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Many projects find their source within the following business areas:
- Strategic direction changes
- Operational requirements
- Efficiency improvements
Projects are placed into a portfolio and ranked according to priority criteria e.g. ROI, risk, strategic alignment, investment requirement, etc.
Projects often form part of programmes because they are related to each other.
Projects deliver products – a principle of PRINCE2® projects – and are primarily placed in a Specialist Product group or in the Management Product group.
The management products are created, updated and maintained during the course of the project so that the six variables of the project can be controlled.
Product Status Account: The Product Status Account provides information about the state of products within defined limits. The limits can vary. For example, the report could cover the entire project, a particular stage, a particular area of the project, or the history of a specific product.
It is particularly useful if the Project Manager wishes to confirm the version number of products. It can also be used to confirm that all products in a stage or project have an “Approved” status e.g. confirmation for the project board during the DP process. The account is produced by project support.