MK II Method
The MK II Method, also known as the PRINCE2 (PRojects IN Controlled Environments) methodology, is a widely-used project management framework that originated in the United Kingdom. It was initially developed by the Central Computer and Telecommunications Agency (CCTA) in 1989 as a standard for IT project management. In 1996, the method was revised and renamed as PRINCE2 to make it more generic and applicable to projects across different industries and sectors.
Components of MK II Method (PRINCE2)
The PRINCE2 methodology is built around the following components:
- Seven Principles: These are the guiding principles that define the key characteristics of a PRINCE2 project. They are: Continued Business Justification, Learn from Experience, Defined Roles and Responsibilities, Manage by Stages, Manage by Exception, Focus on Products, and Tailor to Suit the Project Environment.
- Seven Themes: These are the aspects of project management that must be addressed continuously throughout the project lifecycle. They are: Business Case, Organization, Quality, Plans, Risk, Change, and Progress.
- Seven Processes: These are the steps to be followed in managing a PRINCE2 project from start to finish. They are: Starting up a Project, Initiating a Project, Directing a Project, Controlling a Stage, Managing Product Delivery, Managing a Stage Boundary, and Closing a Project.
Benefits of MK II Method (PRINCE2)
The PRINCE2 methodology offers several benefits, such as:
- Structured framework: PRINCE2 provides a clear and well-defined structure for managing projects, which can help ensure that all aspects are effectively addressed.
- Focus on business justification: Projects are constantly reviewed to ensure they remain aligned with the business case and deliver the expected benefits.
- Adaptable: The methodology can be tailored to suit the specific needs and requirements of different projects and organizations.
- Clear roles and responsibilities: PRINCE2 defines the roles and responsibilities of all project team members, ensuring that everyone knows what is expected of them.
- Risk management: The method encourages proactive identification, assessment, and mitigation of risks to increase the chances of project success.
Drawbacks of MK II Method (PRINCE2)
Some potential drawbacks of the PRINCE2 methodology include:
- Perceived complexity: Some project managers may find the method too detailed and complex, especially for smaller projects.
- Bureaucracy: The structured nature of PRINCE2 can sometimes result in increased paperwork and bureaucracy, which may slow down project progress.
- Training and certification: To effectively implement PRINCE2, project managers and team members often need to undergo specialized training and certification, which can be time-consuming and expensive.
In summary, the MK II Method (PRINCE2) is a well-established project management framework that offers a structured approach to managing projects across various industries. It emphasizes business justification, clear roles and responsibilities, and risk management, while also being adaptable to different project environments. However, the methodology may be perceived as complex and bureaucratic, and may require specialized training and certification for effective implementation.