PRINCE2 is a de facto standard used extensively by the UK Government and is widely recognised and used in the private sector, both in the UK and internationally.

The method PRINCE2 is in the public domain, offering non-proprietorial best practice guidance on project management. PRINCE2 is a registered trademark of OGC.

The key features of PRINCE2 are:

Its focus on business justification
A defined organisation structure for the project management team
Its product-based planning approach
Its emphasis on dividing the project into manageable and controllable stages
Its flexibility to be applied at a level appropriate to the project.
http://www.prince2.com/what-is-prince2.asp