1996 PRINCE2

PRojects IN Controlled Environments 2
An upgrade to PRINCE was considered to be in order and the development was contracted out but assured by a virtual committee spread among 150 European organisations. The BAC, TAC and UAC were removed in the official version. Most companies who adopt a PRINCE approach to project management adapt the method to their commercial environment and use those parts of PRINCE that work for them. This is acceptable as the puritanical days of sticking rigidly to a method are seen now as undesirable and unnecessary. Originally developed for IS and IT projects to cut cost and time overruns; the second revision was made more generic an applicable to any project type.

In 2002 and 2005 PRINCE2 was updated in consultation with the international user community.

2009 PRINCE2 Major Revision

A major revision has seen the method made simpler and more easily customisable, a common request from users. The updated version has seven basic principles (not in the earlier version) that contribute to project success:
  1. Continued Business Justification.
  2. Learn From Experience.
  3. Defined Roles and Responsibilities.
  4. Manage by Stages.
  5. Manage by Exception.
  6. Focus on Products.
  7. Tailor to Suit Environment.

The updated method aims to give project managers a better set of tools to deliver projects on time, within budget and to the right quality.