Looking back, it is said that projects then were not delivered on time. A lot of factors may have contributed to this failure such as lack of competent people to run the project or the directors have exceeded project costs from the proposed budget. It is because of these reasons that institutions have taken the initiative to draft certain processes that are proven effective towards project success and devise a project management standard that others can follow. This is how Prince2 was developed.
The quest began in 1979 when the Central Computing and Telecommunications Agency (CCTA) has adopted PROMPT, which is short for Project Resource Organization Management and Planning Techniques. This is in response to the different challenges that they have encountered, such as budget and time management, in running computer projects. PROMPT aims to set some guidelines in computer project management that has eventually led to the development of Prince (PRoject IN Controlled Environments) in 1979.
Prince main features include a well-defined management structure, a systematic plan for resource management, a different set of control procedures and a renewed focus on obtaining project deliverables. But then again, the Prince methodology appears to be ambitious to other organizations that it can only be applied to large projects. This again paved the way for a revision released in 1996, called Prince2.
If Prince is only applicable to IT projects, Prince2 has been made as a generic one that can be used to non-IT controlled environments. It has been recognized worldwide and was updated in consultation in 2005. Because of this, Prince2 has become the de facto standard for project management; a success not only to its developers but for the whole industry as well.