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What are the measurable benefits of PRINCE2®?

When candidates pass a PRINCE2 exam, they often want to apply their new skills to their organization. It is not uncommon for them to be asked to write a proposal to senior management discussing the benefits of utilizing PRINCE2 and we regularly receive requests for advice on how best to do this. For this reason, I have looked into the measurable benefits of using PRINCE2 and how you can prove to your organization that it is a worthwhile investment of time and money.

Company directors will always want to know the cost of implementing PRINCE2, as well as how it will benefit the business in the short and long terms. You will have to analyze your own business to decide upon a timescale and cost, as this varies greatly between organizations. Nevertheless, regardless of how much time and money will be spent at your organization, a good place to start would be to discuss the cost of not using PRINCE2. You may remember a previous post I wrote which included details of why IT projects currently have such a high rate of failure (you will find in the report I discussed some positive statistics about PRINCE2 qualified project managers). Perhaps you will be able to highlight issues that arose in past projects within the company, for example if they didn’t run to budget or timescale, didn’t deliver or additional costs were incurred as a result of poor management. Make sure this is a factual statement (don’t offend your colleagues or managers) and follow it with how PRINCE2 principles could have lessened the costs and delivered more.

The measurable benefits of PRINCE2 will be obvious once it has been applied, but just telling your management team this while using a few past examples and some thoughts from your training is unlikely to get them 100% on board. They want to know what will happen to improve the business.

PRINCE2 encourages successful delivery of projects through a common approach for governance. PRINCE2 trained staff will also benefit from a shared and thoroughly understood language and approach to reporting which will save time and effort; this is a good point if you would like to encourage your company to train more team members in PRINCE2.

“These factors of PRINCE2 should be worth between 5% and 10% of current project time in reduced meetings, start up and reporting effort,”  our CEO Richard Pharro says. “PRINCE2 will also bring clarity of the project portfolio which will allow an improvement in reviewing and culling projects without clear business cases and stopping or re-scoping projects earlier without a methodology, this should deliver 5% to 20% in current project spend.” Richard also suggests asking your management team to compare how current benefits delivered compare with those forecast in the business plan. It may be possible to introduce a methodology for about half the difference (short term saving), which would then result in the savings mentioned above (long term savings).

Please read these case studies to get some more inspiration and guidance from companies who have successfully applied PRINCE2 to their organization(s). Also, this post offers advice on why managers should use PRINCE2, for example a newly trained candidate will have up to date best practice knowledge on project management which is valuable to any business. Finally, here are some thoughts on how you can encourage people to use PRINCE2.

If you have any further advice for our readers, we’d love for you to share via the comment box below. Remember, you can always Tweet us with your questions and interesting links.

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2 Responses

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  1. Waldemar Faliński says

    Dear Madam,

    are there any evaluations of the failed projects where PRINCE2 was used to control. I am interesting in the conclusions and legacy. I mean especially the NHS patients records project.

    Regards

    Waldemar Faliński

    • Jessica Wharton says

      Hi Waldemar,

      Thanks for your question, I’m afraid we don’t have evaluations of failed PRINCE2 projects and are not aware of other organizations publishing anything along these lines either. We do however have information in the case studies section of our website (listed under News & Events) where you can read about how individuals and organizations have successfully implemented PRINCE2. Hopefully you will find something there to help you.

      Kind regards,
      Jessica



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