PRINCE2 (an acronym for PRojects IN Controlled Environments, version 2) is a project management methodology. The methodology encompasses the high level management, control and organisation of a project, but not lower level activities such as scheduling. Project teams using PRINCE2 are expected to continiously learn from (own) experiences. This means for example that at the start of a project a research is performed to find learning points from previous projects. But it also means that during the execution of the project team members need to continuously keep an eye out for things that can be improved. To enable future projects to learn from past projects, lessons learned need to be well documented and made available at the end of a project.
The first phase of a project is called the Initiation Stage. This phase is mandatory for every PRINCE2 project and is aimed to set a solid foundation for the project. In the initiation phase the project goals, plans, tasks and responsibilities are determined. The most important product of this phase is the Project Initiation Documentation (PID).
An important part of this phase is to setup a Risk Management Strategy:
RISKID supports PRINCE2 with the formulation and implementation of the Risk Management Strategy. With RISKID a Risk Register can be easily created and risks from previous projects can be imported. This way experiences from previous projects can be made beneficial for the management of the current project. Furthermore, stakeholders are involved in the risk management processes through a very easy and user-friendly way. We strongly believe that effective risk management can only be achieved by raising the risk awareness of the whole organization. When people can openly communicate their risks and concerns with others, they will become more alert of each others risks and consequently they will be able to tailor their actions to the actions of others. Their actions will become more effective, which will ultimately contribute to the success of the organization.
Go back to the overview >>