Best Practice Overview
For decades, benchmark data clearly shows that organizations that employ a structured and flexible project methodology (or standardized project lifecycle) consistently increase the success of projects in their overall portfolio. The same data also shows that these projects exhibit best-in-class project Return on Investment (ROI) and Internal Rate of Return (IRR) results.
At its most elemental level, the project management methodology defines a thought process for approaching distinct project phases, milestones and key deliverables. As methodologies mature, practices are expanded to include a wider array of project types, sizes, and complexities.
Best Practice Implementation Considerations
Project Management Methodology implementations vary greatly from organization to organization yet, the considerations listed below will need to be included at a scaled level of practical application matched to project type, size, and complexity:
- Overall project phase structure and key objectives
- Project classification and key project drivers: methodology application across the portfolio
- Project Initiation best practices and possible stage gate criteria
- Project Planning best practices and possible stage gate criteria
- Project Executing and Control best practices and possible stage gate criteria
- Project Closing best practices and possible stage gate criteria
- Tools, practices, processes and procedures for scope development, estimating, scheduling, and risk management
- Defining key resource roles and responsibilities and integration of management level positions (PM, BA, SMEs, Tech Leads, etc,)
- Stakeholder Management, Project Governance, Project Control and Status Reporting
- Project Management Office: levels of involvement and integration
- Supportive technologies
Best Practice Summary
Developing a project management methodology is not a difficult task or process, developing a practical and properly scaled project management methodology is a complex endeavor which requires experience with and an understanding of the organization and what should be and should not be included. Beginning at a level where the methodology is directly applicable and assistive will create organizational support, This support will be required as the methodology matures and expands to include more complex and varied project efforts.