Benefits of PRINCE2:

PRINCE2 embodies established and proven best practice and governance for project management. It can be applied to any type of project - and can easily be implemented alongside specialist, industry-specific models ('engineering models' or 'development life cycles').

The method is widely recognized and understood, and therefore provides a common vocabulary for all project participants - promoting effective communication. The method also provides for the explicit recognition of project responsibilities - so that participants understand each other's roles and needs. There is a defined structure for accountability, delegation, authority and communication.

Some observed benefits are:

Adopting PRINCE2 promotes learning and continual improvement in organizations. Its product focus clarifies (for all parties) what a project will deliver, why, when, by whom and for whom. It is based on a 'management by exception' framework, providing for the efficient and economic use of management time (whether at corporate, program, Project Board or project management levels).