PRINCE2 AS A PROJECT MANAGEMENT TOOL TO CREATE VALUE TO CLIENTS

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LITERATURE REVIEW

PROJECTS IN CONTROLLED ENVIRONMENTS 2 (PRINCE2)

PRINCE2 is a structured method for managing projects with a clearly defined structure. PRINCE2 describes procedures to coordinate the activities of the project team in the development and monitoring of the project, as well as the procedures that are used to change the project or if there are significant deviations from the original plan. In the method, each process is defined with its key inputs and outputs and with specific goals and activities to be implemented, which gives an automatic control of any deviations from the plan. By sharing processes into manageable stages, the method enables the efficient management of resources. Many experts tend to render it as one of the finest project management tool since it tends to deal or throw light on almost all of the significant and necessary steps (Office of Government Commerce 2009a, p. 05-11).

The structure of the PRINCE 2 is such that it allows the user or the individual a very practical approach. The initial project idea which tends to be reflected in the mandate of the project in most cases tends to lead towards the implementation of these ideas. Moreover, it tends to formulate a project hierarchy so that roles of the individual are clearly defined plus it also helps to formulate a comprehensive plan before initiating the project. Furthermore it tends to inculcate different notions such as it tends to performed project planning, including quality plan. It can create a business plan (Business Case) and opens risk log, an assessment of project risks. Most importantly it can help to take the right decisions at right time, Based on the nomenclature of the PRINCE 2, it can allow an efficient project management through the tools of focused goal decisions of the committee of the project (including the early completion of the project), and contingency management on significant issues and deviations. PRINCE 2 tends to have a firm grip on the control stages and control of production of the product. It allows the project manager to work directly on the daily management of the project and the issuance and acceptance of jobs, fixing the complexities and risks, and deciding on the escalation, reporting to the Committee. It also helps to take the measures which the performers and working groups should take to determine the volume of work, progress reports and transfer the work done (Borg & Groenen 2005, p. 89-103)

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Elucidation

PRINCE 2 is a project management method which tends to be flexible and scalable. It takes its roots from the experience of professional project managers and perfected by years of use in a wide variety of contexts. Many professionals tend to use it as a project management tool based on a variety of reasons. To start off, PRINCE 2 has two levels, each with its own exam which tends to validate knowledge acquisition. Plus, it provides enough information to all those involved in a project using PRINCE 2, so they understand their ...