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The management level responsible must manage within the tolerances provided only as long as they are not forecast to be exceeded. Otherwise they are deemed to be an exception which requires escalating to the management level which delegated them. This way of managing is known as 'management by exception' and is one of the principles of PRINCE2.
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The product flow diagram (PFD) is a representation of the order by which a sequence of products is created according to product-based planning principles. It is related to the product breakdown structure (PBS). The product flow diagram is a prescribed activity of the PRINCE2 project management methodology which mandates the use of product-based ...
Managing Stage Boundaries is one of seven processes that make up PRINCE2, a systematic approach to project management developed by the UK's Office of Government Commerce and used widely in UK government and industry. The fundamental principle of Managing Stage Boundaries (SB) is to ensure that, at the end of each stage, the project stays ...
In project management under the PRINCE2 methodology, a product breakdown structure (PBS) is a tool for analysing, documenting and communicating the outcomes of a project, and forms part of the product based planning technique.
Product-based planning is a fundamental part of the PRINCE2 approach to project management, and is a method of identifying all of the products (project deliverables) that make up or contribute to delivering the objectives of the project, and the associated work required to deliver them. The documents which define the Project itself are also ...
The project initiation documentation is a PRINCE2 [1] term representing the plan of approach in project management. It is assembled from a series of other documents, including the business case, the terms of reference, the communication plan, the risk register, the project tolerances, the project plan, and any specific project controls or inspections as part of a departmental quality plan or ...
PM² (pronounced “P-M squared”) is a project management methodology developed and endorsed by the European Commission (EC). [1] [2] It is the official project management methodology of the EC, incorporating elements from a range of widely accepted best practices in project management and building heavily on PMBOK, PRINCE2, IPMA-ICB, CMMI, TEMPO, and operational experience from EU institutions.