PRojects IN Controlled Environments (PRINCE) is a project management method. It covers the management, control and organisation of a project. "PRINCE2" refers to the second major version of this method and is a registered trademark of the Office of Government Commerce (OGC), an independent office of HM Treasury of the United Kingdom.
From Official PRINCE2® Website:
PRINCE2 is a de facto standard developed and used extensively by the UK government and is widely recognised and used in the private sector, both in the UK and internationally. It embodies established and proven best practice in project management.
PRINCE2® (Projects IN Controlled Environments), is a widely used project management method that navigates you through all the essentials for running a successful project.
PRINCE2 is a flexible method and is aimed at all types of projects.