The management product used to record relationships between specialist products in PRINCE2 is the Configuration Item Record. This record includes information on each product's status, version, and interrelationships, providing a comprehensive overview of how different project outputs are connected and managed.
PRINCE2 Foundation Manual

Section: Volume B

Section: Volume B

According to the 'manage by exception' principle in PRINCE2, when any forecast indicates that tolerances are likely to be exceeded, this issue must be escalated to the project board for decision-making. This principle supports efficient use of management time by only involving them when necessary, such as when predefined thresholds are anticipated to be breached.References: PRINCE2 7 Foundation handbook and documentation on the 'manage by exception' principle.

The objectives of the 'closing a project' process in PRINCE2 include reviewing whether the project was delivered within time and cost tolerances (2) and confirming whether operational staff are happy to take ownership of the products (3). These objectives ensure the project has met its management expectations and that the product transition to operations is smooth and accepted by relevant stakeholders.
PRINCE2 7 Foundation guide on the 'closing a project' process.