Benefits and Issues in Managing Project by PRINCE2 Methodology

Abstract

This paper will focus on implementation of structured project management methodology PRINCE2. It points out benefits and issues in managing project by using PRINCE2 methodology. PRINCE2 takes a process approach to project management, fitting each process in to a framework of essential components that need to be applied throughout the project. The PRINCE2 methodology describes the quality reviews for project documented, output driven product based planning and a change control process for agreeing potential changes and fixing faults.PRINCE2 methodology gives benefits through the process driven features. The strength of PRINCE2 lies in the areas of project direction and project management. The primary data collection method was interviews of the industry expertise. The secondary source of data is reference books and Internet articles. This paper will help to understand basics of PRINCE2 methodology , benefits and issues of PRINCE2 methodology.