PRINCE2 (PRojects IN Controlled Environments) is a process-based method for effective project management.

PRINCE2 is a de facto standard used extensively by the UK Government and is widely recognised and used in the private sector, both in the UK and internationally.

The method PRINCE2 is in the public domain, offering non-proprietorial best practice guidance on project management. PRINCE2 is a registered trademark of OGC.

The key features of PRINCE2 are:

• Its focus on business justification
• A defined organisation structure for the project management team
• Its product-based planning approach
• Its emphasis on dividing the project into manageable and controllable stages
• Its flexibility to be applied at a level appropriate to the project.

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 lifecycles').

The method is widely recognised 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 others roles and needs. There is a defined structure for accountability, delegation, authority and communication.

PRINCE2:

• Promotes consistency of project work and the ability to reuse project assets; it also facilitates staff mobility and reduces the impact of personnel changes/handovers.
• Is an invaluable diagnostic tool, facilitating the assurance and assessment of project work, troubleshooting and audits.
• Plans are carefully designed to meet the needs of the different levels in the management team, improving communication
  and control.
• Ensures that participants focus on the viability of the project in relation to its Business Case objectives - rather than simply seeing the completion of the project as an end in itself.
• Defines a thorough but economical structure of reports.
• Ensures that stakeholders (including sponsors and resource providers) are properly represented in planning and decision making.

Adopting PRINCE2 promotes learning and continual improvement in organisations. 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, programme, Project Board or project management levels).