The Importance of PRINCE2 Methodology in Project Management

Running head: PROJECT SCOPING AND PLANNING
The importance of Prince2 Methodology in Project Management to
increase the project success rate
Name of Student-
Name of University-
Author’s Note-

1PROJECT SCOPING AND PLANNING
Introduction
A project is defined as a temporary finding that definitely has a beginning and an ending.
A project also has resources and scope so that it can be defined clearly. Project Management is
therefore an application where knowledge, tools, skills, and techniques are included to meet
needs of the project (Axinte, Petrică and Barbu 2017). Project Management usually has five
phases that includes initiating, planning, controlling, executing and finally closing. There are
basically ten areas that project management works on. The project management follows scope of
the project, maintains the time and cost of the project, integrate projects, improves the quality of
the project, and maintains the procurement process of the project. Human resource of the project
is maintained by project management, improves the communication among the members of the
team, and maintains the risk and stakeholders associated with the project.
According to Nicholas and Steyn 2017, to achieve goals and the results with the
particular budget and schedule, a planned project is scheduled by manager. Irrespective of the
area or the sector of the project, some project management methodologies are very helpful for
the managers who deal with the project from initializing the project up to the closing of the
project. The main aim of this literature review is to provide us with the previous studies that are
involved with PRINCE2 methodology. This literature review consists of PRINCE2
methodology, which helps in successful completion of project. The PRINCE2 methodology is
one of the methodologies that help to increase the success rate of project completion.

2PROJECT SCOPING AND PLANNING
Literature Review
Definition of PRINCE2 Methodology
Špundak 2014 illustrated that methodologies that are involved in a project is basically a
model, that are employed by the project managers for designing the project, planning and
implementing the project and finally achieve the objective of the project. There are different
methodologies involved in project management that are beneficial for many projects. Out of all
the project management methodologies, PRINCE2 methodology is one of the methodologies that
is very helpful in successful completion of the project.
According to Kerzner and Kerzner 2017 the process of PRINCE2 project management
methodology helps to find the roles of the project and assign new roles among different members
of the project team. According to PRINCE2 methodology, the roles are divided on the basis of
expertise. There are numerous numbers of positive cases that have been successful with the
application of PRINCE2 methodology. The PRINCE2 methodology stands for Projects IN
Controlled Environments. The PRINCE2 methodology has seven principles, seven themes and
seven processes. All the principle, themes as well processes that are helpful in successful
completion of the project are discussed below.
7 Principles of PRINCE2- The main principles that are involved in the PRINCE2
methodology for a good practice of project management methodology are as follows:
Business Justification: Joslin and Müller 2015 illustrated that there should be good
business knowledge in a project. There has to be a return from all the investments that are done