PRINCE2® is a repeatable approach to managing projects. It is a well-defined and well-structured ‘how-to’ description. Its element are shown in the Mind Map on the right.

Strengths of PRINCE2 are:
clear organization with well-defined responsibilities, business case driven, product-based planning supporting change control and scope management, well-defined Work Packages, clear risk management, communication paths, and quality control. Project documentation is produced parallel to project execution.
PRINCE2 is aproven approach for running a project.