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PRINCE2 is a structured project management method and practitioner certification program developed from PROMPT II for the UK government.

The emphasis of PRINCE2 is on dividing large projects into more easily manageable and controllable parts and stages.

PRINCE2 is chiefly used in western Europe and Australia and is available in several different languages.

Ownership

PRINCE2 was developed as a UK government standard for information systems projects.

In July 2013, ownership was transferred from HM Cabinet Office to AXELOS Ltd.

AXELOS Ltd is a joint venture by HM Cabinet Office (49% of the stakes) and Capita plc (51% of the stakes). Capita plc (LSE: CPI) is an international business process outsourcing and professional services company headquartered in London.

Main components of PRINCE2

  • The 7 Principles of PRINCE2Continued Business Justification’prince2
    Learn From Experience
    Defined Roles And Responsibilities
    Manage By Stages
    Manage By Exception
    Focus On Products
    Tailor To Suit The Project EnvironmentYou can read more about these principles here.
  • The 7 Themes of PRINCE2Business Case
    Organization
    Quality
    Plans
    Risk
    Change
    Progress
  • The 7 Processes of PRINCE2Starting up a project
    Initiating a project
    Directing a project
    Controlling a project
    Managing product delivery
    Managing stage boundaries
    Closing a project

The 7 Processes of PRINCE2

Starting up a project

This is the process where the project team is appointed and a project brief is produced. The project team must have an executive and a project manager.

Initiating a project

This is where the business case is completed and the required Project Initiation Documentation is assembled.

Directing a project

This process management method helps the Project Board oversee the project as it moves forward.

Controlling a stage

Processes for controlling each individual stage of the project. Among other things, this includes how work packages are authorized and distributed.

Managing product delivery

The main purpose of this process is to be a controlling link between the Project Manager and the Team Manager (or Team Managers). It involves establishing clear and formal requirements for the acceptance, execution, and delivery of project work.

Managing stage boundaries

This process is about handling the transitions from one stage to the next within the project.

Closing a project

Among other things, this process involves the formal decommissioning of a project, project and product evaluation, and follow-up actions.

Daytrading

Anyone who wants to become a day trader can benefit a lot from learning PRINCE2.  Becoming a day trader requires a lot of discipline and by using a project management approach, you can increase your chances of success by making sure you do the things you are supposed to do when you are supposed to do them.   You might not need an advanced project management system to become a day trader. You only have to keep track of your own actions.  Not the actions of an entire team.  If you want to learn more about day trading then I recommend that you visit daytrading.com and read their guide to becoming a day trader.

Daytrading.com also features guides on how to trade cryptocurrencies, CFD:s, binary options, stocks and a number of other financial instruments.

Training and Certifications

Various training courses are available for PRINCE2. After completing a course provided by an Accredited Training Organization (ATO), the individual will receive the corresponding certification. Passing an exam is always required to complete a course.

Training and exams are available both in-person and online.

AXELOS publishes a searchable register over individuals that have been certified.

The 4 levels of certifications for PRINCE4

  1. FOUNDATION LEVEL The holder of this certificate has adequate knowledge and understanding to work in a project management team using PRINCE2.
  2. PRACTITIONER LEVEL

The holder of this certificate has adequate knowledge and understanding to apply PRINCE2 in a scenario situation.

  1. AGILE FOUNDATION LEVEL The holder of this certificate has adequate knowledge and understanding of the PRINCE2 method and agile way of working and how agile can be combined to PRINCE2.
  2. AGILE PRACTITIONER LEVEL The holder of this certificate is able to apply the project management principles of PRINCE2 whilst combining agile concepts such as Scrum and Kanban.

About the Accredited Training Organizations (ATOs)

AXELOS are responsible for the accreditation process that an organization must go through to become an ATO. Trainers must pass a surveillance check every 12 months and become re-accredited every 3 years.

Scalability & PINO

Every process in PRINCE2 has a note on scalability since not every aspect of PRINCE2 will be applicable to every product. The notes should guide the project manager and other participants when deciding how much of the process should be applied. This makes it easier to tailor PRINCE2 to each specific project. On the downside, there is a risk of omitting so many elements that the project turns into a so-called PINO: PRINCE2 In Name Only.

Beware of binary options

We would like to warn our readers about binary options.  Binary options are a type of financial instrument that lets you “bet” on the financial market.  The odds are always against you and you need to be a very skilled trader to make money trading binary options.  It is possible to make money but you need to be able to predict future market movements with more than 60% accuracy to make money.  Unfortunately, the binary options market is also full of scam brokers that will refuse to let you withdraw your earnings even if you are able to make money trading binary options.  We recommend against trading binary options but if you want to try it anyway then it is very important that you take care to choose the right broker to not get scammed.  Choose a regulated broker with a good reputation and do not risk more money than you can afford to lose.

History

PROMT II & PRINCE

PRINCE2 was developed from an earlier method called PROMT II. (PROMT = Project Resource Organisation Management Planning Techniques.)

In 1989, CCTA adopted a version of PROMT II as a UK Government standard for information systems project management. CCTA was the Central Computer and Telecommunications Agency; a UK government agency responsible for providing computer and telecoms support to government departments.

Once the CCTA had adopted PROMT II, they started using the name it PRINCE, an acronym for PROMT II IN the CCTA Environment.

PRINCE2

In 1996, PRINCE2 was launched – a generic project management method that wasn’t specifically tailored for use in the UK governmental IT environment. At this point, PRINCE was already a popular tool with many non-governmental enterprises, in and out of the UK.

Backronym

In 2009, a Civil service competition was held, after which it was decided that PRINCE now meant PRojects IN a Controlled Environment.

PRINCE2:2009 Refresh

A major revision, launched in 2009.

PRINCE 2017 Update

A major revision launched in 2017, chiefly aimed to make the program better equipped at handling recent changes in practical business practices. Many of the changes were based on feedback from PRINCE2 users.