Professional Practice & Standards PDF

SSUD12-108 Professional Practice & Standards WELCOME TO WEEK 7! Dr Muath Abu Arqoub, PMP ® BOND UNIVERSITY Management Maturity Model (MMM) What is a maturity model? A maturity model is technique organisations use to assess how well their business or project performs. And how capable they a...

SSUD12-108 Professional Practice & Standards WELCOME TO WEEK 7! Dr Muath Abu Arqoub, PMP ® BOND UNIVERSITY Management Maturity Model (MMM) What is a maturity model? A maturity model is technique organisations use to assess how well their business or project performs. And how capable they are of continual improvement. Maturity models may analyse qualitative information. Models get designed to determine whether firms are maturing. This means they continually test, expand, and improve WHY DO WE NEED A MATURITY MODEL? 1. It’s a great tool to assess the effectiveness of the business 2. They provide examples to help to improve businesses or processes 3. They help in making better investment decisions Overall, using a maturity model as a foundation for improving practices, performance, and processes provides your company the ability to: 1. Benchmark internal performance: Benchmarking helps you determine where the organization is at in its improvement journey. You can then set clear objectives for future investments in performance improvement. 2. Catalyse performance improvement: Because the model reflects the discipline’s best practices, you can use it to produce action plans to close performance gaps and improve maturity. 3. Create and evolve a common language: Maturity models help knowledge domains grow into disciplines where a common language can translate into consistent, repeatable, and predictable performance over time. Project Management Maturity Models Project management maturity (PMM) models are used to allow organization to benchmark the best practices of successful project management firms. Benchmarking is a systematic management tool in process improvement that measures and compares an organization’s process, product, or service performance with those with better performance or those using world-class strategies – a.k.a. best practices.  The literature is clear that a ‘one size fits all’ approach to maturity assessment is flawed.  Not only are organisations different, but they also operate in a wide range of industries that themselves are at different stages of maturity.  It has always been a core objective of maturity models to enable comparison of organisations in the context of benchmarking against ‘best practice’.  What constitutes best practice in one industry, however, may not be appropriate in another..  Organisations evolve over time, and the strength of their capabilities dictates whether they are successful or unsuccessful.  Maturity assessment needs to provide guidance on positive improvement and fix weaknesses that might lead to poor performance  Using C. Darwin’s concept (evolution theory) we view organisations as ‘species’ that evolve and diversify.  This is not a function of maturation, but their agility to deal with external forces and trends within the environment in which they operate and the changes that happen over time. Project Management Maturity Models 1. Capability Maturity Model Integration (CMMI) 2. Portfolio, Programme, and Project Management Maturity Model (P3M3®) 3. Organizational Project Management Maturity Model (OPM3) Project Management Maturity Models Capability Maturity Model Integration (CMMI) -CMMI provides a set of practices for improving processes, resulting in a performance improvement system that paves the way for better operations and performance. -CMMI applies to organisations that undertake software development, systems engineering, and product development using a single tool to assess maturity or capability and provides direction while developing more sophisticated processes. Project Management Maturity Models Capability Maturity Model Integration (CMMI) There are five maturity levels used in the ‘staged’ representation of CMMI: 1. Initial: Processes are unpredictable, poorly controlled and reactive 2. Managed: Processes are characterized for projects and are often reactive 3. Defined: Processes are characterized for the organization and are proactive 4. Quantitatively managed: Processes are measured and controlled 5. Optimizing: There is a focus on process improvement Portfolio, Programme, and Project Management Maturity Model (P3M3®) (P3M3®) ranks maturity on a five-stage scale and built on seven process-related core processes that exist in project, program, and portfolio: 1. Organizational governance 2. Management control 3. Benefits management 4. Risk management 5. Financial management 6. Resource management 7. Stakeholder management Organizational Project Management Maturity Model (OPM3) 1. (OPM3) Developed by a team of volunteers from the PMI between 1998 and 2013, it is suitable for organizations of any size, location or practice environment. 2. (OPM3) aims to enumerate the level of maturity of projects and practices, based on best practices as a methodology for assessment 3. (OPM3) is aligned specifically to the widely recognized PMBOK methodology. Organizational Project Management Maturity Model (OPM3) OPM3 compares organisational activities with a large number of standardised best practices, measuring them in project, program and portfolio management contexts by examining capabilities and related outcomes. Organizations are then classified into four levels of maturity development, not five as embedded in CMMI and P3M3, for each process area in each domain: 1. Standardise: Structured processes are adopted 2. Measure: Data is used to evaluate process performance 3. Control: Control plan developed for measures 4. Continuously improve: Processes are optimised CLASS ACTIVITY A research paper titled “A Management Maturity Model(MMM) for project-based organisational performance assessment” will be explored via group discussions. This includes reviewing maturity models developed by PMI®, AXELOS® and IPMA®. Compare and contrast the project management maturity models. What are the strengths and the weaknesses in each of the models? Prepare a few slides and discuss your findings.