The key part about PRINCE2 besides the documentation is management by exception. In reality the confines in which a project manager can work with on a project (time, cost & scope) are not usually well defined so in my experience it's down the to the project managers discretion if they can manage it internally or escalate it to the project board/senior stakeholders.
I'm about to do my practitioner reaccreditation and the documentation terminology is still relevant in todays world (e.g. understanding what should be in place for a project initiation document - PID) however the processes around how day to day a project is managed varies greatly with each PM and the organisations they work in. As Cojak mentioned it's about a PM using what in their experience works best with the type of project they are managing and the organisations they are working with to deliver that project is what makes a good PM - not how closely they follow PRINCE2.
I'm about to do my practitioner reaccreditation and the documentation terminology is still relevant in todays world (e.g. understanding what should be in place for a project initiation document - PID) however the processes around how day to day a project is managed varies greatly with each PM and the organisations they work in. As Cojak mentioned it's about a PM using what in their experience works best with the type of project they are managing and the organisations they are working with to deliver that project is what makes a good PM - not how closely they follow PRINCE2.
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