PM0069 : Project Management: The A to Z of Best Practices

 Project management has evolved over time, becoming the principal mean of dealing with change in modern organizations. Best practices have occurred as a result of business evolution and of practicing project management at a global leveP l. Best practices in project management, if followed, increase the chances of success in achieving goals when dealing with projects. 

 Project management is accomplished through the application and integration of the project management processes of initiating, planning, executing, monitoring and controlling, and closing. Best practice is based on experience and is used to describe the process of developing and following a standard way of doing things. In project management, best practice is a general term that include guidelines and international standards. 

 Management of projects for petrochemical companies is critically important, as worldwide the industry spends over billions of dollars annually in building new plants or expanding the existing ones. The petrochemical industry has made tremendous improvements in its management of projects. Industry and cross industry best practices have become well recognized and implemented by most companies. Several companies have taken steps to improve their approaches through changes in organizational models and skills, and establishment of expertise centers.