Introduction

PRINCE2 is a process based project management methodology that is used to implement a project in a controlled environment. In PRINCE2, the project is divided into a number of controllable units so that monitoring and project governance is done in a proper way. Since In PRINCE2, project is implemented in a controlled environment; it provides a greater control of the resources and the ability to manage the project risk more effectively (Ghosh et al. 2012). The report discusses the key project management issue including, risk, configuration management, quality and the plans. The report further compares the approaches of PRINCE2 with the agile framework in order to identify the potential strength and weakness of the system.

PRINCE2 Project Management Methodology 

PRINCE2 can be termed as a systemic method of implementing a project by dividing the entire project in certain manageable units. The purpose, characteristics and the application of PRINCE2 project methodology is discussed in the following section.

Purpose 

The purpose of Project In a Controlled Environment or PRINCE2 helps in directing the project process so that the project can be executed in a controlled environment. The purpose of PRINCE2 are discussed below (Kruger and Rudman 2013)-

1. The purpose of monitoring and directing a project process by diving in a small manageable unit is to ensure that there is a proper authority to initiate manage and execute a project.
2. PRINCE2 is a widely used project management methodology that is extensively used in UK government. It is a widely recognized project management approach in private sector. It is a widely used approach as it minimizes the risk associated with the project implementation.
3. The main purpose of PRINCE2 is to provide a manageable environment for implementation of the project. It offers the flexibility to bring certain manageable changes in the project.
4.  PRINCE2 provides a fairly detailed project monitoring and control process for ensuring a smooth project execution.

PRINCE2 Characteristics 

The characteristics of PRINCE2 project methodology are as follows (Karaman and Kurt 2015)-

1. PRINCE2 project methodology provides a common yet consistent approach of project implementation.
2. With PRINCE2, a project generally has a controlled and organized starting, execution and the end point.
3. PRINCE2 project methodology ensures regular project review on basis of the project plan that is made at the beginning of the project.
4. With PRINCE2, project can be implemented in a defined lifecycle.
5. Provides defined and measurable business products
6. PRINCE2 project implementation method follows a defined set  of activities in order to produce successful business products.
7. In PRINCE2, project is implemented with a specified amount of resources in a scheduled time.
8. The PRINCE2 project methodology is based on the best practises of project management and is therefore widely implemented.

Suitable Application 

PRINCE2 can be applied in the projects that have lesser chances of facing a scope creep. PRINCE2 helps in tailoring the project environment according to the complexity and the schedule of the project and therefore it can be implemented for complex projects as well.

PRINCE2 is widely used in public sectors, Oil and Gas industry, construction industry and in IT industry as well (Vaní?ková 2017). Therefore, it can be rightly said that PRINCE2 can be implemented in almost all types of project they possesses clear scope.

Furthermore, PRINCE2 project methodology finds its usage in the banking industry, engineering industry and is operation management as well. This is the reason why PRINCE2 project methodology is known for its wide adaptation across the world.

Use of PRINCE2 in addressing key project management issues

PRINCE2 in Risk management 

Risk management is an important part of the PRINCE2 project implementation. In PRINCE2, the risk management process is implemented at the beginning of the project. These steps includes, risk identification, planning and risk mitigation. PRINCE2 considers risk management as an important step of project implementation (Saad et al. 2015). Since the risk management process is generally implemented at the beginning of the project, PRINCE2 ensures that the risks associated with the project are minimized during project execution.

PRINCE2 in configuration Management 

Configuration management is an important aspect of PRINCE2 project and is a vital process in successful implementation of a project. Configuration management should be an integral part of an organization as it helps in management of the operational life, changes upgrades and the maintenance of the product that is developed (Pollack and Algeo 2014). There are mainly two types of configuration management, out of which PRINCE2 mainly focus on implementation of the project with the according to the scope of a particular project. In PRINCE2 configuration management is implemented in a planned approach as well.

PRINCE2 in Quality Management 

Quality Management can be defined as the strategy that is used to define the quality, standards and the techniques that can be used in different project management approaches (Sanjuan and Froese 2013). In PRINCE2 proper quality checks are ensured as a part of the project management plan and the project manager is responsible for managing the quality of the project.

PRINCE2 Vs Agile

The differences between PRINCE2 and Agile project methodology are discussed below (Abrahamsson et al. 2017)-

1. PRINCE2 is a predictive process based approach while agile is an adaptive approach.
2.  PRINCE2 does not focuses on the organization of team, while in agile, the self organization and independence of team members is a primary consideration.
3. Change in the project scope is not permitted in PRINCE2 while in scrum the project processes can be modified while implementing the project.
4. PRINCE2 is a project management method while that of agile is mainly a project development method.

Conclusion 

Therefore, from the above discussion, it can be concluded that PRINCE2 offers a controlled environment in successful project implementation. The report gives an overview of the use of PRINCE2 is different sectors including, construction, banking, oil and gas and so on. The report further discusses the characteristics and purposes of using PRINCE2 in project management. PRINCE2 project methodology is very different from the other recognized project management framework. The report provides a distinction between the PRINCE2 project methodology and agile.

References 

Abrahamsson, P., Salo, O., Ronkainen, J. and Warsta, J., 2017. Agile software development methods: Review and analysis. arXiv preprint arXiv:1709.08439.

Ghosh, S., Forrest, D., DiNetta, T., Wolfe, B. and Lambert, D.C., 2012. Enhance PMBOK® by comparing it with P2M, ICB, PRINCE2, APM and Scrum project management standards. PM World Today, 14(1), pp.1-77.

Karaman, E., and Kurt, M. 2015. Comparison of project management methodologies: prince 2 versus PMBOK for it projects. Int. Journal of Applied Sciences and Engineering Research, 4(5), 657-664.

Kruger, W., and Rudman, R. 2013. Strategic alignment of application software packages and business processes using PRINCE2. The International Business & Economics Research Journal (Online), 12(10), 1239.

Pollack, J. and Algeo, C., 2014. The contribution of project and change managers to different project activities. Project Management Institute.

Saad, S., Ibrahim, A., Asma, O., Khan, M.S. and Qadir, A.A., PRINCE2 Methodology: An Innovative Technique of Project Management growing progressively across the globe. URL: https://cgr. umt. edu. pk/icobm2013/papers/Papers/IC3-Jan-2013-049. pdf (18.09. 2015).

Sanjuan, A.G. and Froese, T., 2013. The Application of project management standards and success factors to the development of a project management assessment tool. Procedia-Social and Behavioral Sciences, 74, pp.91-100.

Vaní?ková, R., 2017. Application of PRINCE2 Project Management Methodology. Studia Commercialia Bratislavensia, 10(38), pp.227-238.