PRINCE2 is an acronym for Projects IN Controlled Environments. It was developed as a UK government standard for information systems projects and now it is one of the most recognized and respected project management certification around the world with over 1 million certified PRINCE2 professionals. PRINCE2 is based upon a set of 7 principles which guide all aspects of the methodology. It highlights the importance of processes that are to be followed and organizes them into linear and logical steps. The methodology focuses on many fundamental aspects of project management such as roles and responsibilities, business case, organization, change, risk, quality, progress and planning. That’s why many project managers would describe PRINCE2 methodology as a predictive plan based approach which can be really useful for projects with bigger goals as it provides governance and structure. The application of the methodology can help high level management to answer questions such as ‘Is this project feasible?’ and ‘Are the benefits from the project worth the risk?’
Before the Agile methodology came about, development teams would identify problems and work to come out with the complete solution to bring to market in its entirety. Generally, that can be described as the Waterfall approach which follows a specific process or procedure and prioritize on following a plan in managing a project. However, many argued that the approach would require longer duration to complete a project and it is more resistant to change. The Agile methodology, on the other hand allows teams to respond to changing requirements and focuses on iterative and incremental processes to provide early and continuous delivery of solution. The iterative approach is commonly use in software development projects to promote velocity and adaptability since the approach encourages project teams to adjust as they go along rather than following a planned linear path. The Agile methodology in project management promotes collaborative working with the team and the customer to learn and adjust at regular intervals to ensure that the customer’s needs can be satisfied and with outcomes that contribute benefits. The table below provides the summary of the major differences between the PRINCE2 and Agile project management methodologies.