No one can deny the impact of project management on small businesses. According to a report, small and medium businesses make up between 70% and 90% of all enterprises in Organisation for Economic Co-operation and Development (OECD) countries and are important drivers of innovation and growth, accounting for between 40% and 70% of value added by the business sector, as well as being critical providers of goods and services to larger organizations (source).
Contrary to popular belief, small-scale projects are more difficult to manage. Small projects are mired by a lack of able resources, ineffective external communication, and few status updates. All of these coupled with the lack of processes and best practices make it even more cumbersome to succeed. In this age of economic disruption and global competition, project management skills can not only help small businesses streamline their process, but also keep them one notch up against their competitors.
With exposure to PRINCE2, a small business owner can get the required skill to manage any kind of project or multiple projects at once. It is advantageous for both new business products and for skill learners. The best part of Prince2 is that it is agile in nature, which acts nicely with smaller projects.
Before we get into the benefits of pursuing a PRINCE2® certification, let’s first understand what the certification is and what areas it covers.
What Is a PRINCE2® Certification?
PRINCE2® is a project management system generally adopted throughout the world, used by society and businesses from wide-ranging enterprises and divisions.
It is a secure method that manages you in the essentials for running prosperous projects, regardless of the type or scale. Built upon seven laws, themes and techniques, PRINCE2 can be tailored to meet your particular demands.
Principles of a PRINCE2® Project
These are the guiding conditions and good practices which decide whether the project is genuinely being conducted using PRINCE2. There are seven sources, and unless all of them are used, it is not a PRINCE2 project.
The seven PRINCE2® principles are as follows:
- Advanced business justification: There must be a legitimate reason to be operating and running the project. If not, the project should be terminated.
- Learn from practice: PRINCE2® project units should regularly seek and move on lessons acquired from past work.
- Defined roles and duties: The PRINCE2® project unit should have a definite organizational composition and assign the best people to the right responsibilities.
- Manage by steps: PRINCE2® projects should be prepared, controlled and managed on a stage-by-stage explanation.
- Manage by privilege: People operating within the project should be given the appropriate measure of power to work within the situation ultimately.
- Concentrate on products: PRINCE2® projects concentrate on the product description, performance, and quality specifications.
- Tailor to change the project environment: PRINCE2® must be tailored to accommodate the project’s context, size, complexity, rank, skill and uncertainty.
Processes of a PRINCE2® Project
These represent the levels of the project lifecycle, from the original idea to the project end and measurement of the advantages. Each process presents checklists of suggested activities, related duties, and administration about how to tailor to a particular situation.
The seven PRINCE2® processes are:
- Initiating a project
- Managing a project
- Opening a project
- Maintaining a stage
- Accomplishing product delivery
- Operating stage boundaries
- Finishing a project
Benefits of Getting a PRINCE2® Certification
1. Industry Standard
The PRINCE2® qualification shows no indications of being passed in terms of use on your C.V., being the most internationally-known and sought-after qualification from an employer’s point of view; an industry model. It has matured to be an indispensable benchmark in the project management environment and is deemed to be an essential qualification for anyone interested in this professional way.
2. Better Employability
Being PRINCE2® certified is a necessity for most project management scenarios. The qualification is structured in such a way that it is essential to both entry-level and the more sophisticated project manager as they develop the career steps. Even if you were only to complete the Foundation level of the requirement, you would be pleasantly provided for employment in project administrator jobs. However, were you to get Practitioner rank, the system could be at your fingertips.
3. Ability to Manage Projects Successfully
To be stable as a project manager, you will need to produce a quality product on time and within set funds. PRINCE2® will guide you to structure a frame for each project that guarantees deadlines and quality norms are met. It is intended to be adaptable and can be utilized in any industry, which is why it is such a popular qualification in the project management profession experience.
4. Earning Potential
We have already described the likely pays for project directors, executive, and analyst professions in my assignment on “Gaining Experience for a Project Management Career” just for the PRINCE2® practitioner, and the earning potential has significantly improved. Although again, it mostly depends on the business and place, on average, project managers can anticipate earning quite a large sum during their employment tenure.
5. Global Opportunities
If you are PRINCE2® qualified as a Practitioner, you would not only be considered for your talents and skills that you were able to show in your country, but also you would get to pursue available global possibilities. Global events, unexpectedly, often attract an even higher pay than UK-based roles. Thus, if you need to move or work overseas, there are many chances to do so.
In short, in phases of project management careers, the PRINCE2® qualification is the most worthy extension to any C.V., and it is well worth growing PRINCE2 certified.
