PRINCE2 reduces unknown factors by providing a defined approach in the form of processes, practices, standards, templates and PM tools. This obviously helps in improving performance and delivery since a shared, standardized approach is always easier to adopt rather than a customized or personalized approach. With the help of standardization tools, documents, communication and project procedures become more transparent and easy to apply across the board.
A key aspect of PRINCE2 is “Tailoring”. Since standardization helps in applying this methodology across multiple industries and projects as described above, tailoring helps in making the methodology even more advantageous.( Dow, William 2009, pp. 345-351)
PRINCE 2 defines tailoring as the appropriate use of PRINCE2 on any given project ensuring that there is correct amount of planning, control, governance and use of processes and themes. To put it simply, tailoring is done by the project management team to adapt the method to the context of a specific project.
Tailoring involves adapting the PRINCE 2 method to both external and project factors. External factors to consider could be any corporate standards that need to be applied while project factors would include items such as the scale of the project. For example if there were two projects – one simple and the other to build the worlds’ tallest tower – a PM would still follow corporate standards in each case, but those for the tower could involve more in-depth work. And, in terms of themes, the risk element would still be addressed in the simple project, just not to the same extent or depth as with building the world’s tallest tower.( Kliem, Ludin & Robertson, 2009, pp.