What is PRINCE2? Well, it rather depends on your point of view.
To middle and senior managers PRINCE2 is a mixture between a philosophy and a series of processes which are targeted to ensure that a project achieves its required return on investment.
Project managers benefit from PRINCE2 because the PRINCE2 processes provide them with a framework of what they need to do in order to succeed.
Clerical and technical staff find that working in a PRINCE2 environment gives them clear and unambiguous direction.
The PRINCE2 Processes and Components.
PRINCE2 has a process-based approach to project management. The processes define the management activities to be carried out during the project. In addition, PRINCE2 describes a number of components that are applied within the appropriate activities.