PRINCE stands for PRojects IN Controlled Environments, 2 stands for the version of PRINCE used. Typically we tend to use PRINCE2, as it is the latest version but PRINCE (version 1) is still in use, where appropriate. Corporate Chameleon use version 2 and it is this version that will be referred to from here on. PRINCE2 is a structured method for effective project management. It is a de facto standard used extensively by the UK Government and is widely recognised and used in the private sector, both in the UK and internationally. As a public domain methodology, it offers non-proprietory best-practice guidance on project management.   key features of PRINCE It focusses on business justification Definition of organisation structure for the project management team A product-based planning approach Emphasis on dividing the project into manageable & controllable stages Flexibility to be applied at levels appropriate to the project   benefits of using PRINCE Through controllable use of resources and the ability to manage business and project risk more effectively, PRINCE provides its' benefits to managers and directors of a project and to the organisation. PRINCE embodies established and proven project management best practice. Widely recognised and understood, it provides a common language for all participants in a project. PRINCE encourages formal recognition of responsibilities within a project and focuses on what a project is to deliver, why, when and for whom. PRINCE provides projects with: A controlled and organised start, middle and end point Regular reviews of progress against the project plan and against the Business Case Automatic management control of any deviations from the plan The involvement of management and stakeholders at the right time during the project Good communication channels between the project, project managers and the rest of the organisation.   benefits of PRINCE for managers Establish terms of reference as a pre-requisite to the start of a project Use a defined structure for delegation, authority and communication Divide the project into manageable stages for more accurate planning Ensure resource commitment from management is part of any approval to proceed Provide regular but brief management reports Keep meetings with management and stakeholders to a minimum but at the vital points in the project.   benefits of PRINCE for Stakeholders Participate in all the decision-making on a project Be fully involved in day-to-day progress, if desired Provide quality checks throughout the project to ensure desired outcomes are being met.   benefits of PRINCE for senior management PRINCE uses the 'management by exception' concept for senior managers. They are kept fully informed of the project status without having to attend regular, time-consuming meetings. For further information on PRINCE, please contact us. You may also like to take a look at the offical PRINCE website at the office of government commerce. If you are interested in other methodologies we use, please select from the following: PRINCE2 managing successful programmes rational unified process PRINCE® is a registered trademark of CCTA.