There are seven principles that shape the framework of PRINCE2 Practitioner, with the aim of providing a strong foundation for project management:
1. Ensure Continued Business Justification: A project needs to present a clear return on investment, with the use of time and resources justified.
2. Learn From Experience: Project teams should take lessons from previous projects into account. You may want to monitor and update a lesson log for this reason.
3. Define Roles, Responsibilities, And Relationships: Everyone involved in the project, both internal team members and external stakeholders, are given defined roles and responsibilities.
4. Manage By Exception: According to PRINCE2, a well-running project shouldn’t need intervention from the project board or other authority figures. They should only be informed should the project reach an agreed-upon tolerance limit.
5. Manage By Stages: Break the project up into manageable stages. Each stage should be effectively planned, monitored, and controlled.
6. Focus On Products: Your project should focus on its product, making sure it meets the expectations and requirements of the user.
7. Tailor To Suit The Project: PRINCE2 can be scaled and tailored to fit projects regardless of their individual characteristics. Projects that have adapted the methodology to suit individual needs are often more successful than those that have not.