of business, user, and supplier and that projects are managed by stages with decision points between. It focuses on products rather than activities and should be tailored to each individual project to fit its environment and prevent issues.

1. 7 PRINCIPLES
of PRINCE 2
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2. Every project must have a business case that
justifies why the project is needed and what
benefits it will deliver.
There are 3 things to remember about the
business case in Prince 2:
1.The project can not begin without a business
case.
2.The business case should be reviewed
periodically throughout the project. I do this by
evaluating the business case after each
completed project stage.
3. If the business case changes the project
should be stopped and re-evaluated again to
see if should continue.
CONTINUED BUSINESS
JUSTIFICATION
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3. LEARNING FROM EXPERIENCE
Everyone in the project is responsible
for learning from experience.To ensure
success learning from experience
should happen at 3 key points.
1.When the project starts
2.At the end of every delivery stage
3.When the project closes
The purpose is to learn lessons to
improve the chances of the project
being successful.
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4. DEFINED ROLES AND
RESPONSIBILITIES
There are 3 primary stakeholders on a
Prince 2 project:
1. Business
2. User
3. Supplier
Due to projects being temporary and cross-
functional having well defined roles and
responsibilities are critical to the success of
the project.With these roles clearly defined it
can be adapted to different size projects and
environments by combining and sharing roles.
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5. MANAGE BY STAGES
To ensure projects continue to be
worth doing the project board approves
continuation and the commitment of
resources on a stage by stage basis.The
three things to remember are:
1. Planning only what is foreseeable and
sensible (known as the Planning
Horizon)
2. Project is run on a stage by stage
basis
3. Decision points between stages for
the project board to approve
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6. MANAGE BY EXCEPTION
There are 3 levels within a Prince 2 project:
1. Project
2. Stage
3.Work Package
For each level there are different tolerances
set that project team members are allowed
to work within without asking for approval
to continue. For example a work package
may be planned to take 4 days to complete
and have a 25% tolerance level.That means
the work package can take 5 days without
anyone on the project needing to get
permission to work the extra day.
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7. FOCUS ON PRODUCTS
Instead of being focused on the
activities Prince 2 is focused on the
outputs, the products.The three
things to remember about products
are:
1. Product descriptions are used for
each product
2. Each description is agreed and
approved
3.The complete set of products
form the scope of the project
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8. TAILORTO SUITTHE PROJECT
ENVIRONMENT
Prince 2 can be used for any
size or nature of a project,
however in order to be
successful it must be tailored to
each project.This prevents:
1. Disproportionate effort
2. Inappropriate approach
3. Reduced chances of project
success
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9. 7 PRINCIPLES
of PRINCE 2
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