PRINCE2 (Projects in Controlled Environments) is a project management methodology that uses established processes and templates to help teams deliver successful projects.
PRINCE2 is often described as a predictive, plan-based approach. It can be tailored to each project.
The seven processes of PRINCE2 are:
- Starting Up a project: (SU)
- Initiating a Project: (IP)
- Directing a Project: (DP)
- Controlling a Stage: (CS)
- Managing Product Delivery: (MP)
- Managing a Stage Boundary: (SB)
- Closing a Project: (CP)
PRINCE2 has seven principles, including:
- Continued business justification: The goals, requirements, and expectations set at the beginning of the project must remain valid throughout the project's life
- Learn from experience: This principle deters a project from wasting resources
- Define roles and responsibilities: PRINCE2 emphasizes the importance of delivering quality products
- Manage by stages: The Project Board uses the information from the Managing a Stage Boundary process to evaluate the project at strategic points
- Manage by exception: Project managers should focus on exceptions and intervene only when necessary
- Tailor to suit the project environment: PRINCE2 can be scaled and tailored to each project