PRINCE2 methodology is an updated version of the Prince which was developed in 1989 by the Central Computer and Telecommunications Agency (CCTA) to fulfill the project management needs of the UK government. It was initially used for IT based projects but soon it spread out to other industries and fields. In 1996 PRINCE2 was released in the UK as a standard project management method, and its success led to its release all over the world. Its latest version was released in 2009.
PRINCE2 can be broken into three broad areas:
The approach of this methodology is process based. This approach explains the management the numerous processes involved in bringing together the raw materials required for a successful project. You don’t pick and choose which elements of PRINCE2 to apply to your project. PRINCE2 is applied fully to help ensure consistency and standardize your approach. Although the full methodology is applied in each case, an integral principle of PRINCE2 is that you can tailor its use. This ensures that for any given project, a correct and appropriate amount of planning, control, governance and the use of the processes and themes is utilized. (Charvat, Jason 2010, pp. 118-123)
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