PRINCE is the shortcut term for Projects In Controlled Environments, a process-based system applied for useful project management. PRINCE2, however, is an actual standard that is extensively used by the UK government, and which is also broadly used by those in the private sectors, both within the UK and abroad.
 
PRINCE2 is a method in a public domain, and can offer non-proprietary best practices for guiding project management. It is also a registered trademark of the OGC (or Office of Government Commerce of the UK government.)
 
What are the features of PRINCE2?
 
The main concerns of PRINCE2 are to focus on business justification, emphasizing a team definition in organizing the structure used for project management, maintaining a product-based approach in planning, using a definite cycle, definition of possible problems, dividing projects into a controllable and manageable sequence, and having the capacity to be flexible in applying an appropriate level for a project.
 
Bringing to the fore all the PRINCE2 characteristics is known to be very effective in saving time and money because of successful project deliveries.
 
PRINCE was established back in 1989 by the Central Computer and Telecommunications Agency (or CCTA.) CCTA is now called the OGC. It was originally based on PROMPT, a method of project management that was created by Simpact System Ltd. It was then adopted by CCTA in 1979 to be used in all projects involving government information systems.
 
PRINCE was then launched in 1989 to take the place of PROMPT immediately throughout all the government projects. It has remained in the public domain and is copyrighted.
 
PRINCE2 was then published in 1996, and is known to contribute to systems of around 150 European organizations. PRINCE2 followed suit in the UK and has now become one of the most widely used project management methods.

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