The Projex Academy Podcast

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Project Management

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THE PROJEX ACADEMY PODCAST – Join our virtual roundtable where we discuss Project management. Anything, everything and bits in between.

Join our discussions on the world of Project Management. Here at The Projex Academy we share a wide range of eLearning Video training to subscribers wanting to learn, enhance or grow their knowledge of various project management methodologies covering PRINCE2, PMP, Lean6Sigma, Agile and a host more.

The Projex Academy Podcast

In our first ever live podcast - we say 'Hello' to Dave Litten, the principal instructor at The Projex Academy. Join our informal discussion about the changes coming to PRINCE2 with the advent of 2024 Version7.

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Join Dave Litten, Principal Instructor at The Projex Academy, as he explains just a few of the things that are new in PRINCE2 V7 for 2024. We answer a few questions from viewers and talk about the plans for the new Projex Academy PRINCE2 Masterclass.

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WHAT IS PRINCE2 V7? Welcome to a new podcast episode, slightly different from our usual talking heads. In this episode, we will share Dave's brand new PRINCE2 V7 MASTERCLASS MODULE covering the simple question - "What is PRINCE2?"

Video lesson

Management by Exception is a fundamental principle within PRINCE2, a widely used project management methodology. Let’s delve into what it entails: Delegated Authority and Tolerances: In PRINCE2, a project is divided into three levels of decision-making and management: Directing: The Project Board holds the highest authority and makes strategic decisions. Managing: The Project Manager oversees day-to-day activities and manages the project. Delivering: The Project Team executes tasks and delivers project outputs. Each level has defined tolerances for project objectives (such as time, cost, quality, scope, risk, and benefit). These tolerances establish limits of delegated authority. For instance: Quality Tolerance: Imagine creating a new mobile phone. You want the keyboard to work for an average user for 7 years, with a tolerance of ±5%. Scope Tolerance: The project can decide which “nice-to-have” requirements to include, but must include the mandatory requirements. Benefit Tolerance: Benefits (measurable improvements for stakeholders) must align with expectations. Risk Tolerance: If a risk exceeds the set tolerance level, the Project Board must be notified. Manage by Exception: The principle ensures efficient communication and minimizes unnecessary reporting. Project Managers handle routine matters without involving the Project Board unless there’s an exception (issue outside agreed tolerances). When an exception occurs, the Project Manager sends an Exception Report to the Project Board. If everything is going well, the Project Board hears from the Project Manager only during regular reports or when exceptions arise. Hence the term “Manage by Exception.” Remember, PRINCE2 emphasizes effective management while minimizing unnecessary bureaucracy

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About the teacher

Dave Litten

Dave spent 25+ years as a senior project manager for UK and USA multinationals and has deep experience in project management. He now develops a wide range of Project Management Masterclasses, under the Projex Academy brand name. In addition, David runs project management training seminars across the world, and is a prolific writer on the many topics of project management.

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