Effective management to deal with specific challenges and problems of each organization is the urgent needs of many businesses and organizations in the global & competitive technology environment.

From choosing a project, to right through to the completion, it is very important that the project is carefully, closely & rightly managed. This is essentially the role of the project manager and his/her project team members.
But, managing and tracking the progress of a project is not a cake walk. Every project manager must clearly know the project goals and communicate to his project team the specifications and deadlines that need to be met in order to be cost-effective, precise, and also to ensure that quality is maintained so that the customer & stake holders are completely satisfied.
The new goal of any successful projects in organizations over the world today is developing effective skills in dealing with specific challenge of their own project management to reach their own mission and objectives in the organization.
The project plan and other documents are therefore very important right through the project. Effective project management however, has to be achieved by employing certain techniques and methods. One such method is the PRINCE2®.
The PRINCE2® Methodology:
PRINCE2® (PRojects IN Controlled Environments) is a process-based method for effective project management. PRINCE2® is a standard used extensively by the UK Government and is widely recognised and used in the private sector, both in the UK and internationally.
It has become a very commonly used project management method in all parts of the world and has therefore proven to be highly effective in various respects.
PRINCE2® is a process-driven project management method which contrasts with reactive/adaptive methods such as Scrum.
PRINCE2® is an integrated framework of processes and themes which address the planning, delegation, monitoring and control of the six variables involved in any project, those of Costs, Timescales, Quality, Scope, Risk and Benefits.
The method helps you to identify and thereafter assign roles to the different members of the team based on expertise. Over the years, there have been a number of positive case studies of successful projects that have used PRINCE2® project management methodology.
The following diagram gives a brief insight on this this method & explains how it deals with the various aspects that need to be managed in any given project.
• PRINCE2® is based on seven principles – continued business justification, learn from experience, defined roles and responsibilities, manage by stages, manage by exception, focus on products and tailored to suit the project environment
• seven themes – business case, organization, quality, plans, risk, change and progress and
• seven processes – The principles and themes come into play in the seven processes namely, Starting up a project, Initiating a project, Directing a project, Controlling a stage, Managing stage boundaries, Managing product delivery, Closing a project.
• The seven principles illustrated in the above diagram must be applied if the project is to be called a PRINCE2® project.
• Similarly, the themes of PRINCE2® refer to the seven principles that need to be referred to at all times during the project, if the project is to indeed be effective.
• The processes refer to the steps that need to be followed. This is why this method is known as a ‘process-based’ method.
• Finally, with regard to the project environment, it’s important to know that this project management method is not rigid. Changes can be made based on how big the project is, and the requirements and objectives of each organization. PRINCE2® offer this flexibility for the project and this is one of the reasons why PRINCE2® is quite popular among the project managers.

Advantages of PRINCE2® Methdology:
• PRINCE2® is product-based and it also divides the project into different stages making it easy to manage, thereby helping the project team to remain focused and deliver a quality outcome at the end of the day.
• PRINCE2® improves communication between all members of the team and also between the team and other external stakeholders, thereby giving the team more control of the project.
• PRINCE2® gives the stakeholder a chance to have a say when it comes to decision-making as they are always kept informed by the issuance of reports at regular intervals.
• PRINCE2® also ensures that improvements can be made in the organization. This is because you would be able to identify any flaws that you make in projects and correct, which of course would help you to a great extent in the long run.
• PRINCE2® is highly flexible and allows any changes to be made run-time. Although there can be some implications and issues to the project schedule when certain changes are done run-time, PRINCE2® offers some of the best practices to minimize the impact.
• PRINCE2® projects are cost-effective, take less time and are more economical when it comes to the use of assets and various other resources.
Conclusion:
The key to success with PRINCE2® is to remember it is adaptable and can be tailored for all project types regardless of industry and marketplace.
PRINCE2® cannot be applied on projects in organisations without special training. The lack of knowledge and understanding of how it works, could lead to a lot of critical problems and difficulties whilst carrying out the project.
Implementing PRINCE2® is more than providing training – it is about establishing project management best practice into the working culture, and achieving organisational benefits through improved project governance.