The Initiation Stage Plan specifies how the project board should approve management products produced during the 'initiating a project' process. It sets out the plan for the initiation stage, detailing the management and control of this stage, including how deliverables are to be reviewed and approved.References:
PRINCE2 7 Foundation Source: PRINCE2 Foundation handbook and online resources

The PRINCE2 principle of 'Learn from experience' addresses concerns about the project team's familiarity with similar projects. It mandates that project teams seek out and learn from previous relevant experiences and lessons logged in prior projects to enhance their effectiveness and efficiency, even when facing unfamiliar project scenarios. References: PRINCE2Foundation Handbook, Learn from Experience principle section.

In support of the 'manage by exception' principle, the Project Plan in PRINCE2documents the project's tolerances for key variables such as cost, time, quality, scope, risk, and benefit. These tolerances define the limits within which the Project Manager can operate without needing to escalate decisions to the Project Board, facilitating efficient decision-making and control at each level of project management.References:
PRINCE2Foundation Manual

A Project Manager agrees on the Work Package cost tolerances with a Team Manager. This agreement defines the acceptable cost variance within which the Team Manager can operate without needing further approval. References: PRINCE2 Foundation official study materials.

PRINCE2 is flexible and can be tailored to fit the size, complexity, importance, capability, and risk of the project. This adaptability is a key feature of PRINCE2, ensuring that the methodology can be scaled up or down to suit the specific demands of different projects.References: PRINCE2 7 Foundation handbook and official documentation on PRINCE2 features.