A project without structure and definition is hard to manage. Remember when you were back in school and had to accomplish projects as required by your teachers? Even something as small scale as those gave you a rather hard time without proper planning. Imagine the difficulties you encountered then multiplied a thousand times over, and you get a feel of a typical project managed by businesses and corporations.
Project management is a necessary component of handling these large scale projects. There are different methods to project management, but one of the most widely used because of its high levels of efficiency is PRINCE2, which stands for Projects IN Controlled Environments 2. There is a PRINCE1, but it is a method tailored for IT-based projects. However, PRINCE2 is far more flexible because it can be used for projects coming from different industries.
PRINCE2 was initially used by just the OGC (Office of Government Commerce) in the UK. In fact, OGC registered PRINCE2 as a trademark. However, PRINCE2 started to gain more popularity in projects outside of OGC because of its effective approach to project management. PRINCE2 is centered on the process that needs to be done. Around that process, PRINCE2 organizes in a systematic manner all the available resources of the project in such a way that each step has a defined amount allotted to it. PRINCE2 is all about implementing quantitative standards on each step to make tracking success and failure rates much easier.
PRINCE2 is now considered an internationally accepted approach to project management.