Projects IN a Contollled Environment is a best practise project management methodology that is an open method, that is, there is no licensing fee. Furthermore there is an established, freely available pool of existing knowledge based on previous experience. PRINCE2 leans on common sense whilst utilising subtle, but effective, control mechanisms.
PRINCE, which stands for Projects in Controlled Environments, is a project management method covering the organisation, management and control of projects. PRINCE was first developed by the Central Computer and Telecommunications Agency (CCTA) now part of the Office of Government Commerce (OGC) in 1989 as a UK Government standard for IT project management. Since its introduction, PRINCE has become widely used in both the public and private sectors and is now the UK's de facto standard for project management. Although PRINCE was originally developed for the needs of IT projects, the method has also been used on many non-IT projects. The latest version of the method, PRINCE2, is designed to incorporate the requirements of existing users and to enhance the method towards a generic, best practice approach for the management of all types of projects. http://www.ogc.gov.uk/prince2