PRINCE2 – 6 Performance Targets/Variables
There are 6 variables or aspects of a Project to be managed during the Project Life Cycle.
Cost, Quality, Timelines, Risks, Scope and Benefits. The Project Manager (PM) has to monitor these variables to track the performance of the project and to take necessary steps for any deviations from the actual plan. PM needs to understand the criteria to put these factors under Red, Green and Amber status.
Cost defines the Return on Investment (ROI) for a project. The project has to be within budget and PM needs to apply the cost controlling steps, if required.
Quality covers the end result of the project. The Product or Software created should be useful at the end and necessary checks are being implemented to maintain the quality like reviews, software testing, processes.
Timelines are important as all the stakeholders expect outcomes at the defined time intervals in the project life cycle. The PM has to keep notice of the overall finished date while analysing project deliverables at each stage.
Risks are to be visited regularly, either to eliminate them or reduce their impact (if can’t be eliminated). This involves interacting with project teams and understanding each identified risk in terms of probability and impact.
Scope should be clear across all the teams and stakeholders. The PM should remove any ambiguity and stand strong against scope creep unless absolutely necessary to add further requirements during the project.
Benefits define the need of doing the project and expected benefits. The PM must know the benefits and communicates to the project team to make sure they are delivered at the end.
PRINCE2 – Performance Targets/Variables
There are 6 variables or aspects of a Project to be managed during the Project Life Cycle.
Cost, Quality, Timelines, Risks, Scope and Benefits. The Project Manager (PM) has to monitor these variables to track the performance of the project and to take necessary steps for any deviations from the actual plan. PM needs to understand the criteria to put these factors under Red, Green and Amber status.
Cost defines the Return on Investment (ROI) for a project. The project has to be within budget and PM needs to apply the cost controlling steps, if required.
Quality covers the end result of the project. The Product or Software created should be useful at the end and necessary checks are being implemented to maintain the quality like reviews, software testing, processes.
Timelines are important as all the stakeholders expect outcomes at the defined time intervals in the project life cycle. The PM has to keep notice of the overall finished date while analysing project deliverables at each stage.
Risks are to be visited regularly, either to eliminate them or reduce their impact (if can’t be eliminated). This involves interacting with project teams and understanding each identified risk in terms of probability and impact.
Scope should be clear across all the teams and stakeholders. The PM should remove any ambiguity and stand strong against scope creep unless absolutely necessary to add further requirements during the project.
Benefits define the need of doing the project and expected benefits. The PM must know the benefits and communicates to the project team to make sure they are delivered at the end.
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PRINCE2 – Performance Targets/Variables
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