The paper “ PRINCE Project Management Methodology, Project Success and Failure” is a convincing example of the assignment on management. Projects that are established in controlled environments are commonly known, as the PRINCE. Gray & Larson (2008) observe that the UK is one of the countries that highly employ the PRINCE project management methodology. The second version of the prince is PRINCE 2. The elements that govern PRINCE include the following; Business justificationProduct-based approachProject flexibilityStructure for a project management teamDivision of the project into controllable stagesIn addition to that, the PRINCE 2 method is driven through a process and organized into the other eight stages which are further grouped into 45-processes.
Some of the processes include; beginning the project, drawing a plan, initiating the project, directing a project, controlling, managing the delivery of the project, managing stage boundaries, and closing a project. At the beginning of a project, a team for the project is planned, and the original plan is initialized. This is then followed by the project set up and coming up with practical and achievable objectives that have a clear definition. These objectives are to ensure stable management of the project and optimum utilization and management of resources. The board of this project is expected to oversee the management and run the project throughout the period.
At the level of control, the project is monitored and controlled as outlined in the schedule. The deliverables must be measured. The board running the project is then advised whether to proceed with the project or explore other options. At the end of the project, the board will access the deliveries and establish whether the objectives have been met. There are issues that are addressed in the PRINCE 2 and some of them include; the organization, analysis of business case and stakeholders, quality management, risk management, planning and control (Phillips 2006).
By analyzing the business case and stakeholders view gives a clear picture of whether the management is committed to the project.
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