Organizations of any industry and size need a Project Management Standard to manage external client projects as well as internal improvements. Hereby, there is a strong and direct correlation between the maturity of the organization’s Project Management Standard and the overall organization’s performance. Experts say that organizations will even not survive in today’s times anymore if they do not have an appropriate Project Management Standard implemented. However, in reality, approximately 40% of organizations this day and age still manage their projects with no defined Project Management Standard, which leads in the short-term to lower project success rates – and risks the overall organization in the long-term.
But how to establish the right Project Management Standard in an organization? Shall organizations build something up from the scratch by themselves? Many organizations have tried this, but failed, because it often results in a lot of money, time and effort spent with little return only. Then, shall organizations rather adopt a third-party Project Management Methodology and roll it in? But how to handle the organization’s differentiators then? And once the Project Management Standard has been finally built, how shall organizations then implement such standard, making sure that it will be used, and kept up to date?
This article gives the answers to such questions, explaining first the basic Project Management terminologies, methodologies, and third-party market standards; and leads after through the right approaches on how to enable organizations to develop, tailor, and implement Project Management Standards successfully.