Sustainability in Project Management: PRiSM
🔥 Projects integrating Sustainable Methods (PRiSM) is a relatively new methodology developed by American company GPM Global (Green Project Management). PRiSM aims to make the process of project management more sustainable. As per ISSB’s new standards effected in January 2024 namely IFRS S1 (General Requirements for Disclosure of Sustainability -Related Financial Information) and IFRS S2 (Climate-related Disclosures), most companies are bound to attach great importance to sustainable development. Thus, the aim of the PRiSM method is to enable companies to manage their projects while integrating sustainability into their processes, thus reducing the negative ecological and social impact when carrying out projects which will result in project management being eco-friendly. Embracing such method may make projects experience a reduction in risk from environmental, social and economic standpoints as well as expand the range of potential benefits.
Definition of PRiSM
PRiSM is a structured methodology that focuses on five areas of sustainable development (P5) and four key project phases (Concerned groups, Sustainability orientation, Organizational orientation, Results). The P5 are People, Planet, Prosperity, Process and Products. The foundation of PRiSM is built upon these P5 standards for sustainability in Project Management (Maltzman and Shirley, 2010). GPM developed these 5Ps to bring together UN sustainable development goals and project management. The PRiSM method can be applied first on a basic level such as stating and implementing values such as healthy labour practices, human rights and local procurement to reduce carbon emissions. PRiSM method has been primarily designed for large-scale real estate development projects, construction or infrastructure projects that can have adverse environmental effects. In addition, PRiSM is said to be applicable to most project management methods such as Agile and PRINCE2 (Silvius et al, 2012) as well.
Six Principles incorporated into PRiSM methodology
The success of PRiSM lies in its interconnectivity within different departments in the organization. To ensure that all levels of the company can adopt it without difficulty, it is essential to understand the principles on which the method is governed before implementing them throughout the whole organization (Zandhuis et al, 2013):
1. COMMITMENT AND ACCOUNTABILITY - Recognizing the essential rights of all employees to healthy, clean and safe environments, equal opportunities, fair remuneration and compliance to the rules and regulations.
2. ETHICS AND DECISION-MAKING - Supporting organisational ethics, decision making through the identification and prevention of both short and long-term harmful impacts on the society and the environment.
3. INTEGRATION AND TRANSPARENCY - Encouraging interdependence between economic development, social integrity as well as environmental protection in all aspects of practice and monitoring.
4. PRINCIPLES AND VALUES BASED - Conserving and enhancing the natural resource base by improving the ways in which technologies and resources are developed.
5. SOCIAL AND ECOLOGICAL EQUITY - Assessing human vulnerability in ecologically sensitive areas and centres of population through demographic dynamics.
6. ECONOMIC PROSPERITY - Establish budgetary targets and strategies that balance the needs of the stakeholders by including immediate needs and those of future generations.
Benefits of Projects integrating Sustainable Methods
Obviously, there are benefits that come with the implementation of the PRiSM method. One of the benefits discovered is that it boosts investor confidence as most investors are fond of companies that do not consider profitability only and neglect the environment. It also reduces the risk at the project level from a sustainability perspective. In addition, Zandhuis et al (2013) claim that PRiSM supports the achievement of the Sustainable Development Goals (SDGs) during the project. They also claim that it ensures accountability and transparency among stakeholders and organization. Hence, it fosters an environment that encourages lasting positive impacts.
In as much as the methodology is beneficial, project managers will have to take into account that it can only work if each of the services of the company is fully involved and respects the approach (Tharp J., 2013).
Conclusively, under the PRiSM method, the project manager takes into account the objectives of the project and understands their impact on society, the environment and the economy. Thus PRiSM allows project managers to not only meet their regular objectives, but to contribute to a sustainable future as well. Even though this method helps to create better products sustainably, it is necessary to be aware of its drawbacks such as the frequent lack of resources that support sustainability in projects. Nonetheless, despite having some challenges, organizations can achieve a perfect balance between limited resources, their social responsibility and sustainable results for their projects.
⇨ What's your view about this method?
References
1. Farooq U. What is the PRiSM Methodology? Principles and Process of PRISM [Internet].2017
2. Maltzman, Richard, Shirley, David. (2010). Green Project Management. United Kingdom: CRC Press.
3. Silvius, M. Gilbert et al (2012). Sustainability in Project Management. United Kingdom: Ashgate Publishing Limited.
4. Tharp, Jennifer (2013). Sustainability Integration for Effective Project Management. United States: IGI Global.
5. Zandhuis, Anton, Stellingwerf, Rommert (2013). ISO 21500 Guidance on Project Management: A Pocket Guide. Netherlands: Van Haren Publishing.
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