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Home - Lessons - PRINCE2 Certification Training (Foundation and Practitioner) - M4 — Business Case, Economics and Benefits - Cost management: estimating, budgets, contingency and cost tolerance

PRINCE2 Certification Training (Foundation and Practitioner) Cost management: estimating, budgets, contingency and cost tolerance

PRINCE2 Certification Training (Foundation and Practitioner)

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M1 — PRINCE2 in Context: The Method and Its Seven Principles

The seven PRINCE2 principles and the method logic each one enforces

Where PRINCE2 sits between a full method and a staged framework

Foundation and Practitioner: what each exam actually assesses

Project lifecycle: sequential, iterative and the exception rules

Terminology: product, activity, work package and deliverable

Choosing an approach: predictive, agile or hybrid inside the method

M2 — Roles, Responsibilities and the Project Organisation

Project Board, Project Director and Project Manager decision rights

Business justification, sponsor and the business case owner

Project Manager role, responsibilities and daily working level

Team Leader, the team and the work package breakdown

Business analyst, product owner and change approver duties

Exception management, escalation path and handover to the programme

M3 — Management Products and the Baselines

The management products list and the purpose of each document

Baselines: plan, product, issue, risk, change and organisation

Management by exception: the delegated limits that trigger escalation

Product breakdown structure and the work package hierarchy

Project product description and the acceptance criteria inside it

Plans, logs and reports: which artefact carries which decision

M4 — Business Case, Economics and Benefits

Business case development across the stages and the financial appraisal

Cost management: estimating, budgets, contingency and cost tolerance

Project justification, expected benefits and the benefits plan

Business case review points and the stage boundary discussion

Value case, supporting case and the commercial elements

Forecast outturn and the reports that update the board

M5 — Tolerances, Quality, Risk and Progress

Tolerances: time, cost, scope, quality, risk and benefits

Quality planning, quality review and the quality register

Risk practice: risk theme, risk appetite, risk budget and risk owner

Risk register entries: cause, event, effect, probability and response

Progress monitoring: timeboxing, stages and exception reports

Planned, actual and forecast completion: the three progress measures

M6 — Issues, Changes and Product Delivery

Issue and change control: the four change options

Change authority: project level, business level and organisation level

Change log, impact assessment and the forecast for each request

Managing an issue: diagnosis, decision, action and closure

Direct action and remedial action work: authorisation and record

Product delivery: managing work across the product breakdown

M7 — Knowledge, Communication and Tailoring the Method

Communication: methods, models and the communication plan

Knowledge management: lessons, templates, sizing and cadence

Tailoring: the method judgement panel view and the tailoring log

Tailoring by scale: organisation, project, team and process scope

Tailoring by method: waterfall, agile, hybrid and the governance set

Tailoring by complexity: risk, product and delivery characteristics

M8 — Capstone: Foundation and Practitioner Simulation

Running a full PRINCE2 stage delivery simulation with a live team

Managing a stage boundary: exception, next stage and forecast

Writing the management products for the simulated project

Sitting a Foundation-style objective question paper under time

Practitioner scenario: choosing the process that fits the situation

Defending the tailoring decisions made during the simulation

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