PRINCE2 Foundation Projects: Prince2 foundation project management has a process of composition, analysis or preparation, and risking & budgeting of a specific prince2 foundation project budget with a specific time frame.
Here is a very general explanation to prince2 foundation project management.
Before prince2 foundation project management
After prince2 foundation project management
Prince2 foundation projects have management
There are many types of prince2 foundation projects such as; prince2 foundation project for doing a new and different product for the company, the prince2 foundation project for serving the needs of customers, the prince2 foundation project doing new training for employees, etc.
The budgeting process is also part of the prince2 foundation project:
Prince2 foundation project budget is the sum of cost/budget of all the prince2 foundation project stages sincerely allocated to all program stages of the prince2 foundation project. Most of the organizations prepare 5 years, 10 years or 25-year budget for budgets.
Resources dedicated to prince2 foundation project
People dedicated to prince2 foundation project
Involvement of different departments in prince2 foundation project
Prince2 foundation project process is divided in 3 major process groups
 Initiating the prince2 foundation project
 Closing the prince2 foundation project
Initiating a prince2 foundation project:
Prince2 foundation project initiation can take multiple forms such as; issuance of RFP or RFI to select prince2 foundation project, advertisement of prince2 foundation project to various programs, grant, etc., in companies, solicitation of bids, facility purchase or new rental lease of an asset, etc.
It can take many forms depending upon the culture of organizations, type of competitors, resource availability and ability and willingness of management to act.
Controlling the prince2 foundation project
In controlling the prince2 foundation project, management plans the process of control from basic to complex. It is necessary to maintain control over; finance, schedule, quality, people and contracts
Closing the prince2 foundation project:
There are 2 aspects of prince2 foundation projects ends; prince2 foundation project approval and prince2 foundation project closure. The company must have a defined process on how to close a prince2 foundation project. The thing is how can I close a prince2 foundation project if the company does not define their policies?
Prince2 foundation project management for financials
Prince2 foundation project management for expenses
Prince2 foundation project management for schedules
Prince2 foundation project management for human resource management
Prince2 foundation project management for relationships
The value of prince2 foundation project management is on many things, cost minimization (cost reduction), more productivity (time is money after all), a better relationship with customers (greater loyalty), vendor management, decreasing operational cost s, and improvement of business.
What are these 65 Enabling Factors?
- Various prince2 foundation projects are managed
- Costs of prince2 foundation projects are planned
- Works probability and Work Schedules are planned
- Tasks are correctly assumed
- Tasks are grouped into buckets
- Finishing activities are identified
- All prince2 foundation projects are identified price
- All prince2 foundation project resources are allocated
- All prince2 foundation project resources are optimized
- All resources are planned
- All actions are identified
- All resources are logged
- All resources are traced to some communication tool
- Abstract and detailed generating of value from plan
- Log and review all milestones/delivering of resources
- emy time and cost estimate for all prince2 foundation projects
- Resource Allocation policy & Processes
- Resources may be purchased, leased, or bartered
- Procurement policies and practices
- Procurement policies and Practice
- Ordering and purchasing policies
- Workflow and Visual support
- Requirements gathering
- Resources for works switching
- Procedure Making
- Vendor Selection process
- Delivery And Use Policy
- 5 yrs may use special equipment
- Assign the work
- Cost containment
- Productivity and Primary mover
- Labor ( thumb print only)
- Safety and Health issues
- Risk identification and mitigation
- Safe ate the work
- After adding all prince2 foundation projects
- Management approval (just like tasks for those who performed the works)
- Allotment, release, acceptance
- Certification, Purchasing
- reconciliation of all the jobs done
- Sequencing rules and practice
- Management conflict (e.g., personnel activities)
- Once you complete the work and finish the paperwork,
how can you reclose the work?
You should make metrics in order to emulate the production but from the other points of view. Here are some common metrics:
First, an expensive job is reclosed.
Second, you must make a cost estimate for the calculation of costs.
Third, make completion of prince2 foundation project defined as a major
agrees in communications.