Assignment Problem: The project management institute defines best practices as, "optimal methods, currently recognized within a given industry or discipline, to achieve a stated goal or objective". Best practices in a general sense to me means procedures or operations that have been accepted or proven in a region or industry to achieve the desired result. Best practices are useful because the early entrants into a market will usually have to go through a trial-and-error process to find best practices and an advantage can be recognized by late entrants as they usually will use the industry best practices and not have to use time and resources to figure out the best process on their own. Some of the key components of best practices are capabilities, outcomes, and key performance indicators (KPIs). Capabilities are incremental steps leading up to one or best practices, outcomes are the tangible and intangible results of applying capabilities, and a KPI is a criterion used to determine the degree to which an outcome is achieved. The important thing to remember is that a best practice for one industry or region may not be the best practice in a different one. One example of best practices from chapter 10 is project scope planning process control. Project scope planning process controls are established to control the stability of the process. Another example is portfolio cost estimating process measurement. Portfolio process measures are established, assembled, and analyzed.
Do you agree with the paragraph? If yes, then explain.