What is PRiSM Project Management?
PRiSM stands for Projects integrating Sustainable Methods. It is a form of project management focused on sustainable development. It varies from other strategies, as it reflects on the entire asset life-cycle, rather than focusing exclusively on the project duration.
Founded by the American company GPM (Green Project Management), this strategy can allow businesses to maximize the project’s sustainability while reducing environmental, social, and economic risks. In short, with PRiSM, project management becomes eco-friendly!
Key Project Phases of PRiSM Approach
PRiSM goes beyond the traditional lifecycle of the project with a five-stage approach that combines pre-project preparation, product / service acceptance and integration as well as advantages realization.
The Six Principles of Sustainable Change Delivery
In order to incorporate sustainable development into their organization, firms must have an acceptable value system and better respond to their obligations in the fields of human rights, labor, the environment, and the battle against corruption.
- Commitment and Responsibility: Recognize the right to a safe, healthy, and clean environment, along with fair pay, ethical procurement, and respect for the rule of law.
- Ethics and Decision-making Power: Let the identification, mitigation, and the prevention of short-term and long-term harmful deterrents on the society and the environment support organizational ethics and decision-making.
- Integration and Transparency: Foster the interdependence between social integrity, environmental impact, and economic development in all monitoring, management, and practice.
- Development of Resources: Maintain and enhance the natural resource base by improving how technology and resources are developed and used.
- Social and Ecological Equity: Assess human vulnerability through demographic dynamics in ecologically sensitive areas and population centers.
- Economic Prosperity: Establish fiscal targets and strategies that balance the needs of the stakeholders, both present and future.
Process of Projects integrating Sustainable Methods
The PRiSM approach is based on the P5 norms for sustainable development in project management. 5Ps are People, Planet, Prosperity, Processes and Products.
- People – Social Aspect
- Planet – Environmental Aspect
- Profit – Financial Aspect
- Process – Governance Aspect
- Products – Technical Aspect
This norm is effective in lowering the risk level of the project from an ecological , economic and social point of view, while at the same time expanding the scale of the benefits gained.
The P5 can be evaluated individually and as a full kit, supplying project managers with observable features that can be extended to each step of their project life cycle.
Pros and Cons of PRiSM
|PRiSM is a good methodology for projects that need a sustainable plan (such as the energy industry).||Each stakeholder should have the same vision of the sustainability of the project.|
|You will benefit from reduced energy consumption, better waste disposal, and lower rates of distribution.||This approach is not established for projects which don’t require a large amount of project sustainability.|
|This technique will only succeed if each of the company’s services is completely engaged and supports the strategy.|
The Methodology of PRiSM Approach
The PRiSM model is used as a method to automate the risk identification process. This encompasses both positive risks (opportunities) and negative risks (threats). The PRiSM users then respond to a series of unique questions that are personalized to each organization and mission.
Designing this questionnaire requires as many stakeholders as possible to establish and review the questions in order to guarantee they meet the specifications of the organization.
“Perform Qualitative Risk Analysis is the method of prioritizing particular project risks for more analysis or intervention by determining their probability of occurrence and effect as well as other characteristics. ”
This analysis is arbitrary as the importance applied to each question is based on personal prejudices and utility values. Centered on the utility principle, which suggests that the right alternative is the one that gives the decision-maker the greatest satisfaction.
As in the conventional risk management phase, the PRiSM model involves the execution of the approved risk response plans and also the detection of new threats in the project. These reactions may be discussed using a number of approaches, such as avoidance, transference, acceptance or mitigation.
The final critical step is to assess the risk response and the entire project process, so that potential projects will gain from it. As a consequence, the PRiSM model creates a database, which is mainly in graphic format. This makes it possible for managers to consider previous projects and to gain knowledge on perceptions and constraints that tend to develop future projects.
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