After a long and careful study of the PRINCE2 Methodology, a very important question comes to mind, is it a good option for my organization to adopt? In my opinion, I would say it depends on the size and complexity of your typical project, and your organization’s risk tolerance. While PRINCE2 can be utilized for small projects, with minimal risks, the amount of management products and oversight required would seem to make it cumbersome. Tailoring PRINCE2 to the project environment does reduce this to some degree, but realistically not to the extent to justify usage for organizations which engage primarily in the execution of small projects. The amount of individualized training required would also make it unattractive. However, this methodology would be extremely useful for most medium to large sized projects and organizations, especially those projects which carry a high degree of risk and/or organizations which are risk averse.
The generic nature of PRINCE2 would allow it to cross multiple industries, from Construction and Engineering, Information Technology, to Governmental Agencies. It would enable niche methodologies to create specialized products, such as Agile Software Development, to co-exist with a larger Project Management Method. In essence, it would allow the Project Manager to focus on the day to day management of the project, while enabling the Team Manager (in the case of say Agile, the Scrum Master) to focus on the day to day management of product delivery. Many of the Principles and Themes would benefit many projects and organizations, from the Management by Exception Theme, allowing Management to make important decisions at the right level; to the usage of the Business Case as being the foundation for continued justification of the project. These Principles and Themes appear to be universal, and very appropriate for any organization to adopt.
I do believe one of the drawbacks of this methodology has been the learning curve required with regards to project management terminology, especially in the United States. The PRINCE2 Manual is written in proper English, and can be a bit confusing at the start. This may discourage some readers from fully involving themselves in a study of this methodology. However, once an individual begins serious training in this methodology, it begins to make quite a bit of sense as to how effective it can be if implemented properly. There is a lot of potential for PRINCE2 in the future, especially with the continued rise of specialist’s methodologies. It is very easy for the specialist methods to focus squarely on product delivery, while potentially losing focus on the project as a whole. PRINCE2 overtly encourages the focus on product delivery, while never losing focus on the stated outcomes for the project. The implementation of PRINCE2 would be quite attractive for large organizations, which engage in large complex projects that carry a great amount of risk. At this point, embedding PRINCE2 in an organization becomes a valuable investment long term. The training (or retraining in some cases) of Project Management staff would be desirable, as the benefits would far outweigh the costs.