| PRINCE2, the abbreviation for Projects In Controlled | | | | finally deciding upon the relevant plan formats. |
| Environment, is a process based method, derived | | | | IP is the third stage of PRINCE2 methodology, which |
| from the initial PRINCE project management | | | | is an augmented level of the earlier SU level. This |
| methodology. It is a recognised international standard, | | | | stage aims at preparing a substantial business case. |
| a registered trademark of OGC, deployed extensively | | | | Another key focus at this stage is planning the |
| by the UK government. PRINCE2 crucially assists with | | | | quality aspect and thus setting up the requisite |
| the optimal usage of resources and project risk | | | | project controls. Once this is accomplished, the stage |
| management initiatives, thus securing for itself an | | | | also prepares the project files and assembles the |
| eminent position in the overall relevance graph. | | | | initiation documents. The fourth stage, i.e. the DP |
| PRINCE2 is an enhanced version of the initial PRINCE | | | | level, dedicates attention towards the pertinent |
| methodology, which in turn was based on PROMPT, a | | | | controlling aspect. This stage defines the authorisation |
| project management method, introduced by the | | | | process and more importantly provides scope for an |
| CCTA (Central Computer and Telecommunications | | | | additional plan, in case of a misfit. All relevant board |
| Agency). PRINCE was developed in 1989, as a UK | | | | guidance terms are covered at this level of PRINCE2. |
| government standard for IT project management, | | | | Next is the CS step which defines the procedures to |
| and later published as PRINCE2 in 1996. While the | | | | control individual stages. Work progress is assessed |
| initial model had a restricted adaptability, PRINCE2 is | | | | at this level to capture and examine the key project |
| suitable for all types of management projects. | | | | issues. Other tasks at this level include, reviewing |
| Methodological Overview | | | | stage status, reporting, planning corrective actions, |
| PRINCE2 as a method entails forty five sub | | | | escalating the experienced issues and receiving the |
| processes, categorised into eight headings i.e. Starting | | | | completed work. CS is followed by the MP stage |
| Up a Project (SU), Planning (PL), Initiating a Project | | | | which accomplishes the acceptance, execution & |
| (IP), Directing a Project (DP), Controlling a Stage | | | | delivery aspects of the work package. |
| (CS), Managing Product Delivery (MP), Managing | | | | The last two stages of PRINCE2 are the SB and CP. |
| Stage Boundaries (SB) and Closing a Project (CP). As | | | | The former precisely defines the tasks which should |
| evident from the stated classification, PRINCE2 as a | | | | be contained within various stages and includes |
| process driven methodology, focuses on a | | | | defining the end of a stage, next stage planning, |
| project’s organised start, continuation & | | | | maintenance of log files and amendment tools. The |
| completion. It renders the much desired standardised | | | | CP stage is responsible for the final decommissioning |
| approach to the project, thus drafting a common | | | | of a project. The evaluation exercise and follow up |
| platform for all concerned to proceed. | | | | action steps are included at this level. |
| Moving over to the stage description, the SU stage | | | | Successful application of the PRINCE2 and thus the |
| undertakes the vital tasks relevant to appointing the | | | | above elucidate stages, imparts a structured |
| project team, preparing the outline and thus defining | | | | approach to an intricate project. Coordination |
| the aim of the exercise. This also logically results in | | | | becomes simpler and adjustment nuances are much |
| preparing a business justification case. The second | | | | better handled. With the PRINCE2 methodology |
| stage i.e. PL begins with product identification & | | | | appropriately executed, a project can be reasonably |
| analysis. Successful completion of this task prepares | | | | divided into various sub tasks and therefore |
| grounds for a closer estimation of the overall effort | | | | successfully completed. |
| required for goal achievement. The stage ends with | | | | |