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PRINCE2, is an acronym for Projects in Controlled Environments.

PRINCE2 is a project management methodology that was developed and is currently owned by the Office of Government Commerce (OGC) in the United Kingdom.

The OGC also owns the ITIL framework (which went through a major upgrade release in early 2007).

There are 8 elements to the framework.

Starting Up
Managing delivery
Managing boundaries

Certification is available for project managers that wish to be seen as “qualified” in Prince2. The certification scheme is owned by the APM Group (who also own the certification scheme for ITIL).