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PRINCE2is an acronym for (PRojects IN Managed Environments). It is a structured project management method primarily based on experience drawn from 1000's of projects and from contributions of relyless project sponsors, project managers, project teams, academicians, trainers and consultants. PRINCE2 is the de-facto commonplace for project administration within the UK and is practiced worldwide. It covers the administration, control and organisation of a project.

APM Group Ltd, the official Accreditor of The Cabinet Office, provides the certification for PRINCE2. The copyright of PRINCE2 belongs to The Cabinet Office.

The PRINCE2 technique is documented in The Cabinet Office publication "Managing Profitable Projects with PRINCE2", readily available from the official publisher, TSO. This is geared toward those working within the project atmosphere and the project managers in particular. "Directing Successful Projects with PRINCE2" covers the duties and obligations expected of the Project Board.

PRINCE2 acts as a common language among business, customers and suppliers, permitting for their representation on the Project Board. Although PRINCE2 doesn't embody contract administration as such, it supplies the mandatory controls and limits needed for eachbody to work collectively within the boundaries of any related contracts.

Most important of all, PRINCE2 permits your small business to concentrate on doing the appropriate projects, on the right time, for the suitable reasons, by making the start of the project and its continuance depending on the continued existence of a viable Enterprise Case.

Characteristics of PRINCE2:

• PRINCE2 is How do I become a certified project manager non-proprietary method.

• It is without doubt one of the most widely accepted methods for managing projects.

• It is truly generic: will be utilized to any project. This is achieved by isolating the administration points of project work from the specialist contributions.

• PRINCE2 is based on a customer/supplier environment. It assumes that there shall be a customer who will specify the desired end result and possibly pay for the project, and a supplier who will provide the resources and expertise to deliver that result.

• PRINCE2 is an integrated framework of processes and themes that addresses the planning, delegation, monitoring and management of all these six facets of project performance.

Advantages of PRINCE2:

• Finest follow and governance for project management.

• It may be utilized to any type of project.

• PRINCE2 is well known and understood.

• It supplies for the specific recognition of project responsibilities.

• Its product focus clarifies what a project will deliver.

• PRINCE2 plans are carefully designed to satisfy the wants of the completely different levels within the administration team.

• It's primarily based on a 'administration by exception' framework that ensures environment friendly and financial use of project management time.

• PRINCE2 ensures that participants focus on the viability of the project in relation to its Business Case objectives.

• It defines an intensive but economical construction of reports.

• It ensures that stakeholders are properly represented in planning and resolution making.

• It promotes learning and continuous improvement in organizations.

• It promotes consistency of project work and the flexibility to reuse project assets.

• It facilitates the assurance and assessment of project work.

Limitations of PRINCE2:

• Specialist elements - Business specific and type-specific activities are excluded. For instance, engineering models, project life cycles, group change administration and procurement etc.