Prince2 is a proven methodology in systematizing project initiation, start-up, control, and implementation. It is a system that can provide comprehensive approaches to the different aspects of project management. The Prince2 systems can develop valuable key skills of companies and organization in terms of project management and deliveries.
Skills in project estimation can be developed by Prince2. Problems in project estimation can be averted because the system provides mechanisms to explore in advance different estimates of project deliveries, costs, and inherent risks. This is very important because time wasted on estimation mistakes can derail the whole implementation of a project.
Another key skill that can be enhanced by Prince2 is effective management of stakeholders. Communicating project status and deliverables to the stakeholders is addressed by Prince2 through the imposition of tighter report mechanisms at each level of the project. This would ensure complete oversight of project implementation by responsible individuals and organizations.
Risk management skill is also reinforced by the Prince2 methodology because the system provides managers with the necessary tools to foresee areas where there exist significant risks to the implementation of the project. Unfavorable scenarios could be avoided by the provision of contingencies for every known risk. As the project progresses, risks multiply but Prince2 mitigates this and guides managers to install the needed contingencies.
Because of the comprehensive approach of the Prince2 methodology, managers can effectively guide and handle each stage of the implementation of a given project. The Prince2 system ensures that managers and executives will not neglect important details and at the same time keep their focus on the over-all direction of the project.