(PRojects IN Controlled Environments 2) A product-based approach for project management that provides an easily tailored and scalable method for managing IT and other business projects. A PRINCE 2 project is defined by its business case, which is regularly reviewed during a project under the assumption that business objectives may well change during the product lifecycle. PRINCE 2 represents the latest version of a project management standard developed by the United Kingdom's CCTA in 1989. Widely used in Europe, it has gained popularity in the U.S. For more information, visit www.ogc.gov.uk/prince2. See CCTA. See also Prince.