The acronym PRINCE2® stands for Project Management in Controlled Environments. It is a world acclaimed standard for managing projects to their successful conclusion. Its greatest strength lies in the fact that it addresses the common causes of project failures effectively while ensuring that risks are mitigated and projects kept at minimum exposure levels risk while using eight key management processes built on uniquely effective components.
PRINCE2® is principle-based, meaning that a PRINCE2® project includes 7 principles. These principles are: