The P3O model is made up of one or multiple Project Management Offices (PMOs) that offer various services, including portfolio offices, program offices, project offices, and centers of excellence.

Due to the multitude of considerations involved in designing a P3O model, no two P3O models will be identical across organizations. For instance, a global company might have a portfolio office and varying numbers of program and project offices in each country, whereas a UK company may have a centralized portfolio office located at its headquarters. Similarly, a company with distinct business units, such as retail and wholesale, will have a unique P3O model.

Many organizations have developed isolated PMOs without a comprehensive design, leading to a chaotic structure with multiple reporting systems throughout the company, resulting in a significant management issue. In such scenarios, people may begin to doubt the necessity and value of having separate offices and question the cost. As a result, PMOs are often questioned about their purpose, role, and stakeholders.

 

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Here at CourseMonster, we know how hard it may be to find the right time and funds for training. We provide effective training programs that enable you to select the training option that best meets the demands of your company.

For more information, please get in touch with one of our course advisers today or contact us at training@coursemonster.com

PRINCE2® Certification has two levels: Foundation and Practitioner. You can earn the Foundation level certification by passing the Foundation exam, which has no required prerequisites.

To earn the Practitioner credential, the second level of PRINCE2 certification, one must have the PRINCE2 Foundation or similar certification.

Axelos is the certifying organization for PRINCE2, with PeopleCert administering PRINCE2 exams on their behalf. Candidates can sign up for the exam through an ATO like KnowledgeHut, which is an Axelos Certified Partner.

To prepare, one can attend a course with an ATO or self-study, then schedule an online exam through either the ATO or PeopleCert.

The PRINCE2 project management framework is composed of four integrated elements namely: 

• Principles form the foundation for the themes and processes.
• Themes are the key areas or elements that must be continuously monitored throughout the project life cycle.
• Processes specify who takes action and when.
• Tailoring refers to customizing the project to fit the unique needs of the project environment.

The weightage given to them in the Foundation Exam is  

• Principles-13% 
• Themes-52% 
• Processes-27%  
• Projects & P2 –8%.

To pass the Foundation exam, one must be proficient in the Managing Successful Projects with PRINCE2 Manual (2017). The Foundation exam is a necessary step to earn the Practitioner credential, and the knowledge gained will also be relevant for the Practitioner exam.

Foundation Exam Pattern 

The Foundation exam has 60 multiple-choice questions and takes 1 hour to complete. The pass rate is 55%. It covers 5 questions on PRINCE2 concepts like project characteristics, performance aspects, integrated elements, benefits, and customer/supplier environment, around 8 questions on Principles, 3-5 questions on each theme, and 2-3 questions on Processes. Each question has four options, so read the question carefully before selecting an answer. There’s no penalty for wrong answers, so attempt all questions.

Eligibility for Foundation Examination 

There are no specific requirements to take the Foundation exam, but it’s recommended to have a basic understanding of project management principles or have completed a general management course, or be working in a support role in an organization.

Passing the Foundation Examination 

• Study the PRINCE2 Manual thoroughly  
• The Purpose of each theme or process should be clear and noted. 
• Memorize key terms for each section. For example, “fit for purpose” refers to the Quality theme, while “Desirable, Viable, Achievable” relates to the Business Case theme.
• Read Appendices A and C as many times as possible. 
• Practice the Sample Papers of the P2 Foundation Exam of PeopleCert available online. 
• Many other Sample papers are also available online.  
• Here is how the Instructions on the Foundation Paper appear Instructions
  • You should attempt all 60 questions. Each question is worth one mark. 
  • There is only one correct answer per question.  
  • You need to answer 33 questions correctly to pass the exam.  
  • Mark your answers on the answer sheet provided. Use a pencil (NOT a pen).  
  • You have 1 hour to complete this exam.  
  • This is a ‘closed book’ exam. No material other than the exam paper is allowed. 

A sample of the questions is as below:

 What is the first step in the recommended risk management procedure? 

A. Assess  

B. Identify  

C. Implement  

D. Plan 

Circle the bubble fully on the answer sheet provided against the question number with a dark pencil.

Suggested Method of Attempting a QP 

1. Start from Q1 and go up to Q 60. Answer as many as you know full well. 
2.  On the second reading, attempt those that required you to think a little. 
3. For questions you’re unsure of, you can make an educated guess. There’s a 25% chance of getting it right since there are only four options and one of them is correct. Remember, there’s no penalty for incorrect answers.

Benefits of Doing PRINCE2 Certification 

The PRINCE2 Foundation certification is globally recognized as the standard project management method for delivering successful projects. PRINCE2 equips you with the skills to plan, initiate, and control projects effectively. The course enhances your ability to communicate with stakeholders and team members. It teaches the application of 7 Principles, 7 Themes, and Processes in executing projects through stages, managing and controlling risks, issues, and resources.

By taking PRINCE2, you also gain the skill of defining the project’s objectives and scope. Clarity of objectives is a key factor in preventing project failure, while an ill-defined scope increases the risk of project failure.

Look at the six main aspects or variables of a project which a Project Manager has to manage.  

They are: 

•  Cost 
• Time 
• Scope 
• Quality 
• Risks and  
• Benefits.

The Business Case and defining the objectives and scope of the project are the top two priorities. The Business Case, created and strengthened in pre-project processes, outlines the cost and timeline, highlights benefits, and risks, and outlines the product’s quality requirements based on the customer’s expectations and acceptance criteria.

The Business Case and Scope are crucial to project success. The Business Case outlines the cost, timeline, benefits, risks, and quality requirements of the project product based on customer expectations and acceptance criteria. The scope defines the products and their requirements in the project. The Business Case answers “Why” the project is being done, while the scope specifies what the project delivers. As a Project Manager, it is essential to clearly define the project scope and avoid exceeding it to avoid project failure from added costs.

Cost of Foundation Examination

In Australia	Aus. Dollar 700/=
India	Rs 18000 to Rs25000/=
Europe	£ 450.

Conclusion

Passing the PRINCE2 Foundation exam certifies you as a PRINCE2 Foundation professional, improving your career prospects and giving you the skills to manage projects in your organization. With this certification, you will be better at defining project objectives and scope, identifying project requirements and stakeholders, and breaking down the project into manageable components using the Product Breakdown Structure. Furthermore, you will be ready to take on the next level of PRINCE2 certification, the Practitioner Credential Exam.

 

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Here at CourseMonster, we know how hard it may be to find the right time and funds for training. We provide effective training programs that enable you to select the training option that best meets the demands of your company.

For more information, please get in touch with one of our course advisers today or contact us at training@coursemonster.com

In 2017, AXELOS released the updated version of PRINCE2 (PRINCE2 2017). They have previously written about this update on this blog. In this post, PRINCE2 will go beyond the theoretical aspects and discuss software options for PRINCE2 2017. If you are looking for tools to support your PRINCE2 training or implementation, this information will be useful for you.

Comprehensive PRINCE2 2017 Software

PIAB has been a pioneer in the field of PRINCE2 software since the beginning and has continuously updated its software to ensure compliance with each PRINCE2 refresh. They are excited to announce the launch of our new PRINCE2 2017 Method Template, which is licensed by AXELOS and incorporates content from the official manual under license.

The new PRINCE2 2017 Method template offers the highest quality authentic materials, presented in a user-friendly package.

• PRINCE2 is pleased to offer you the full set of official PRINCE2 templates that they wrote for AXELOS and licensed back for your use. These 27 Word files come with guidance to assist you in completing them.
• The only place where extended templates are offered is in this product. These key register versions, created by the same author as the official bundle, come in.xlsx and Planner formats. A complete set of Role definition templates, health checks, and a reminder of the principles are also included.
• Records of events. Additionally, they have developed placeholders for all the important information you need to acquire.
• using the process diagrams as a point-and-click interface. The PRINCE2 2017 program displays the products, events, and records required for the process when you click on the process diagram. You can focus on the procedure and save time by not having to search for things in the handbook.
• Context guidance. You receive hover instructions on your duties for the things, activities, and documents relevant to the process you are in.

These sources will be automatically launched into all of your new projects. This quickly sets up your project and helps in keeping you on schedule during delivery.

What are your PIAB product choices?

Users of our Community Edition tool, which is available for free, can add all of this for £25 plus VAT and make as many projects as they like.

The same content and price will be provided to Personal Edition buyers. They will discover that it also establishes the project’s reporting structure.

The cost of the PRINCE2 2017 Method Template, which can be used with the Small Team, Enterprise, or Live editions, is £100 plus VAT. For use by each user in your system, you can build an infinite amount of projects. Additionally, your method template will get you access to additional navigation and analysis features that our personal tools do not support.

Free PRINCE2 2017 software

Of course, we also provide free PRINCE2 2017 software because we are kind people. As a result, you can use a select number of the PRINCE2 2017 Community Edition resources for nothing at all.

 

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Here at CourseMonster, we know how hard it may be to find the right time and funds for training. We provide effective training programs that enable you to select the training option that best meets the demands of your company.

For more information, please get in touch with one of our course advisers today or contact us at training@coursemonster.com

The way in which the themes are implemented can be affected by customization.

The flexibility in the application of the themes may vary, from being strictly defined and specific to allowing the project management team a wide range of discretion in how they implement each theme.

All seven themes must be considered in a project, but their implementation should be adapted to the risk, size, characteristics, complexity, or simplicity of the project in question, always making sure that any required minimum standards specified in a theme are met.

A tailored PRINCE2 Theme should reflect any tailoring of the processes and terminology.

Customizing a theme does not necessarily involve changing the PRINCE2 theme itself. In most cases, the themes are implemented through the project’s risk, quality, change control, and communication management strategies.

These procedures should outline how the themes are implemented in practice for that specific project.

The level of control needed will affect the level of formality and the frequency of monitoring, reviewing, and reporting.

When implementing the themes, consider risk and any relevant external factors, such as corporate, portfolio, program, and customer policies and standards, and incorporate them into the project’s management approach, as illustrated in the following graphic:

Many of the themes suggest that procedures may need to be established: PRINCE2 does not specify how these should be documented or disseminated.

Procedures can vary from a simple set of actions to a detailed process with a flowchart.

PRINCE2 includes a table of responsibilities for each theme; these may be reassigned as long as there is no conflict of interest, particularly between the roles involved in directing a project and those involved in managing a project.

The manual for each theme includes recommendations for various customization options for implementing the theme in practice, along with suggestions on how to handle some common scenarios.

Tailoring PRINCE2 Theme Rules

Customization allows the PRINCE2 themes to be adapted to create appropriate procedures and controls, as long as:

• the PRINCE2 principles are upheld
• the minimum requirements in each theme are satisfied
• the purpose of each theme is not compromised.

The Format of the PRINCE2 Theme chapters

Each themed chapter has the following structure:

• The theme Why the theme is important to the successful delivery of a project and the core concepts necessary to understand PRINCE2’s requirements for the theme
• PRINCE2’s requirements for the theme What is required, as a minimum, to be following PRINCE2
• Guidance for the effective use of the theme How to practically apply the theme to different organizations, environments, and delivery approaches
• Techniques that can be used for the theme

 

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Here at CourseMonster, we know how hard it may be to find the right time and funds for training. We provide effective training programs that enable you to select the training option that best meets the demands of your company.

For more information, please get in touch with one of our course advisers today or contact us at training@coursemonster.com

The cost of living is out of control for your customers and service users in the high-inflation environment of today.

The same price increases that affect your clients will also affect your business, from greater utility costs to higher pricing for raw goods. To maintain profit margins, there is pressure to increase rates, which puts further pressure on your customers.

Is there anything you could do in its place, though? In my experience working with thousands of companies, Usually see investments in initiatives and programs being wasted because the advantages are not completely realized.

To ensure that outcomes are met, benefits are realized, and what has to be monitored, when, and how, both PRINCE2 and Managing Successful Programmes (MSP) recommend creating a benefits management approach that includes actions and evaluations.

From developing skills to introducing new methods of operation

Make sure a project or program produces the correct outputs to get the most out of your investment in change. When these outputs are combined, they produce the capabilities that will be put to use in operations.

However, this is usually where businesses go astray. Benefits, or measurable increases in business performance, won’t be attained unless operational staff uses these capabilities as planned and in an efficient manner. To achieve a smooth transfer of what the business wants, when the business wants it, to operations, the project or program manager must collaborate closely with the business representatives (senior user or business change manager).

The company must have had enough time to get ready in terms of communication, training, handling resistance from affected employees, changing terms and conditions, and winning over customers. The new capabilities will be adopted and become results if the firm is well-prepared. This is the point at which the operational methods of operation have been changed to meet the new standards.

But does it all measure up?

However, the project or program’s work is not yet finished. Before the capabilities go live, an accurate baseline or measure of company performance is required for measuring the benefit and demonstrating the difference you have achieved. To ensure that the baseline is correct and not merely a “blip,” it might be necessary to measure current performance over a long time (either higher or lower than the average).

The improvement must also be measured once the goal has been reached. If the benefit is achieved during a program, when staff from the program is available to carry out this activity, it is quite easy. Benefits, however, usually don’t appear in full until the project or program is over.

A benefit profile that outlines each benefit, what needs to be measured, how, when, and who is in charge of achieving the benefit is required by MSP. Early in the lifecycle of the project or program, these documents should be generated and updated continuously. This ensures that these records can be given to the portfolio office if one exists, or to the finance/performance management departments for follow-up when the project is completed.

It is best practice to form a small team with members from operations, finance, and project/program management to measure the benefits after initiative closure. To choose what to measure, how to measure it, and who to include, this team will use the benefits management approach and benefit profiles.

This effort should be overseen by the senior user/business change manager to ensure that benefits are appropriately recorded to demonstrate whether expenses have decreased or sales have increased. To continue making a profit and learn from their mistakes, your company can do this. This will help them be even more successful at turning change projects into actual business value.

 

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Here at CourseMonster, we know how hard it may be to find the right time and funds for training. We provide effective training programs that enable you to select the training option that best meets the demands of your company.

For more information, please get in touch with one of our course advisers today or contact us at training@coursemonster.com