A model of board management maturity is a tool that can help a board assess their current governance practices and decide the best course of action to improve them. These models provide criteria and a scoring system for assessing capabilities and provide a framework for improving process.
Historically, project management maturity models have been developed for software development, but now they can be used by any company to analyze its processes and ensure that they are functioning properly. These models incorporate a survey or questionnaire that can be used to evaluate capabilities, and companies may also examine documents and project results to determine if they are accurate and complete.
There are different levels of maturity, each representing a different stage in the journey from improvisational to formal project management. Each level has its own distinct requirements and issues, so it is essential to choose the right maturity model for your business.
Level 1 – Beginning Level 1 – Initiating the procedures in the company are unpredictable and reactive. This is a common stage for start-ups and small businesses, as it focuses on tactical problems rather than strategic goals.
Level 2 – Development Level 2 – Developing the procedures within the company are more defined and well-organized. This is a great time for companies to focus on improving their internal processes.
Level 3 – Institutionalizing At this stage the processes in the business are more standardized and organized. This is the perfect time for teams and companies to start creating organizational standards and implementing them throughout the business.