PRINCE2 Meaning | PRINCE2 in Project Management? | PRINCE2 Certification | UBS
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What is PRINCE2 In Project Management?

PRINCE2 is a project management methodology that is widely used in the UK, Australia, and Europe. “PRINCE2” stands for Projects IN Controlled Environments and focuses on controlling resources and risks by breaking down projects into smaller stages, establishing defined roles and responsibilities, and employing seven procedures to manage the project life cycle.

PRINCE2 calls for a project management framework that starts with a well-structured and well-controlled project plan and maintains that structure throughout the project life cycle by breaking it down into logical chunks.

Control is maintained by the use of seven PRINCE2 processes. These project management methods cover all of the operations that make up a project from start to finish.

The PRINCE2 methodology works seven fundamental principles:

  • Business justification is required for projects, which includes a clear need, a specified customer, actual benefits, and a complete cost analysis.
  • It’s critical to keep learning. At each stage of the process, lessons are sought and recorded, and they are used to better future work.
  • Everyone understands who is responsible for what, and roles and responsibilities are clearly defined.
  • The work is divided into stages. Large projects are divided into phases, with time in between to evaluate lessons learned and ensure that the project is on course to meet its objectives.
  • Project boards establish baseline standards for necessities such as deadlines, cost, risk, and scope, and choose a project manager to handle day-to-day management.
  • Teams utilize a quality register to compare deliverables to specifications.
  • The PRINCE2 technique should be tailored to each project’s unique requirements. The level of control and planning can be adjusted to meet the complexity of the project, the number of people engaged, and other factors.

Also, See: Certified Associate in Project Management (CAPM)

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