PRINCE2® uses the “PROGRESS” theme to track project progress. This involves monitoring actual results and comparing them to planned objectives. It also includes forecasting the project goals and assessing the project’s continued viability, while taking corrective action for any unacceptable deviations.
Tolerances are used by PRINCE2® to monitor deviations. Tolerances are the acceptable variation from the goal of a plan for time, cost, and maybe quality, scope, benefits, and risk before senior management needs to be informed.
Progress control involves comparing actual progress to performance targets for time, cost, quality, scope, benefits, and risk. This information is used to make decisions such as approval of a stage or work package, escalation of deviations, and early closure of the project. The steps for tracking progress are:
- Setup Project Controls for Delegations and Tolerance
The project manager utilizes the following management products to establish progress control baselines.
Project Plan – includes the project-level performance targets and tolerances.
Stage Plan – Includes the basis of the day-to-day control of the stage.
Exception Plan – The Project Board may request an Exception Plan in response to reviewing an Exception Report during the exception handling process. It outlines steps for addressing exceptional situations.
Work Packages – The Project Manager approves a Work Package, which outlines the details of the work to be completed by a team member or Team Manager during a stage.
Tolerances are set as below for each of the aspects of the project:
|Tolerance area||Project Level||Stage Level||Work package level||Product Level|
|Scope||Project Plan||Stage Plan||Work Package||N/A|
|Time||Project Plan||Stage Plan||Work Package||N/A|
|Cost||Project Plan||Stage Plan||Work Package||N/A|
|Quality||Project Product Description||N/A||N/A||Product Description|
|Risk||Risk Management Approach||Stage Plan||Work Package||N/A|
- Dividing the project into management stages and approving each stage separately: PRINCE2® divides a project into multiple management stages, which are sections of the project with decision points. The Project Board approves each stage individually. A minimum of 2 management stages are required in a PRINCE2® project, determined by the Project Manager in consultation with the Project Board.
- Report and review progress through Time-driven reports: There may be instances when the agreed limits for tolerances are exceeded in one or more areas.
An exception is a forecasted deviation beyond the agreed tolerance levels.
Exceptions can happen at three levels:
- Work-Package-level exceptions
- Stage-level exceptions
- Project-level exceptions
Depending on the severity of the exception, decisions are made by the appropriate authority. If the exception occurs at the work package level, the Project Manager will provide recommendations for corrective actions.
If the exception is at the stage level, the Project Manager will escalate the issue to the Project Board for decision-making.
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 email@example.com