PRINCE2 (Projects In Controlled Environments) is a widely used method for managing projects and is based on structured processes and common language that are applied consistently across all projects. This method for managing projects is utilized in many countries, and is regulated by two thousand and nine books. PRINCE2 is a structured project management methodology that helps a project manager and his team to track the project’s performance and make necessary changes.
PRINCE2 is a project management framework that provides the structure and processes to guide the efficient management of projects from conception through completion and closure. It is based on the principles of project management and breaks down a project into logical and easily manageable stages, which increase the chance of success. This framework enables organizations to manage and execute their projects in all phases of the business life cycle as it is an adaptable approach that can effectively be applied to projects of any size or complexity.
The PRINCE2 framework is divided into seven components or processes. The seven components are: Starting Up a Project, Initiating a Project, Directing a Project, Controlling a Stage, Managing Product Delivery, Managing a Stage Boundary, and Closing a Project. Each process manages a different aspect of the project and they are all interrelated and integral to the success of the project. Starting Up a Project is responsible for formulating the projects strategy and providing the authority for the project manager to begin the project. Initiating a Project is responsible for conducting an assessment of the projects feasibility. Directing a Project is responsible for providing overall project guidance and decision-making. Controlling a Stage is responsible for monitoring and managing the project within the limitations set out in the Business Case. Managing Product Delivery is responsible for producing the products documented in the Product Descriptions. Managing a Stage Boundary is responsible for authorizing the commencement of each stage and closing out the completed stage. Closing a Project is responsible for confirming that the project has achieved its stated objectives and transitioning the project into the business regular activities.
The components of PRINCE2 give project managers the tools they need to effectively guide their project teams. This framework allows the project manager to identify and eliminate any potential problems as well as continuously monitor the progress of the project. It also gives project teams the tools they need to ensure that all aspects of the project are completed according to the plan. Everything from initiation, scheduling, budgeting and reporting is addressed in the framework and it allows for constant communication between all stakeholders.
PRINCE2 is a valuable tool for organisations that are looking to manage their resources efficiently. By breaking down projects into manageable stages, it not only ensures progress is made, but also ensures resources are distributed appropriately. It provides the project managers with structure and processes that enable them to manage the project effectively and to make informed decisions. The PRINCE2 framework allows organizations to control the project, giving them the flexibility to adjust the project’s direction as situations and requirements change.
