PRINCE2
Structured project management methodology of 7 principles, practices, processes
ISO 56002
International guidance for innovation management systems
Quick Verdict
PRINCE2 delivers structured project governance via 7 principles, practices, processes for controlled delivery; ISO 56002 guides innovation systems through PDCA for value creation. Organizations adopt PRINCE2 for reliable projects, ISO 56002 for systematic innovation capability.
PRINCE2
PRINCE2 7th Edition (Projects IN Controlled Environments)
Key Features
- Manage by exception with tolerances for board efficiency
- Continued business justification at every stage boundary
- Tailoring mandatory to suit project context and scale
- Seven principles as guiding obligations for compliance
- Staged lifecycle with seven integrated processes
ISO 56002
ISO 56002:2019 Innovation management system guidance
Key Features
- PDCA cycle aligned with High-Level Structure
- Leadership commitment and policy requirements
- End-to-end innovation process management
- Portfolio governance and uncertainty handling
- Tool-agnostic, adaptable across organizations
Detailed Analysis
A comprehensive look at the specific requirements, scope, and impact of each standard.
PRINCE2 Details
What It Is
PRINCE2 7th Edition (Projects IN Controlled Environments) is a process-driven project management framework. It provides governance, control, and delivery mechanisms for projects of any scale. The methodology emphasizes principle-based, stage-gated execution with continuous practices.
Key Components
- **Three pillars7 Principles (guiding obligations), 7 Practices (business case, organizing, plans, quality, risk, issues, progress), 7 Processes (starting up to closing).
- Built on tolerances for time, cost, quality, scope, risk, benefits, sustainability.
- Compliance via management products like PID, registers, reports; Foundation/Practitioner certification.
Why Organizations Use It
- Ensures continued justification and exception-based escalation for executive efficiency.
- Delivers audit trails, risk control, and tailored scalability.
- Builds stakeholder trust in regulated sectors like public, IT, construction.
- Improves success via learning and product focus.
Implementation Overview
- Phased: readiness assessment, tailoring blueprint, training, pilots, rollout.
- Applies to all sizes/industries with role-based certification; no mandatory audits.
ISO 56002 Details
What It Is
ISO 56002:2019 is an international guidance standard titled Innovation management — Innovation management system — Guidance. It provides a framework for organizations to establish, implement, maintain, and improve an Innovation Management System (IMS). The primary purpose is to enable systematic value creation through innovation across all types, applicable to any organization size, sector, or innovation approach. It uses a PDCA (Plan-Do-Check-Act) cycle and aligns with ISO's High-Level Structure (HLS).
Key Components
- Seven core clauses: context, leadership, planning, support, operation, performance evaluation, improvement.
- Eight principles: value realization, leadership, strategic direction, culture, portfolio thinking, uncertainty management, learning, stakeholder engagement.
- Non-prescriptive; no fixed controls, focuses on governance and processes.
- Conformity via self-assessment or third-party audits; pairs with ISO 56001 for certification.
Why Organizations Use It
- Drives strategic innovation alignment, portfolio governance, risk management.
- Enhances competitiveness, reduces 'innovation theater', builds stakeholder trust.
- Integrates with ISO 9001, 27001 for efficiency.
- Voluntary, but boosts resilience, growth, partnerships.
Implementation Overview
- Phased: awareness, gap analysis, design, pilot, scale, sustain.
- Involves leadership commitment, policy, KPIs, audits.
- Suited for established organizations; adaptable for SMEs.
- No mandatory certification; external assurance optional.
Key Differences
| Aspect | PRINCE2 | ISO 56002 |
|---|---|---|
| Scope | Project governance, processes, principles | Innovation management system, PDCA cycle |
| Industry | All sectors, public/private worldwide | All organizations, sectors, sizes globally |
| Nature | Project management methodology, voluntary | Guidance standard, non-certifiable |
| Testing | Stage boundaries, exception reports | Internal audits, management reviews |
| Penalties | No legal penalties, certification loss | No penalties, voluntary conformance |
Scope
Industry
Nature
Testing
Penalties
Frequently Asked Questions
Common questions about PRINCE2 and ISO 56002
PRINCE2 FAQ
ISO 56002 FAQ
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