Business Justification - Before any work can commence, the company must confirm that there is a justifiable reason for starting the project.The methodology rests on seven principles, all of which must be applied simultaneously. But, to better understand this methodology, we must take a closer look at each of these elements. Prince2 works based on its integral principles, themes, and processes being integrated within the same project environment. That is, the project plan details every aspect of each stage, from business goals and timelines to resources and execution. The Prince2 methodology emphasizes splitting the project into logical, individually managed and controlled stages. As it was originally developed for the government sector, Prince underwent a review from 150 private and public organizations to make it more applicable to a variety of different industries. The 2 in the methodology’s name signifies that this is the fine-tuned version of the method.
The acronym stands for “ Projects in Controlled Environments". The name itself reveals the essence of this methodology - it is a process-oriented approach that provides a detailed framework and control over the project from start to finish. However, due to its success, Prince2 has quickly spread to the private sector.
Initially, it was created for the United Kingdom government as a way to manage IT projects effectively. Prince2 is among the most widely practiced project management methodologies around the world. Prince2 Project Management Methodology: What You Need to Know
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