PRINCE2
Structured project management methodology for governance control
ISO 31000
International guidelines for enterprise risk management
Quick Verdict
PRINCE2 provides structured project governance with principles, practices, and processes for controlled delivery, while ISO 31000 offers risk management guidelines emphasizing integration, leadership, and continual improvement. Organizations adopt PRINCE2 for project success, ISO 31000 for enterprise resilience.
PRINCE2
PRINCE2 (Projects IN Controlled Environments) 7th Edition
Key Features
- Manage by exception with tolerance-based escalation
- Staged lifecycle enforcing business justification reviews
- Seven principles as mandatory guiding obligations
- Tailored governance scalable to project complexity
- Product-focused planning with defined acceptance criteria
ISO 31000
ISO 31000:2018 Risk management — Guidelines
Key Features
- Eight core principles for risk management
- Leadership commitment and governance framework
- Iterative six-step risk process
- Customizable to any organization context
- Non-certifiable flexible guidelines
Detailed Analysis
A comprehensive look at the specific requirements, scope, and impact of each standard.
PRINCE2 Details
What It Is
PRINCE2 (Projects IN Controlled Environments) 7th Edition is a process-based project management framework. It provides governance, control, and delivery mechanisms for projects of any scale. The methodology emphasizes principle-driven, tailored application through stages, tolerances, and exception management.
Key Components
- **Three pillars7 Principles, 7 Practices (Business Case, Organizing, Plans, Quality, Risk, Issues, Progress), 7 Processes (Starting Up, Directing, Initiating, Controlling Stage, Managing Delivery, Stage Boundaries, Closing).
- Principles as guiding obligations for compliance.
- Management products like PID, registers, reports.
- Voluntary certification (Foundation, Practitioner).
Why Organizations Use It
- Ensures continued business justification and risk control.
- Enables executive focus via exception reporting.
- Improves auditability, stakeholder alignment, success rates.
- Builds repeatable governance, competitive edge in regulated sectors.
Implementation Overview
- Phased: gap analysis, tailoring blueprint, training, pilots, rollout.
- Scalable across industries, sizes; emphasizes coaching, templates.
- Focus on board roles, tolerances; no mandatory audits.
ISO 31000 Details
What It Is
ISO 31000:2018, Risk management — Guidelines is an international standard providing non-certifiable guidelines for systematic risk management. Its primary purpose is to help organizations of any size or sector manage uncertainty affecting objectives through principles, a framework, and an iterative process.
Key Components
- **Three pillars8 principles (e.g., integrated, customized, dynamic), framework (leadership, integration, design, implementation, evaluation, improvement), and 6-step process (communication, scope/context/criteria, assessment, treatment, monitoring/review, recording/reporting).
- Built on PDCA cycle; no fixed controls, emphasizes flexibility.
- Non-certifiable; focuses on alignment via internal governance.
Why Organizations Use It
- Enhances decision-making, value creation/protection, resilience.
- Meets stakeholder/regulatory expectations for risk practices.
- Reduces losses, captures opportunities, builds trust.
- Competitive edge in governance, M&A, tenders.
Implementation Overview
- Phased: leadership alignment, gap analysis, pilot, rollout, monitoring.
- Involves policy, training, tools (e.g., GRC platforms), cultural change.
- Applicable universally; no certification, uses internal audits/reviews.
Key Differences
| Aspect | PRINCE2 | ISO 31000 |
|---|---|---|
| Scope | Project management lifecycle and governance | Enterprise-wide risk management principles |
| Industry | All sectors, public/private worldwide | All organizations, any sector globally |
| Nature | Structured methodology, voluntary | Guidelines framework, non-certifiable |
| Testing | Stage boundaries, exception reviews | Monitoring, review, continual improvement |
| Penalties | No legal penalties, project failure risk | No penalties, operational/reputational risk |
Scope
Industry
Nature
Testing
Penalties
Frequently Asked Questions
Common questions about PRINCE2 and ISO 31000
PRINCE2 FAQ
ISO 31000 FAQ
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