PRINCE2 is a widely used method in which objectives are a fundamental area of the plan for project management. They should be fixed and agreed ahead of time. Project progression is evaluated against the objectives.
The moment these are attained, and objectives have been appropriately reviewed, authorization can be granted for the release of resource for the next phase of the plan. The following step, and any fresh objectives, will demand extra information and agreement.
There are typically 2 elements to this. The first one is ensuring the project management objectives are met and the second one is just how you reached them, i.e., the actual process. Are there any lessons to be learned?
The Progress theme:
The Progress theme, in PRINCE2 checks the processes for keeping track of the actual progression from that intended. Additionally, it provides a projection of the project objectives with control of any alterations from what may be anticipated, that is, the variances that are not within allowed limits.
Authority and tolerance:
We appreciate that the PRINCE2 method uses management by exception. This is only achievable by using objectives with set tolerances. These have a definite impact on the amount of authority of individuals to operate. If a tolerance is established at’ 5 units’ and the outcome is’ 4 units’ the manager knows he may carry on with no recourse to a higher level of authority. Only when an objective boundary is surpassed will he need to consult a higher level. This is the point of tolerances, they enable somebody to decide to continue or not. Not surprisingly, this is the principal element for management by exception. Higher management only have to hear of exceptions that differ from the designated timetable.
The setting of the tolerances may be a complex procedure involving work to determine quality critical limits.
Any generation of project management objectives and their linked tolerances requires a formal systematic method. Otherwise, it is likely that various elements of the objectives will be neglected.
Timing of control methods:
Keep in mind, that any control methods should be put in place in a timely manner so that corrective steps may be taken. Therefore, milestones and objectives ought to be spread fairly uniformly throughout the project. Not too many, however enough, to acquire suitable control. Always review a schedule and test the number and frequency of objectives and milestones.
All projects ought to have a little management of risk put in place. It is pointless possessing milestones and objectives, regardless of how often, if you have a limited idea of the probability of specific events occurring that might upset the project plan.
The Gantt chart:
The workability of each project will only become apparent when the project schedule, with objectives, is established. The activity dates and additional facts will be less exact at the beginning of the project. For PRINCE2 2009 see the section ‘Plans – The PRINCE2 approach – Prepare the schedule’.
In PRINCE2 any project ought to be realistic by virtue of the Business Case and fall in line with corporate strategies. If this is not the situation then a business might be managing different projects with out of step objectives. Indeed, these might be duplicated.
PRINCE2 establishes authority from one level to the next by delegating this downwards. This enables management by exception by specifying tolerances against 6 objectives at each level of the plan. That is, quality, scope, time (task duration), cost (budgets), risk and benefit.
Concluding the project:
This is the option to make sure that every objective referred to in the project plan has been satisfied. As soon as this happens the project has nothing remaining to accomplish.