PRINCE2 (Project IN Controlled Environment) Essay

PRINCE2 (Project IN Controlled Environment) - Essay Example These themes of the PRINCE2 explain the significant project management aspects which need to be managed and handled during the execution of the project lifecycle (Weese, 2010). One of the other important project management standards is a Project Management Institute (PMI) that offers multiple certifications related to project management include: Project Management Professionals (PMP), Program Management Professional (PgMP) etc. (PMI, 2013). This document presents a comparison of the Plan PRINCE2 theme with other standards of the project management having relevant (particularly Planning) principals and techniques. In the last section of the document provides an analysis of the advantages and disadvantages of using PRINCE2 theme in comparison to the other project management standards. In PRINCE2 a plan is not just about the cost management, schedule management and resources management, however, plans are set of documents explaining what to be achieved, how to be achieved and when to be achieved by whom the goals of a project. The PRINCE2 utilizes product planning technique for creating diverse types of plans. The product-based planning is used by the PRINCE2 which is one of the most powerful techniques for project managers to manage a project. The PRINCE2 recommends and uses different levels of the plan involve diverse human resources for managing the project successfully. These plans include: the project plan, stage plan(s) and team plan(s). As the PRINCE2 utilizes product-based planning having seven steps for creating or developing plans include: the design the plan, define and analyse the products, identify activities and dependencies, prepare estimates, prepare schedules and document the plan. In parallel to these steps the PRINCE2 always recommends reviewing the steps (for developing the plans) in order to identify the risks in the product, activities, estimates and schedule. The following diagram shows the steps involved in developing the plans (Hinde, 2012 ). Figure 1. The PRINCE2 Approach to Plans The Product-Based technique describes the Project Product Description, Product Breakdown Structure, and Product Flow Diagram. The Project Product Description entitles the products to be developed in the project including the customer requirements having quality expectations as well as the project acceptance criteria. The Product Flow Diagram shows the association between the products to be developed in the project. The Product Breakdown Structure categorises the diverse types of the products to be developed in the project. The Product Breakdown Structure (PBS) is specifically used in PRINCE2 project management standard PRINCE2 and it is a graphical representation tool used to define the clear and precise deliverables or outcomes of a project. In PBS, the whole project has to be a breakdown in a tree structure to define the products and the tasks that are required to develop a product. It is pertinent to mention here that the term ‘pro duct’ can be an intermediate document, requirement specification document, user accepting testing documentation and so on. The PBS starts with a representation of the top level products of the project, sub-deliverables along with their components required to achieve the product and sub-divided into smaller project units. The PBS is specifically used for large projects having a huge number of products or project deliverables so that any deliverable of the project could not be ignored along with the activities required to achieve the deliverable (Trainer, 2010). By utilizing the Product-Based technique, the PRINCE2 develops three levels of plans include: th