PRINCE2 is a commonly used method in which objectives are a major part of the plan for project management. They must be determined and agreed early. Project development is evaluated against the objectives.
Milestones:
When these are reached, and objectives have been suitably reviewed, permission can be granted for the release of resource for the next phase of the plan. The following stage, and any fresh objectives, will require extra information and agreement.
Monitoring:
There are normally two elements to this. The first is verifying that the project management objectives are satisfied and the second one is exactly how you reached them, i.e., the actual process. Are there any object lessons to be studied?
The theme - Progress:
The Progress theme, under PRINCE2 examines the methods for keeping track of the actual progress against that intended. Also, it offers a forecast of the project objectives with control of any modifications from what could be expected, i.e.,, the variances that are not inside tolerable limits.
Tolerance of authority:
We appreciate that the PRINCE2 method uses managing by exception. This is only achievable by using objectives with specified tolerances. These have a direct effect on the amount of authority of people to act. If a tolerance is specified at' 5 units' and the result is' 4 units' the manager knows he can continue without recourse to a higher authority level. Only when an objective limitation is surpassed will he need to consult a higher level. This is the reason for tolerances, they allow somebody to make a decision to continue or not. Naturally, this is the basis for management by exception. Higher management merely have to learn about differences that depart from the designated timetable.
The determination of the tolerances can be a complex process involving work to establish critical limits for quality.
Any generation of project management objectives and their associated tolerances needs a formal systematic procedure. Otherwise, it is possible that certain facets of the objectives will be neglected.
Timing of control methods:
Bear in mind, that any control procedures must be put in place in a timely manner so that restorative action can be taken. So, objectives and milestones should be spread relatively uniformly across the project. Not too many, however enough, to acquire appropriate control. Always check a timetable and challenge the number and frequency of milestones and objectives.
Management of risk:
All projects ought to have some management of risk applied. It is meaningless having objectives and milestones, no matter how frequently, if you have a limited idea of the probability of particular events occurring that may upset the project plan.
Gantt chart:
The feasibility of every project will only emerge when the project timetable, with objectives, is produced. The timings and other information will be less accurate at the start of the project. Under PRINCE2 2009 view the section 'Plans - The PRINCE2 approach - Prepare the schedule'.
Bad objectives:
Under PRINCE2 every project must be feasible as shown in the Business Case and meet with corporate strategies. If this is not the situation then a business could be operating different projects with inconsistent objectives. Indeed, these might be duplicated.
Delegation:
PRINCE2 establishes authority from one level to the next by delegating this downwards. This allows management by exception by specifying tolerances versus six objectives at each planning level. That is, quality, risk, scope, time (task duration), cost (budgets) and benefit .
Concluding the project:
This is the opportunity to ensure that each objective referred to in the project plan has been complied with. Once this takes place the project has nothing left to attain.
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