PRINCE2® (Projects IN Controlled Environments) is a widely used project management method considered to be a benchmark process for both private and public organizations implementing projects in the United Kingdom and increasingly being adopted by organizations in Australia. It is considered to address the essentials for running a successful project.
Updated recently in 2017, PRINCE2 embodies established and proven best practice and governance for project management. It can be applied to any type of project and can easily be implemented alongside specialist, industry - specific models ('engineering models' or 'development lifecycles').
The method is widely recognized and understood, and therefore provides a common vocabulary for all project participants promoting effective communication. The method also provides for the explicit recognition of project responsibilities, so that participants understand each other's roles and needs. There is a defined structure for accountability, delegation, authority and communication.