The following assignment aims to define the Project Management methodology PRINCE2TM and its impacts on the entire structured project. PRINCE2TM methodology has been identified as a technological tool to divide projects in controllable & manageable stages for fulfilling the purpose of the project. It had been highlighted that PRINCE2TM comprises of seven principles such as learning from the knowledge, focus on products, defined roles and responsibilities, accomplish by stages, manage by exception, unremitting business rationalisation, and tailor to suit project management. The main disinterested of the study is to evaluate the impacts of the technological improvement on the project management aligned with PRINCE2TM.
The following assignment is based on the project management methodology PRINCE2TM and its impacts on the entire structured project. PRINCE2TM methodology is generally used to divide projects in controllable & manageable stages for fulfilling the purpose of the project. The technological tool is being used in a large portion of Europe and Australia. According to the research (International journal of project management, 2019), PRINCE2TM comprises of seven principles such as learning from the knowledge, focus on products, defined roles and responsibilities, accomplish by stages, manage by exception, unremitting business rationalisation, and tailor to suit project management. However, it can be stated that the approach is highly flexible due to the seven principles of the venture (International journal of project management, 2019).
The project aims to define seven fundamental principles to PRINCE2TM for analyzing the impacts of the tool in project management. Seven themes of the tool along with seven phases would also be highlighted through the study. The main objective of the study is to evaluate the impacts of the technological improvement on the project management aligned with PRINCE2TM.
When talking about project management, one of the most essential and appropriate tools of all is PRINCE2. It can be stated that it is instead a structured project management(PM) method. The leading aim for utilisation of PRINCE2 is to divide the entire project into more manageable smaller parts. Thus, the division of the project into smaller and controllable parts gives rise to an efficient way of controlling the whole project. The tool is being widely used in the European sub-continent and Australia. The method has been used due to its primary benefits, which could be listed as follows:
- The planning approach is instead a project-based or project-oriented
- Expert tailoring is implacable. It can be stated that the inputs and the outputs of the project could be efficiently and implicitly chosen for desirable production (Discover, 2019).
- The flexibility of the method. It could be stated that the approach is highly flexible due to the seven principles of the venture (International journal of project management, 2019).
- They are justified based on the business that has been taken into consideration for the completion of the project.
The seven fundamental principles to PRINCE2 are as follows:
- Continued Business Justification – This ensures that the project that has been undertaken has a clear justification. The justification includes requirements and the scale of probability and the feasibility of the proposed project. The fundamental principle helps the project under-taker to stay focused on the basic needs and the limitation to the project.
- Learn from Experience – It is essential to learn from previous mistakes or experiences. Thus, it is called for to have records to such skills which can be tapped into when required for the implication of facilities. Therefore, it would help the organisation or the team to establish the ground of experience (Association for Project Management, 2012).
- Defined Roles and Responsibilities – The principle states to have a team of employees or project under-takers with well-defined roles and responsibilities. This includes a better performance with a productive outcome for the entire project.
- Manage by Stages – As already stated the use of the method helps in breaking down of the entire project into much more manageable segments. Thus the principle suggests that such sections are termed as the stage. Once a step is over, the reviewing of the entire scene is done and accordingly, the next stages are taken into account. The future stages would reflect on the previously visible steps (Lientz, 2019).
- Manages by Exception – The commencement of the entire project is practically reliant on the exception of the constraints of the venture. The main objective of any project is to be feasible by staying within the limitations (Burke, 2019). Thus, the project manager or the board members to an organisation can quickly intervene in a proposed project if needed — some of the necessary exceptions being, time, money and resources.
- Focus on Products – The principle suggests providing the best of the loftier quality of the product. However, at times the product may not be physical Such as that of a service providing organisation (Great Britain. Office of Government Commerce, 2005). Thus, in such a case, the product is referred to as the service itself.
- Tailor to Suit the Project Environment – Primarily it is essential to understand that altered project would have altered needs and requirements. Thus, the method suggests to have such needs as per the requirements and being flexible on the point.
The seven items to the mentioned method of project management are as follows:
- Business Case – Refers to the main objective of the project that has been considered. The author suggests that for a method like PRINCE2 being considered, there should be validate documents that could be referred to when required (Lientz, 2013).
- Organisation – Is the principal proprietors of the entire project. The main reason or the leading organisation for whom the project has been initiated.
- Quality – Every project has some deliverables to it and accordingly, they are measurable. However, it is essential to understand that the quality of the deliverables or the outcomes of the proposed project has to be that as desired.
- Plans – A plan as referred to a project is the set of necessary steps that have to be completed for the commencement of a project. The program acts as the blueprint to the entire project, thus being able to know what step to implement next in order to achieve the desired goal (Burke, 2010).
- Risk – Are taken into account for the practical completion of the project. The chances that are identified are to be addressed hence and adequately mitigated. Thus calling I for rational risk analysis and mitigation (Meredith and Mantel, 2012).
- Change – Is precisely referred to the implementable changes into the organisation through the project. Thus anchoring the changes are an essential part of adapting to the project (Maylor, 2010).
- Progress – Are the essential elements of the entire project that retaken into consideration for the implementation and the commencement of the proposed project?
The primary steps that constitute the mentioned project management method are as follows:
- Starting Up a Project (SU) – The initial requirements to the project are mentioned and are sent for the approval. It is considered as the initial starting phase for the project.
- Directing a Project (DP) – The phase includes the reviewing and the justification for the project. The visibility is checked and is evaluated as per the brief of the project.
- Initiating a Project (IP) – The main project is commenced as per the project documents. The documents would mainly contain the footholds and the plan for the project completion.
- Controlling a Stage (CS) – The stage features the breaking-down of the entire project into more manageable and controllable pieces and thus allowing gaining control over the whole project (Project Management Institute, 2017). This also helps in setting up measurable milestones for the project.
- Managing Product Delivery (PD) – The central aspect of this phase is to validate if the project deliverables are met and the entire project is on par with the long-term goal.
- Managing a Stage Boundary (SB) – Is the aspect of being able to handle the fundamental limitations of the entire project and the elements related to it.
- Closing a Project (CP) – is the stage that leads to the closure of the project. The phase also leads to the next part of the project, the documentation (Project management journal, 2019).
The documents that are collected or created using PRINCE2 are as follows:
- Project Brief
- Risk Register
- Business Case
- Quality Plan/Strategy
- Project Plan
- End stage Report
- Lessons Learnt
- Project Report
The project background is defined for the identification of the actions of the factors and aligning the closure of the stores of Debenhams. The organisation has decided to implement the effective management of the activities for closing the 22 stores effectively. The company has been facing issues regarding the cohesive management of the actions and defining the completion of the works. The iteration would enable the cohesive forming of the closure accomplishments bring into line with the supervision of the actions. The foundation would ease the complete development of required processes and actions for marking the effective completion of the works. The accompanying task intends to characterize the venture the board technique prince2 methodology and its effects on the whole organized undertaking. prince2 methodology strategy has been distinguished as a mechanical apparatus to separation extends in controllable and sensible stages for satisfying the motivation behind the venture. It had been featured that prince2 methodology involves seven criteria, for example, ensued with occupational support, learn for a circumstance, defined employments and responsibilities, supervised by stages, superintend by indemnity, centre around items and adapt to suit venture the board. The primary target of the examination is to assess the effects of the mechanical enhancement for the venture the executives lined up with prince2 methodology.
The project scope statement allows the identification of the activities aligning the completion of the project of Debenhams Store Closure. The closing of store would require the use of the proper packaging and closure of the projects. It is crucial for identifying the aspects of marking the inclusive activities of the project. The initiation of the whole undertaking depends on the special case of the limitations of the task. The principle goal of any venture is to be possible by remaining inside the confinements (Burke, 2019). In this way, the undertaking chief or the load up individuals to an association can rapidly intercede in a proposed venture if necessary — a portion of the important exemptions being, time, cash and assets. The complete management development would ensure the factors for defining the explicit informing organisation. The scope of the project would embrace the usage of the activities and deploying the management of the successful activity alignment. The enabling of the activities would ensure that the proper and operational improvement of the informing. The scope of the project would include the factors of defining and forming the management of the effective activities for removal of the stores.
|WBS||Task Name||Duration(in days)||Start||Finish|
|0||Debenhams store closure||45||02-09-19||01-11-19|
|2.2||Risk Management Planning||3||24-09-19||26-09-19|
|2.4||Approval of Plan||0||30-09-19||30-09-19|
|3.1||Hiring Movers and packer||0.5||01-10-19||01-10-19|
|3.2||Selecting date for shifting||0.5||01-10-19||01-10-19|
|3.3||Moving the commodities||3||02-10-19||04-10-19|
|3.4||Shifting the location||5||07-10-19||11-10-19|
|3.5||Implying effective development||4||14-10-19||17-10-19|
|3.6||Clearing the stores||5||18-10-19||24-10-19|
|4.1||Final Closure documents||3||25-10-19||29-10-19|
|4.2||Submission of documents||1||30-10-19||30-10-19|
|4.3||Review of Paper||2||31-10-19||01-11-19|
|Name of Resources||Work(in hrs)||Standardized Rate||Cost|
|Documenter||80||$60.00 / hr||$4,800.00|
|Planner||40||$70.00 / hr||$2,800.00|
|Project Manager(PM)||104||$100.00 / hr||$10,400.00|
|Contractor||56||$90.00 / hr||$5,040.00|
|Workers||80||$87.00 / hr||$6,960.00|
|Year 0||Year 1||Year 2||Year 3||Year 4||Year 5|
|Benefit||$ 23,000.00||$ 23,000.00||$ 23,000.00||$ 23,000.00||$ 23,000.00|
|Development cost (one-time cost)|
|= Staff cost||$ 20,000.00|
|= New hardware||$ 4,000.00|
|= User training||$ 6,000.00|
|= Total development||$ 30,000.00|
|Maintenance cost (recurring cost)||–||$ 12,000.00||$ 12,000.00||$ 12,000.00||$ 12,000.00||$ 12,000.00|
|Other recurring cost||–||$ 500.00||$ 500.00||$ 500.00||$ 500.00||$ 500.00|
|Net Benefit||$ -30,000.00||$ 10,500.00||$ 10,500.00||$ 10,500.00||$ 10,500.00||$ 10,500.00|
|Present Value (Discounted)||$ -30,000.00||$ 9,905.66||$ 9,344.96||$ 8,816.00||$ 8,316.98||$ 7,846.21|
|Human Resources||Works Involved in||Work(in hrs)|
|Submission of documents||8|
|Final Closure documents||24|
|Submission of documents||8|
|Hiring Movers and packer||4|
|Selecting date for shifting||4|
|Review of Paper||16|
|Risk Management Planning||24|
|Moving the commodities||24|
|Implying effective development||32|
|Shifting the location||40|
|Clearing the stores||40|
|WBS||Task Name||Resource Names||Cost|
|0||Debenhams store closure||$30,000.00|
|1.3||Informing Collection||Project Manager||$4,000.00|
|2.2||Risk Management Planning||Project Manager||$2,400.00|
|2.3||Contingency Planning||Project Manager||$1,600.00|
|2.4||Approval of Plan||$0.00|
|3.1||Hiring Movers and packer||Project Manager(PM)||$400.00|
|3.2||Selecting date for shifting||Project Manager(PM)||$400.00|
|3.3||Moving the commodities||Contractor||$2,160.00|
|3.4||Shifting the location||Workers||$3,480.00|
|3.5||Implying effective development||Contractor||$2,880.00|
|3.6||Clearing the stores||Workers||$3,480.00|
|4.1||Final Closure documents||Documenter||$1,440.00|
|4.2||Submission of documents||Documenter||$480.00|
|4.3||Review of Paper||Project Manager||$1,600.00|
Resource Cost Graph
It can be concluded that the main aim of using PRINCE2 was to divide the entire project into more manageable smaller parts. Thus, the division of the project into smaller and controllable parts gave a raise to an efficient way of controlling the whole project. It had been evaluated that the planning approach was instead a project-based or project-oriented. The technological tool was being used in a large portion of Europe and Australia. It could be stated that the approach is highly flexible due to the seven principles of the project. However, the method suggested to have such needs as per the requirements and being flexible on the point. It had been addressed that the inputs and the outputs of the project were efficiently and implicitly chosen for desirable production. Besides that, seven themes of the tool along with seven phases had also been highlighted through the study. The finishing point of the plan was done aligning the development of the undertakings for developing the project. The store removal of Debenhams would be required for the surety which would constitute the undertakings would be marked for making sure that the information management and implication of the facilities.