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PRINCE 2 is actually a world wide used project management methodology. PRINCE is an abbreviation used for Projects in Controlled Environments. The reason for the number two is actually the fact that this had its origin from PROMPTII methodology in 1975, which was replaced by PRINCE2 in 1989. It was because of its re-launch in 1996 in United Kingdom, which has made the number 2 to stick with it. This was launched for all existing UK government projects.

PRINCE 2 is actually a world wide used project management methodology. PRINCE is an abbreviation used for Projects in Controlled Environments. The reason for the number two is actually the fact that this had its origin from PROMPTII methodology in 1975, which was replaced by PRINCE2 in 1989. It was because of its re-launch in 1996 in United Kingdom, which has made the number 2 to stick with it. This was launched for all existing UK government projects.

Every company irrespective of its size, type of business it is involved in, or its culture has been from early times involved in project management. However, in last 10 to 15 years, project management has been taken as a separate task and occupation by business personals. Now a firm appoints a project manager who is liable to tasks and functions that lie in his vicinity of job specifications.

Project management is an essential part of every organisation. Every company has been involved in this practice directly or indirectly. Though, in previous one to one and a half decades, project management has been recognized as a particular subject and has its own department in every company. Now each company has a post of project manager who is assigned the tasks to fulfil the project requirements.