Managing by “Exception” - The project board (senior executives) is in charge of defining the scope of the project, establishing the timeline, allocating resources, and assessing risks.What’s more, each phase is individually planned and carefully monitored and controlled. Projects are Divided and Managed in Stages - With Prince2, the project is divided into logical phases.Clearly Defined Roles and Responsibilities - Prince2 dictates a clear organizational structure in which everyone knows their role and is aware of their responsibilities.Throughout the stages, each team member should actively seek out lessons that can help optimize work in the future. Continuous Learning - The project team must learn continuously from experience.Likewise, the project must provide benefits that surpass the costs of executing it. That means that it’s crucial to identify the needs the project has to fulfill and perform detailed market research. 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

Prince2 project management methodology