PRINCE2

PRINCE2 (PRojects IN Controlled Environments) is a structured project management method and practitioner certification programme. PRINCE2 emphasises dividing projects into manageable and controllable stages. It is adopted in many countries worldwide, including the UK, Western European countries, and Australia.PRINCE2 training is available in many languages. PRINCE2 was developed as a UK government standard for information systems projects. In July 2013, ownership of the rights to PRINCE2 was transferred from HM Cabinet Office to AXELOS Ltd, a joint venture by the Cabinet Office and Capita, with 49% and 51% stakes respectively. PRINCE was derived from an earlier method called PROMPT II (Project Resource Organisation Management Planning Techniques). In 1989 the Central Computer and Telecommunications Agency (CCTA) adopted a version of PROMPT II as a UK Government standard for information systems (IT) project management. They gave it the name 'PRINCE', which originally stood for 'PROMPT II IN the CCTA Environment'. PRINCE was renamed in a Civil service competition as an acronym for 'PRojects IN Controlled Environments'. It soon became regularly applied outside the purely IT environment, both in UK government and in the private sector around the world. PRINCE2 was released in 1996 as a generic project management method. PRINCE2 has become increasingly popular and is now a de facto standard for project management in many UK government departments and across the United Nations system. In the 2009 revision, the acronym was changed to mean 'PRojects IN a Controlled Environment'. There have been two major revisions of PRINCE2 since its launch in 1996: 'PRINCE2:2009 Refresh' in 2009, and 'PRINCE2 2017 Update' in 2017. The justification for the 2017 update was the evolutions in practical business practices and feedbacks from PRINCE2 practitioners in the actual project environment. These aspects are also called tolerances or performance goals. They quantify the project tolerance and are considered during decision-making processes. In some organizations these can be KPIs. In the following table project level tolerances are summarized: