The term PRINCE, standing for "PRojects In Controlled Environments," is a process-based project management method. The scope of this tool covers the organization, management and control of the Projects. It is a standard structured project management method from the Office of Government Commerce (OGC), UK. Today, it has become a de facto standard for organizing, managing and controlling projects. PRINCE tool was initially developed in 1989 by the Central Computer and Telecommunications Agency (CCTA) as a UK Government standard for information systems project management. By using the PRINCE tool, managers can control the use of resources and enhance their ability to manage business and project risk more effectively. PRINCE symbolizes established and proven best practices and is a widely recognized tool as it is easy to understand and provides a common language for all participants in a project. It encourages project team members to recognize their responsibilities and helps them to focus on what a project has to deliver, why, when and for whom.
PRINCE2 was derived from the PRINCE technique and released in 1996 as a generic project management method. Going by the popularity, PRINCE2 has spread beyond the UK to more than 50 other countries. The ongoing revision was released in 2005 by the OGC and it is currently undergoing modifications for an updated version which will be available by 2008-09. Being flexible and adaptable for any type of project from small to large, it offers an exceptional management base for staff members from top-to-bottom-without any prior knowledge in project management. As stated by the PRINCE2 documentation, "Organizations require a project management method that will meet and fit their particular needs, and PRINCE2 is designed to be flexible and scalable, so it can be `tailored' to fit and meet these needs." |
