Blog PRINCE2 Project Management and Budget Management

PRINCE2 Project Management and Budget Management

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The use of project management is a very common activity in most organisations. In project management the project plan is made and decisions are taken as to the type of activities required to complete the plan. By making these decisions it is possible for the project team to focus their efforts on completion of the tasks and change their plans if required. The most popular methodology for implementing practical project management best practice (PMB), PRINCE2 course and MSP scheduling are used by most organisations.

The PRINCE2 methodology was devised by a successful UK White engineer and involves approximately 450 illustrators. The methodology is often used by big corporate players such as IT Managers/Project Managers, engineering firms and production companies in the UK. It is a portable methodology providing a consistent approach to understanding patterns in the way projects are run through a series of structured workshops. This methodology was formulated in the 1980s and has been known to successfully reduce cost, improve turnaround and produce project outcomes as detailed in a number of case studies.

Using this methodology is useful in creating a project plan, managing time and resources and developing a clear agenda for the activities within the project. It provides a common language within the team on the way they should do things and also provides a framework within which the team can ensure their own work lives are not impeded. Traditionally, the methodology has been described as being a discipline, a practice or a way of doing things. PRINCE2 manages time from project meetings whilst the MSP methodology manages resources and this means it opeaks of the PMBOK or Critical Path Methodology (CPM).

The methodology provides a way of organising a project team to produce the end result as it is, by adhering to the various PRINCE2 standards and styles of communication through vouchers, meetings and documentation the team becomes highly motivated and eager to succeed. This leads to a better work life balance, greater customer satisfaction and even profit, any time. Therefore leading to happier colleagues, collaborating efficiently and implementing cohesive planning. Whilst PRINCE2 is used widely by project managers, MSP is highly suitable for certain roles such as scrum managers where a more controlled confronting methodology is required. It is however a flexible method and it is possible to adopt different PRINCE2 methodologies to a project.

For a project to be successful PRINCE2 has beenceptions criteria that are constantly reviewed and restructured to ensure it remains effective as time progresses.

MSP is a routing methodology that was founded by surveys that estimated that companies held $10 to $1 billion in excess inventories of bad projects. This excess inventory was also believed by MSP and many others as true project defects. The concept was based on the principle that by focusing on process improvement and avoidance, all of the issues on the balance sheet can be found. This management philosophy also uses the PRINCE2 methodology but in a more sophisticated fashion and focuses it on the purpose of process, document, and resources all of which are project-determined.

Review of the US Office of Management and Budget (OMB) indicates that in 2002 alone, the total outlays for all non-futured office buildings in the US reached a staggering $1.4 trillion (source – April 2004). The outsized importance of this sums up why MSP builds complex jaw dropping fleet fuel pull systems such as aircraft fuel tanks and military props that are described in such terms as ‘ Rhode refined lever-arch roll over livery’.

Because projects are inevitably subject to delays and commit to extended lead-times, it is a key objective to get a settled outcome, to prevent unproductive members of the project team from becoming uncomfortable with their new found role in the project’s execution.

The solution, MSP, puts responsibilities and roles very succinctly on the hand of the project board members who collectively are the Project Steering Committee. The PSC answers many of the Project Board member questions directly and in the most direct and efficient manner. For example, the PSC answers questions directly about the COisions within the Steering Committee and whether, which and when. There are no Gantt Chart or otherUnfortunately responses to most questions from the PSC. However, there is an understanding that no decision might be both efficient and effective without some more in-depth research. In a similar way, the PSC can make data easier to find and assess in relation to how the improvements will effect increasing accuracy, avoiding waste and increasing efficiency by finding better ways of achieving figures and answering such questions.

Unlike mBank which, has found it necessary to make changes within its methodologies, and change the way information is factored in, many Leaders in Business, First-time Six Sigma Directors, are so intuitive that they often make the mistake of asking specialist questions when they should have asked more direct queries which are provided by the PSC.

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