What is Prince2? It represents Projects in a Controlled Environment and is adopted in 150 countries and by more than 20,000 establishments. Numbers of individuals taking the exams have expanded by approximately 20 % per year. It can be used to manage a project of any form or size, that is, it is universal. The development has come after consultation in the private and public regions across extensive experiences of thousands of projects and contributors. Projects are managed by control of timescales, scope, costs, risks, quality and above all benefits.

The introduction to Prince2 teaching affords a common scheme which permits multiple organizations to administer projects to the same criteria, for instance, between a company and its service providers.

Additionally, it emphasizes the Business Case which is the major constituent of any project and acts as justification and a source of reference throughout managers phases. The technique has derived from Prince2 2005 to the latest version of Prince2 2009. The current version is much easier to use and modify to specific needs.

Above all, the Principles uphold really good practices. Its emphasis on Themes covers aspects that need specific treatment while the systems detail the requirements from beginning to the end of a projects lifecycle.
The design enables entry-level management to learn about project management, professional business managers to examine and understand good processes for potential use and as a valued reference source for existing practitioners.

Essential questions that managers frequently ask are covered, such as, ‘what’s expected of me?’, ‘what does the Project Manager do?’, ‘what decisions am I expected to make?’ and many more.

Projects exist to satisfy two fundamental needs. The first is to keep the business going to preserve profitability by means of aspects, like, brand loyalty, market confidence etc.. The second is to look to the challenges of the long term to succeed, for example, process changes and market movements. The rapidly shifting business landscape only helps to underline the demand to balance current and future achievement.

Projects bring about change. Nevertheless, directing the existing business and projects gives rise to certain differences.

Why then are projects different?

They are short-term. They occur for a short period to furnish a benefit as outlined in the Business Case with a start and an end date. The business then continues in a revised form. They are a tool for effecting change. They can be cross-functional including varying skills, teams of people typically collaborating with outside businesses, for instance, customers, specialists and service providers, which can lead to tensions.

A momentary introduction to Prince2 indicates that whilst the project management procedure will be quite similar all projects will be unique, whether this is handling customers, regulatory requirements or sites. This leads to enhanced risks via threats and probable opportunities which are less conspicuous in normal day-to-day business tasks.

Just why is a project management method required?

Simply, without some kind of methodology it will prove to be very hard to inspire staff to attain the expected benefits that the project should generate. A project has ‘deliverables’ that result in the project’s outcomes. A project management system maintains control over all of the elements needed to bring about this success. As projects are by their nature riskier it is good business practice to apply a thorough project management method. We can answer the question ‘what is Prince2?’ by stating it is a methodology that meets these demands.

Original Author : Arnold Monk
Courtesy : http://www.frenzyarticle.com/181363/24/What-Is-Prince2.html