Prince 2 Foundation - Lesson 2

Front 1

How many Prince 2 Principles?

Back 1

There are 7 in total

Front 2

What are the Prince 2 Principles?

Back 2

Use the acronym: Could Lee Design My Mothers Fat Table

@ Continued Business Justification
@ Learn From Experience
@ Defined Roles and Responsibilities
@ Manage by Stages
@ Manage By Exception
@ Focus on Products
@ Tailored to suit the project Environment

Front 3

What is Continued Business Justification?

Back 3

Concrete reason to start a project
Business case is valid throughout the life cycle of the project
The benefit needs to outweigh the cost
Business justification drives the decision making process to align the business objectives

Front 4

What happens if a project can no longer fulfill Business Justification?

Back 4

It should either:
Be closed to stop wasting resources
Or change it in some way that would prevent the organisation from wasting more resource

Front 5

Within Prince 2 principles, what is Learn from Experience?

Back 5

All projects bring a element of risk. To minimise this, experience sought from other projects should be applied. Review lesson logs of previous projects

Front 6

At what stages of the project are 'Learn from Experience' applied?

Back 6

Across the entire Life Cycle
@ Stage 1 - Starting a project - review previous lesson logs from other projects or seek external experience from others
@ Stage 2 - As the project progresses - Issues and risks should be examined as they occur to see if this gives rise to any useful lessons
@ Stage 3 - At the end of the project - At the end of the project pass on the lessons learned in the lessons report.

Front 7

Within prince 2 principles, what does 'Define roles and responsibilities' mean?

Back 7

Communication needs to be clear as there is a danger of misunderstanding of who is responsible for what, the authority structure and communication of the project

Front 8

Why would you 'define roles and responsibilities'?

Back 8

So each individual is clear on:
@ Who they receive directions from
@ Who they need to report to
@ What they are responsible for

Front 9

What are the 3 types of primary stakeholders?

Back 9

Business Sponsors - These endorse the business objectives and ensure investment value
Users - Use the product and access the benefits
Suppliers - provide the expertise to produce the product

Front 10

What is meant by 'Manage by Stages'?

Back 10

Project Manager is authorised to manage the project one stage at a time. At the end each stage it is assessed and then authorised for the next stage to start. This helps to keep control over budgetary costs and business justification

Front 11

At the end of each stage of the project, what is reviewed?

Back 11

The project status
The Business case
The Project plan

Front 12

What is meant by 'Manage by Exception'?

Back 12

Manage by Exception means to set tolerance thresholds on the decision making process. For example: if a task costs £200 and the tolerance is set to £100, then the threshold kicks in and PM needs to request additional permissions to carry out the task. Likewise if its below the threshold then the task can complete without additional authority request

Front 13

What is meant by 'Focus on Projects?'

Back 13

A successful project is output oriented, not activity oriented

Front 14

What is the purpose of Tailoring?

Back 14

Tailoring means to tailor the project to suit its size, complexity, importance capability and risk. E.G If the project is small you tailor your project to accommodate its size and harmony.