There is a wide range of project management methodologies available in the market, but PRINCE2® is one of the most widely used project management methods that have been used by the enterprises and businesses in more than 150 countries. One of the sheer benefits of the PRINCE2® method is that it can be applied to different projects, irrespective of their sizes and business verticals. It is noticeable that the PRINCE2® project management method can be used in IT as well as non-IT projects too. It is a comprehensive project management method that can be applied to any project irrespective of their geographical location, industry sector and project size. 

What is PRINCE2?

PRINCE2 is a structured project management method that can be applied to any industry because it is intentionally generic. It separates management from specialist work and focuses on the ‘what’ rather than the ‘how’ of management.

The name PRINCE is an acronym for Projects IN Controlled Environments. The original definition has remained the same, and the “2” refers to the revision carried out in 1996. Subsequent version updates in 2009 and 2017 did not change the number, so PRINCE2 remains the brand name.

Core components of PRINCE2

PRINCE2 methodology consists of four integrated elements:

• Seven guiding obligations and good practices which determine whether a project is genuinely being managed using PRINCE2.
• Seven aspects of project management that must be addressed continually and in parallel throughout the project.
• Processes. Seven series of actions describing the progression of the project lifecycle, from start to closure. Each process has checklists of recommended activities, products, and related responsibilities.
• Guidance on tailoring PRINCE2 to create your organization’s own project management method and embedding it into your culture’s way of working.

7 phases process for the PRINCE2® project management method.

Here, we will break the complete project management process in 7 parts to understand it more clearly. 

1.   Starting up a project

Here, a customer submits a project requirement called the project mandate. It is a brief introduction to the needs and objectives of the project. The organization will access the project requirements and will make sure whether the company is able to complete the project or not.

Once the project is approved, the customer will give a more detailed brief including actions, resources and other crucial information to complete the project. 

2.   Project direction

Now the organization managers will check out the viability and justification of the project by reviewing and evaluating the project brief. They will assign a project manager and other necessities to complete the project.

3.   Project initiation

The project initiation document will be prepared by the project manager. The document will cover a comprehensive plan and six different factors including cost, quality, scope, time, risk and advantages. 

The documents will be sent to the project board for approval and once the board approves the plan, the project will start. 

4.   Stage controlling

The whole project will be broken into different stages and to complete these, teams will be formed and assigned responsibilities. 

The project manager will map the process for each project stage and will take actions when any hindrances and loopholes arise. 

5.   Product delivery management

The main responsibility of the project manager is to compare the deliverables and expectations from the project board. They will ensure that the deliverables meet the expectations. 

Once the project is completed, the board will review it and ask for revisions and changes if needed. 

6.   Stage boundaries management

The manager and the board will evaluate and review the deliverables at each project stage to ensure that the project is going in the right direction.

7.   Project closing

Once the project is completed, the project manager will close threads such as documentation, outcomes and reporting.

The PRINCE2® is a very effective and superior project management method as it offers impeccable opportunities to the project board and the project manager to track the success of the project at each stage of the project.