Prince2 is a project management approach which has now become the de facto standard in many countries, including Australia, Great Britain and many European countries. While the intellectual property of Prince2 belongs to the British Crown, the methodology is in the public domain.
The last major refresh of the method took place in 2009. And the last version makes Prince2 more flexible and attractive.
The goal of the current post is not to describe the method.
There are some good resources already available. For example, this site contains a great overview of Prince2 basics with 20 min video-presentation. On this site you will find many details described and explained: PROMISE method described here seems to be derived from PRINCE2 and has much in common. On this site you will be able to take a test exam (8 questions for 2009 version or complete exam for 2005 version).
Instead, the goal here is to give an assessment of advantages, disadvantages and specifics of the method. This post will be updated if I receive any new data or find solutions to the concerns mentioned.
Advantages
Common language. This is a general benefit of using any standard, but it does not diminish its value. Prince2 has a defined set of terms and it is good when everybody understands them in the same way.
Some terms however I find inapropriate. For example, in 2009 they have changed "Plan" to "Strategy" in the names of documents describing the approach to Risk, Quality, Configuration and Communications. Providing how OGC positions Prince2 related to other frameworks, I see using a term "Strategy" for internal project issues inapropriate.
Lessons Learned The explicit attention to the use of previous experience and to the creation of new lessons is one of the main advantages of Prince2. This also goes in line with one of 7 main Prince2 principles - "Learning from experience". However, without proper knowledge management system (both technical part and policies) the real use of this principle is not hardly probable.
Tailoring to suit the project Well, in fact it is a drawback as well, because tailoring arguably remains the most difficult and unclear part of the approach. But at the same time it is one of the most important. And it is nice to see, that in the version 2009 OGC devotes attention to this intricate process.
Clear easily grasped core The triple of 7 principles, 7 processes, and 7 themes is easy to understand and remember. 7 principles provide an important criterea whether a project is a Prince2 one or not. Any project conforming to the 7 principles can be now considered complying with Prince2.
Drawbacks
Finding drawbacks in something is always easier than finding advantages.
Prince2 is bureaucratic and complex. Or put better you should either know how to tailor it (read "know at the practitioner level"), or not use it as an approach.
When I was asked to conduct a project "by Prince2" for the first time, I first tried to follow the book. Then in despare by its 'countless' documents and pressed by time limits I just did everything by "common sense" - how I knew was good from my experience. When reviewing after what was done, I found it perfectly in line with the Prince2 approach. And Prince added a few valuable points I had missed. But I do not recommend to start from using Prince2 if you are not comfortable with the approach understanding yet.
Integration with the approaches for specialist products/processes. It is clear and maybe useful that Prince2 separates management products/processes and specialist ones and explicitly states that it only gives directions for the management. I believe that such an explicit separation requires further integration directions as well. Prince2 addresses the tailoring topic. And it might be good for different sizes of project, but not for different industries or approaches for management in domain-specific areas.
Questions
Should I take the training course?
Well, it really depends on what your goal is. In case you only want to pass the exam, a proper book is enough. For example this book would be enough for passing the Foundation exam.
But in case you really want to understand and use the method, a training might be helpful. A good training will include practical examples and use case exercises. Those will allow to understand the pros and cons of Prince2 and to see what's really hiding behind the countless terms and rules. In addition, what I'd recommend to do is to learn about Prince2 before the training. Than you will be able to use the exercises and the expertise of the trainer in the most efficient manner.
What I, however, do not recommend to do is to take a combined course Foundation+Practitioner. It's not without a reason they have two different levels. An attempt to cram all extensive knowledge underlying the 300-page Prince2 guide into a 5-day course will be just a waste of money.
Prince2 or PMBOK?
There are numerous comparisons and discussions going on this question. Many think that a strong, well-rounded project manager should master both. It is true in terms of knowledge. Despite having sometimes different terminology the two standards compliment each other on many points.
In terms of certification you might consider the region where you are going to apply it. The advantage of Prince2 certification is that it sets no preliminary requirements and one can have incentives to master the necessary skills from the very beginning.
You are welcome to comment this post or suggest corrections, improvements or additions.
