What are management products? Plus examples and uses

By Indeed Editorial Team

Published 8 April 2022

The Indeed Editorial Team comprises a diverse and talented team of writers, researchers and subject matter experts equipped with Indeed's data and insights to deliver useful tips to help guide your career journey.

Management products can come in different categories and examples. Most management products come as daily logs, videos, registers, documents, plans and presentations, which help a management team achieve its goal. You can enjoy a management product with the benefits that come with it or merge multiple management products into one entity, like issue and risk register. In this article, we describe what management products are, their uses, categories of PRINCE2 management product, their examples and the different benefits of PRINCE2.

What are management products?

If you're in project management, you may benefit from knowing the answer to 'What are management products?'. Management products are a set of information best referred to as documents. They comprise registers, phone calls, videos, daily logs, project plans, briefs, webinars and presentations.

With PRINCE2, you can successfully manage a project. PRINCE2 is a process-oriented system for effective project management and is an acronym for Projects In Controlled Environments. According to this tool, products are tangible or intangible inputs and outputs, created and tested in advance. Products can also be deliverables or anything a project manager makes while a project is ongoing, including a requirement document. Every deliberation on what to record is initiated and recorded with the communications management approach.

Related: Guide to project management frameworks (plus types)

Types of products

Other management products can come in email and presentation formats. The two main types of products, according to PRINCE2 are:

  • Management products: They are documents produced to manage a project. For example, a business case or project brief.

  • Specialist products: Specialists make these products in projects. Specialist products can be a required functional specification and their examples include database models, web design and software modules.

Benefits of PRINCE2

PRINCE2 is a project management methodology. It is a UK government standard strategy to improve information systems. It has good benefits for users and has continued to be upgraded. Below are some of the benefits of PRINCE2:

Flexibility

You can run PRINCE2 with no software. It's all centred on generic practices, which have made this methodology flexible. You can combine Agile delivery and the PRINCE2 framework successfully without problems.

Perfect starter qualification

This methodology remains perfect for project management. You can enjoy its adaptable nature in many ways and can use it for any project type or management duties. It also educates its users on fundamental principles and how to use management languages. You can easily infuse it into other methodologies and still be effective.

Built for uncertainty

Users seem to love the PRINCE2 methodology because it's equipped for hard times. It's suitable for problems within and outside an organisation. During an economic meltdown and difficulties in projects, PRINCE2 seems to be a safe option. It comprises different methods and techniques that can tackle seemingly difficult challenges.

Read more: What are PRINCE2 processes? (A guide to uses and benefits)

Categories of PRINCE2 management product

The three main categories of PRINCE2 management products include:

  • Baseline products: The baseline product is a version control term that describes management systems that are likely to change. With baseline products, you can keep track of early management versions.

  • Records: Records are checklists and in management products, they're usually updated and not version-controlled. A good register contains a list of actions where entries are signed off with dates in quality registers after performing an action.

  • Reports: Reports are always easy to pinpoint in PRINCE2 because they have the word 'report' in their titles. They're captured moments of recent events that do not change.

Examples of management products

The different examples of management products grouped under PRINCE2 include:

Business case

A business case assembles information for the manager of an organisation to decide if the information is valuable. In most cases, this valuable information is invested by organisations. The PRINCE2 manual states that this gathered information is usually desirable, viable and achievable. You can derive a business case from project plans, risk registers, project mandates and briefs and can come in spreadsheet formats.

They are commenced by the executive and assisted by project managers at the beginning of a project and can last throughout the project. You can update and review them after every management stage. They contain information such as estimated costs and timelines, reasons for starting a project, an overview of project risk, and advantages and disadvantages.

Benefits management approach

This management product example helps identify the measurement of the benefits of management approaches. They're usually initiated at the beginning stage by a project manager and signed off by the project board. The project manager also gives feedback to the project board on the benefits realised during the project. Therefore, the benefits management approach helps you find out if the expected benefits of project deliverables are attained.

You can also find out the performance of a product when in use. Benefits management is usually in a document or word format and you can source it from project product descriptions, facilitated workshops and business cases.

Related: 10 examples of project management principles for beginners

Checkpoint report

Project managers use checkpoint reports to monitor projects. Team members include information about the work done on checkpoint reports while reporting to the project manager. You can enter some checkpoint report formats into an online management tool, presentation at a review meeting, and face-to-face reports to the project manager and his team members to know more about a project and to get feedback.

You can also get most checkpoint reports from team plans, work packages and previous checkpoint reports. While preparing a checkpoint report, try to keep the reports simple, be product-focused and share reports with team members if necessary.

Change control approach

This example can serve as a strategy to find out how and who controls and protects a management product. The change control approach can use formats, such as standalone documents or a page in the document for project initiation. Before a change control approach happens, the procedures are defined and understood. From the PRINCE2 manual, the change control approach comes from the following:

  • quality expectations of customers

  • program quality management

  • approach and information

  • corporate configuration management system

  • facilitated workshops and informal discussions

Daily log

With a daily log, you can record informal notes that are missing in a project document. You can also use daily logs when you have not set up the issue and risk registers. Managers use their personal daily logs more on their work packages. With a daily log, you can make entries when a project manager or team needs to write something down. You can also use it during serious conversations. Daily logs can be in different formats, such as calendars, electronic diaries, logbooks, spreadsheets, documents and project management tools.

Remember to include data like 'target date' and 'people involved' while keeping records on a daily log. An easy tip for keeping daily logs is carrying small notebooks around. By doing so, you can keep a quick record of important conversations and transfer them to the log later.

Related: What is records management? (Definition and benefits)

End project report

At the end of a project, the project manager prepares the end project report. It's used for evaluation before the making of a final decision on a project. With this type of report, you can confirm delivery outputs. The end project reports also come from the beginning to end stage of a business case, project initiation documentation, registers and project plans. You can also prepare it in a variety of formats, such as .pdf or word documents. When doing this, try to review the business case and comment on its benefits, comment on team performance and products.

Related: How to convert PDF to Word using 3 different methods (with tips)

Risk register

The risk register contains information about threats, opportunities and risks witnessed throughout the cycle of a project. Unlike daily logs, risk registers are often not useful at the beginning stage of a project. Instead, you can transfer risk information recorded in a daily log to a risk register at the end of a project. Likewise, you can archive it or use it to notify project team members of any available risk, especially those that can affect the productivity of a project.

You can also write risk registers in documents, spreadsheets and database format. Information in a risk register is mostly clear and understandable and fully defines reporting requirements.

Product description

Product descriptions can be useful for defining the skills needed to produce, review and approve a product. They're also used to pinpoint the quality degree a product needs to be usable. Product descriptions can come in document formats, presentation slides and entries in a project management tool. You can define and analyse a product through these four basic steps:

  • Write a product description at the beginning stage of a project.

  • Produce a product breakdown structure.

  • Create and prepare the product description at the stage boundary and also at the beginning stage of a project.

  • Use a product flow diagram as it shows you a picture of the creation of the products.

Read more: Product owner responsibilities within a development project

Uses of management products

Here is a list of the different uses of a management product:

  • records important information such as risks, lessons learned, issues and actions

  • sends information to various people in or outside a project management team

  • helps in the arrangement of the work needing to be done

  • documents business information

  • helps to define the management method of a project

  • makes product specification outlining easy

  • enhances the status of the products

  • encourages documenting of important information and the scope of work

Please note that none of the companies mentioned in this article are affiliated with Indeed.

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