PRINCE (which stands for Projects in Controlled Environments) was first developed by the UK government in 1989 as the standard approach to IT project management for central government.  Since then, the method has been enhanced to become a generic, best practice approach suitable for the management of all types of projects, and has a proven record outside both IT and government sectors. 

PRINCE2 has been widely adopted and adapted by both the public and private sectors and is now the UK's de facto standard for project management.  There is also a rapidly growing international interest.  PRINCE2 is designed to incorporate the requirements and experiences of existing users around the world.

 

Source: www.ogc.gov.uk