There are five phases in the Prince process model: initiation, planning, execution, monitoring, and closure. This is also known as PRINCE 2. When we follow the principles of the Prince approach, it becomes a great deal easier to complete a project.
There are four stages in the Prince process model: initiation, planning, execution and monitoring. All these processes are very crucial when we are managing projects. This is why it is called “Projects in Controlled Environments”.
Prince 2 is an approach developed by the Prince Group, which makes the process simple and easy to follow. The main focus of Prince2 foundation this method is to make sure that all the stakeholders and members of the organization work together in order to achieve a specific goal. A Project Manager needs to be involved in all the activities to ensure that everyone is working towards the same goal.
The first step in the Prince 2 process involves setting up the project, which includes identifying the stakeholder requirements, analyzing the project scope and identifying the risks and benefits of the project. At this stage, the stakeholders and the Project Manager define the goal and define the tasks and the time span. Once the goal has been defined, the Project Manager starts the planning phase.