Prince2 stands for PRojects IN Controlled Environments version 2.

PRINCE2 can be applied to any type of project
It provides a common vocabulary and approach
PRINCE2 integrates easily with industry-specific models
The product focus clarifies for all parties what the project will deliver.
PRINCE2 applies ‘management by exception’ providing efficient use of senior management time
It ensures a focus on the continuing viability of the project PRINCE2 provides explicit understanding of roles and responsibilities so everyone can answer what is expected of them and what is expected of others.

PRINCE2 is clear in what on what it is and what it not is.
It does NOT tell you how to be a good leader, it does not tell you how to deal with stakeholders, it does not tell you how to do specific project management techniques

It does provide you with a solid framework to manage the lifecycle of a project, it does provide you with key questions to ask during the life cycle of a project, it does provide you with road map to project closure.

Some of the key questions to ask during a project:
Why (not)?
How (much)
When
Who
Why again?