PRINCE 2 is actually a world wide used project management methodology. PRINCE is an abbreviation used for Projects in Controlled Environments. The reason for the number two is actually the fact that this had its origin from PROMPT II methodology in 1975, which was replaced by PRINCE2 in 1989. It was because of its re-launch in 1996 in United Kingdom, which has made the number 2 to stick with it. This was launched for all existing UK government projects.
PRINCE 2 is a methodology, which is popular in terms of usage for both private and public sectors and has actually become a standard for project management.
The basic reason for the introduction of launching PRINCE 2 was the failure related to the projects in public sectors. Time delivery and mismanagement of projects have been draining down the sectors, hence requiring the launch of this methodology. Budget and time are two important factors when it comes to project management and these two categories are entertained with the help of the PRINCE2 structure.
The project is actually divided into three parts, the initiation, middle and closure. The focus is on the delivery of projects like some other methodologies, which focus on the execution of activities. In order to check the viability of the project at all times, PRINCE 2 requires a business case and plan to be frequently analysed.
This method offers a finite and well-defined life cycle, clearly defined and measurable business products, a corresponding set of activities to achieve the business products, definable resources and specific responsibilities to manage projects of organisation structure. The project board consists of the customers, user representatives, and suppliers. The manager is answerable to the board and provides it with updates of problems, progress reports, etc. The board in return decides how the project should further be carried.
The key feature of PRINCE 2 includes, a product based planning approach, division of projects into manageable and controllable stages, flexibility to be applied at a level appropriate to the project, a defined organisational structure for the team, and clear focus on business justification.
There is no doubt about the fact that PRINCE 2 brings out many benefits when used by professional sectors. Project administration can either break or make a company, hence proper executions of projects of any industry or service sector is extremely crucial. The benefits flow towards the companies once the projects can be delivered up to date and up to other requirements. PRINCE 2 revolves around doing the right project at the right time and for adequate purposes.
It ensures better control and usage of company’s resources, providing with means of encounter and managing different risks and issues, frequent reports about project plan and business case and assurance of project continuity. Furthermore, this method helps to identify any problems that are likely to occur in the future, guarantees improved communication system between the team and its valuable stakeholders. It helps to capture lessons that are learned during the process. PRINCE 2 because of its attributes has been accepted as a popular method in countries like UK, USA, Germany, Africa, Australia etc.