PRINCE2 7 Terminology checklist – part 4
Leadership
Motivating people to achieve a project’s objectives. On projects, this is best done through collaboration across the project ecosystem, persuading, influencing, and co-creating with a focus on managing key relationships and seeking regular feedback to ensure team members remain aligned to the project’s objectives and agree to joint ways of working.
Lesson
A lesson is information to facilitate the future of the project or other projects and actively promote learning from experience. The experience may be positive, as in a successful test or outcome, or negative, as in a mishap or failure.
lessons log
An informal repository for lessons that apply to this project or future projects.
Log
An informal repository managed by the project manager that does not require any agreement by the project board on its format and composition. PRINCE2 has two logs: the daily log and the lessons log.
Management
Instructing the execution of tasks in line with agreed ways of working. Co-creating ways of working with project team members (and stakeholders) significantly improves people’s willingness to be managed in line with them.
management approaches
The procedures, techniques, and standards to be applied and the responsibilities for: benefits management, change management, commercial management, communication management, data management, issue management, quality management, risk management, and sustainability management.
management product
A product that will be required as part of managing the project and establishing and maintaining quality (for example, highlight report and end stage report). The management products are constant, whatever the type of project, and can be used as described, or with any relevant modifications, for all projects. There are three types of management product: baselines, records, and reports.
Milestone
A significant event in a plan’s schedule, such as completion of key work packages, a development step, or a stage.
minimum viable product
Used in agile development methods to describe a product with just enough features to satisfy early customers, who can then provide feedback for future product development.
off-specification
A product that will not meet its quality specifications.
operational and maintenance acceptance
A specific type of acceptance by the person or group that will support the product after it has been delivered to the operational environment.
organizational ecosystem
The internal elements of an organization(including staff, board, owners, and other stakeholders) together with the organization’s external relationships such as customers, partners, suppliers, regulators, and competitors.
Outcome
The result of change, normally affecting real-world behaviour and circumstances. Changes are implemented to achieve outcomes, which are achieved as a result of the activities undertaken to facilitate the change.
outline business case
Reasons why the project is needed, and the business option that is selected.
Output
The tangible or intangible deliverable of an activity.
performance target
The project’s performance target sets the expected success level against which the management of the project will be judged.PRINCE2 includes performance targets for benefits, cost, time, quality, scope, sustainability, and risk.
Plan
A proposal that outlines the what, where, when, how, and who of the project as a whole (or a subset of its activities). In PRINCE2, there are the following types of plan: project plan, stage plan, team plan, and exception plan.
planning horizon
The period of time for which it is possible to plan accurately.
Portfolio
The totality of an organization’s investment (or segment thereof) in the changes required to achieve its strategic objectives.
Practice
An aspect of project management that must be applied consistently and throughout the project lifecycle. The practices require specific treatment of that aspect of project management for the PRINCE2 processes to be effective.
premature closure
The PRINCE2 activity to close a project before its planned closure. The project manager must ensure that work in progress is not simply abandoned but that the project salvages any value created to date. They must check that any gaps left by the cancellation of the project are raised to the business.
prerequisites (plan)
Any fundamental aspects that must be in place, and remain in place, for a plan to succeed.
PRINCE2 principles
The guiding obligations that determine whether the project is genuinely being managed usingPRINCE2 and ensure effective application and tailoring of PRINCE2 to any project.
PRINCE2 project
A project that applies the PRINCE2 principles.
Probability
This is the evaluated likelihood of a particular threat or opportunity actually happening, including a consideration of the frequency with which this may arise.
Problem
An issue with an immediate and negative impact.
Procedure
A series of actions for a particular aspect of project management established specifically for the project (for example, a risk management procedure).
Process
A structured set of activities that define the sequence of actions and their inputs and outputs to achieve a specific objective. There are seven project processes in the PRINCE2 method.
producer (in a quality context)
The person or group responsible for developing a product.
Product
An input or output, whether tangible or intangible, that can be described in advance, created, and tested. PRINCE2 includes four types of products: management products, specialist products, the project product, and external products.
product backlog
Used in agile development methods to provide a list of new features for a product. The list may be made up of user stories that are structured in a way that describes who wants the feature and why.
product breakdown structure
A hierarchy of all the products to be produced during a plan.
product description
A description of a product’s purpose, format, composition, derivation, quality specifications, and development responsibilities.
PRINCE2® 7 Foundation and Practitioner
Learn PRINCE2® 7 Foundation and Practitioner Online
** Enhance your PRINCE2 career now **
PRINCE2® Masterclass gives you the skills necessary to manage projects effectively and achieve your objectives.
Get 7 days a week 12 months one to one coaching with ex PRINCE2 examiner Dave Litten.
PRINCE2® is a globally recognized project management framework. By completing both the Foundation and Practitioner courses through our self-paced e-learning, you will develop an understanding of the methodology and learn how to effectively adapt it to any project.
The PRINCE2® 7 Foundation and Practitioner Masterclass is PeopleCert Accredited and guarantees to take you from PRINCE2 Novice to PRINCE2 Practitioner with our famous video learning, study guides and practice exams.
What Does the Masterclass Cover?
The PRINCE2 Foundation examination assesses your knowledge and comprehension of the PRINCE2 project management methodology as detailed in the syllabus. The PRINCE2 Practitioner examination, on the other hand, gauges your ability to apply and tailor the PRINCE2 method. Candidates who pass the Practitioner exam should be able to start implementing the method on an actual project with some guidance. However, their effectiveness may differ based on their experience in project management, the complexity of the project, and the level of support they receive in their work environment.
