Projects bring about new solutions and value adding change to organizations and businesses. Completing the projects in time within budget and delivering the expected outcomes have always been of paramount importance. Ironically, even today, almost 50% of the projects are in some kind of distress either ending up being behind schedule or over budget or even both.
Need for structured project management has been the need of the hour to improve the success rate of the projects. There are many project management guidelines and methodology emerged during the last few decades.
But PRINCE2 and PMI’s PMBOK have emerged as the most sought after project management recommended approaches. PMI’s PMBOK is a standard set of guidelines for project management, whereas PRINCE2 is a methodology with well-defined set of steps we need to follow to take a project from its inception to closure.
PRINCE2 (an acronym for PRojects IN Controlled Environments) has been used extensively by the UK Government, PRINCE2 is also widely recognised and used in the private sector, both in the UK and internationally.
PRINCE2 was established in 1989 by CCTA (the Central Computer and Telecommunications Agency) UK. CCTA has been renamed the OGC (the Office of Government Commerce).
It is a flexible method that contains the essentials for managing successful projects, regardless of type or scale. PRINCE2 includes seven principles, themes and processes, PRINCE2 can be tailored to meet your specific requirements.
PRINCE2 proposes a structured project management process framework with some principles, themes and processes. The PRINCE2 framework says that a project should have:
These describe the steps of the project lifecycle, from the initial idea to project closure (and measurement of the benefits). Each process provides checklists of recommended activities, related responsibilities and guidance about how to tailor to a specific environment.
More details about the PRINCE2 framework can be studied at www.prince2.com .
PRINCE2 framework has been the de-facto project management methodology to be adopted for all government projects in UK. It has become popular internationally also. But PMI’s PMBOK standard has gained more adoption worldwide. PRINCE2 is a methodology with clear steps to be followed, while PMI’s PMBOK is a standard guideline consisting with a set of best practices which practitioner can follow as per their project requirements.
Thank you very much for this article. It was useful to me.
hi Very helpful indeed I need assistance on PM
This post made an excellent point that one of the benefits of using an ERP system is that it helps monitor and track revenue. I do agree that as a business, this is important.
good article. Well explained!
Well explained. Thank you so much. Continue educating us.