The prince 2 project management methodology applied: a study of two project management implementations

Τζιράκη, Λουκία; Tziraki, Loukia

dc.contributor.author	Τζιράκη, Λουκία	el
dc.contributor.author	Tziraki, Loukia	en
dc.date.accessioned	2016-07-13T08:16:32Z
dc.date.issued	2016-07-13
dc.identifier.uri	https://dspace.lib.ntua.gr/xmlui/handle/123456789/43085
dc.identifier.uri	http://dx.doi.org/10.26240/heal.ntua.5765
dc.description	Εθνικό Μετσόβιο Πολυτεχνείο--Μεταπτυχιακή Εργασία. Διεπιστημονικό-Διατμηματικό Πρόγραμμα Μεταπτυχιακών Σπουδών (Δ.Π.Μ.Σ.) “Διοίκηση Επιχειρήσεων (ΜΒΑ)”	el
dc.rights	Default License
dc.subject	Implementation	en
dc.subject	Methodology	en
dc.subject	Software	en
dc.subject	Prince 2	en
dc.subject	Documentation	en
dc.title	The prince 2 project management methodology applied: a study of two project management implementations	en
heal.type	masterThesis
heal.classification	Project management--Handbooks	en
heal.classification	Methodology	en
heal.classification	Manuals	en
heal.classificationURI	http://id.loc.gov/authorities/subjects/sh2010108619
heal.dateAvailable	2017-07-12T21:00:00Z
heal.language	en
heal.access	embargo
heal.recordProvider	ntua	el
heal.publicationDate	2016-01-11
heal.abstract	The Loukia SA software company has been founded in 1993 and since then it has acquired several companies, rendering Loukia SA today as an important player in the banking software industry. It offers a big range of products that extend to other sectors are well, like the insurance sector or software that can be used by financial institutions. Loukia SA is a multinational organization that provides software implementation services and the project management methodology that Loukia SA applies is the Prince 2 implementation methodology, customized for the Loukia SA products and called “Loukia SA Implementation Methodology”. We will start off with a thorough overview of the company, its products and its areas of operation. Then, we will go through a detailed presentation of the Prince 2 implementation methodology. The Prince 2 implementation methodology initially was a methodology for Information Technology projects but has now been recognized as applicable in other areas of business as well. The Prince 2 implementation methodology is comprised of seven themes; the Business Case theme (“Why are we doing the project? What are the benefits?”), the Organization theme (related to the allocation of work, “Who will be responsible?”), the Quality theme (refers to the quality attributes of the software products that will be delivered), the Plans theme (the plans are used for efficient and effective communication and control within the project), the Risk theme (“What If…” how project management manages the uncertainties that characterize the projects), the Change theme (“What’s the impact?”) and the Progress theme (this theme refers to the ongoing project viability, “Where are we now? Where are we going? Should we carry on?”. The seven themes represent focal parts of project management that a Project Manager must be monitoring continuously. Also, the Prince 2 implementation methodology includes seven principles that facilitate the good use of the Prince 2 project management methodology. The seven principles are the best practices that have been documented by past successful projects and they are the following; continued business justification, learn and from experience, having defined roles and responsibilities, manage by stages, manage by exception, focus on products and tailor Prince 2 to suit the project environment. Consequently, the seven themes and the seven principles are combined to form the seven processes. The seven processes consist of a set of activities which are required to manage, control and deliver a project in a successful way. The projects are “temporary organizations…created for the purpose of delivering one or more business products according to an agreed Business Case” (Crown 2009, 3). The projects are have certain characteristics; they are the “means” by which change is introduced, they are temporary and the project teams may dissolve once the change they were meant to introduce has been completed since they is no longer a need for the project, the need has been fulfilled by the project conclusion having been achieved. Furthermore, projects being temporary, have a defined start and end. Additionally, the projects are cross-functional, the project teams are comprised by people with different skillsets and backgrounds, working together to achieve a common goal, to introduce a change. What’s more, the projects are also characterized by uniqueness, the project team, the customer, the location are distinctive to each project and there cannot be another project that will combine the same project team, customer, location as another one, therefore, no two projects can ever be identical, no two projects will ever have the same combination of project team, location, customer and so on. Last but not least, the projects are characterized by uncertainty because they are the means of introduce change, they are unique and the project teams encompass different people working together for a common goal, therefore the uncertainty is rooted in all of the variables and diverse elements that the projects include (Crown 2009, 3). Therefore, a project management methodology is needed, so that the Project Managers have a framework in order to be able to plan, delegate, monitor and control in an effective and efficient way, all aspects of the project in order to accomplish the project goal within a finite and agreed budget, time and scope, and this is what Prince 2 methodology offers, a “compass” to progress through an unknown territory. Also, as Loukia SA is a company providing a combination of a service and a product, and we are focusing on the implementation activities that are services. As a service, the implementation activities have the following significant characteristics; intangibility – the implementation activities are performances, heterogeneity – because the implementation activities are performances, we cannot have two or more services be precisely alike (Zeithaml 2009, 20). Therefore, the implementation services are described by a uniqueness in the sense that they cannot be replaced if there is an issue, in the way a manufactured product would. What is more, in the case of Loukia SA , we are referring to customer-contact type of services, hence the consultants delivering the service have an increased importance as they become “Loukia SA ” in the eyes of the client. Further on, we will be analyzing thoroughly two case studies, the ABCD Bank implementation project and the EFGH Bank implementation project. Both projects where challenging implementations and shed light to important issues. Both projects had contracts with unfavorable clauses and both implementations turned out to be problematic ones, which means that they couldn’t have been used as reference points, which is key for any organization that is in the services sector. The issues that surfaced from the study of the ABCD and the EFGH case studies are that the people determine the success or the failure of a project. The biggest issues in these two projects had to do with the people; unavailability of consultants with the right skills, Project Managers inexperienced and ineffective in anticipating the impact that project issues would cause and moreover, Project Managers and Project Directors allowing deviations from the processes and the milestone documents that the Prince 2 methodology entails. Consequently, it is clear that the people are the key, and that organizations must invest in training their employees and mentoring them, so that they have the skills needed and can become strong Project Managers that will lead the projects to a successful completion. Also, investment from the organizations is also needed, so that they have centrally managed governance departments that will be ensuring that internal reviews happen and the important project metrics are being reviewed and that deviations are being addressed. In this way, the problems caused by the lack of good business judgment will be eliminated. On the opposite side, the right people can save a project, even if the contract has clauses that are immensely unfavorable. Lastly, we touch upon the topic of whether the good Project Managers are born or made and while the people that have strong personal skills in their personality have an advantage and can become good Project Managers (as the key factor that can make or break a project is its people), technical, functional, business knowledge is needed, so the ideal requires both areas, people management skills, communication skills and profound knowledge of the implementation methodologies and the products. In the first part of the thesis, there is an overview of Loukia SA S.A., the company structure and its activities. In particular, the company vision and mission and the Loukia SA values will be presented. Also, there is a general presentation of the current company management is included as well as a detailed presentation of the company’s products and areas of operation. Further on, on the next part of the thesis, the Prince 2 Project Management Implementation Methodology will be analyzed, and the principles, the themes, the processes and the key project documents will be presented. The Prince 2 Project Management Implementation Methodology is thoroughly analyzed because TIM, Loukia SA Implementation Methodology applied in the cases studies that will be examined, is based on Prince 2 Project Management Implementation Methodology. Moreover, on the next part, the ABCD Bank Implementation Project will be analyzed. Initially, the ABCD Bank Implementation Project, will be presented, the scope of the project and some important contractual clauses will be clarified. Next, the specific issues will be examined, along with the lessons learned from each issue, the practices that weren’t helpful and should be avoided in future projects. Subsequently, the conclusions from the ABCD Bank Implementation Project will be stated. Similarly, the EFGH Bank Implementation Project will be analyzed by again beginning with an overall presentation of the scope and the major contractual terms, then focusing on the project specific issues and the lessons learned, that each issue is offering and closing, the overall conclusions from the EFGH Implementation Projects are analyzed. Lastly, the general and large-scale conclusions from both case studies, on the ACDB and the EFGH Implementation projects will be presented as well as the overall conclusions for the topic of Project Management and some understandings on traits of a successful Project Manager that range not only from inherent to acquired ones, but also to technical, functional and personal skills.	en
heal.advisorName	Λεώπουλος, Βρασίδας-Ιωάννης	el
heal.committeeMemberName	Λεώπουλος, Βρασίδας-Ιωάννης	el
heal.committeeMemberName	Παναγιώτου, Νικόλαος	el
heal.committeeMemberName	Πόνης, Σταύρος	el
heal.academicPublisher	Εθνικό Μετσόβιο Πολυτεχνείο. Σχολή Μηχανολόγων Μηχανικών	el
heal.academicPublisherID	ntua
heal.numberOfPages	105 σ.	el
heal.fullTextAvailability	true