Introduction to PRINCE2 Project Management

These flashcards cover the key concepts and terminology of PRINCE2 project management, focusing on roles, responsibilities, and the management process.

What are the six tolerances in PRINCE2 project management?

Time, cost, quality, scope, benefits, and risk.

What is the role of the project manager in PRINCE2?

The project manager creates high-level plans and manages the project one stage at a time.

What is a project board responsible for in PRINCE2?

The project board is accountable for the project's overall success and approves plans submitted by the project manager.

How does a project manager ensure they operate within tolerances?

By submitting stage plans that detail how to achieve objectives while managing time, cost, quality, scope, benefits, and risk.

What are work packages in PRINCE2?

Defined portions of work that need to be achieved within a stage, each having limits on time, quality, and spend.

Who is ultimately accountable for a PRINCE2 project?

The account executive, part of the project board.

What is the distinction between accountability and responsibility in project management?

Accountability refers to who is ultimately answerable for the project, while responsibility refers to who is tasked with performing specific roles.

What does 'management stage' refer to in PRINCE2?

A defined period of work in which specific deliverables are produced towards the project's objectives.

What do SMEs stand for in the context of project management?

Subject Matter Experts, who are responsible for delivering solutions.

Why were PRINCE2 projects originally established?

To provide a structured framework for project management, particularly in the public sector, ensuring accountability and an audit trail.