Summarize the below reading and how it relates fully to Project Management as a whole.

Provide 2 references sourced for the related topic (Project Management and Project Management Process).

Topic - Best Practices Process

"Why capture best practices?" The reasons or objectives for capturing best practices might include:

• Continuous improvements (efficiencies, accuracy of estimates, waste reduction, etc.)
• Enhanced reputation
• Winning new business
• Survival of the firm

Survival of the firm has become the most important reason today for capturing best practices. In the last few years, customers have put pressure on contractors in requests for proposals (RFPs) by requesting:

• A listing of the number of PMPs in the company and how many will be assigned to this project
• A demonstration that the contractor has an enterprise project management methodology that is acceptable to the customer or else the contractor must use some other methodology approved by the customer
• Supporting documentation identifying the contractor's maturity level in project management, possibly using a project management maturity model for assessments
• A willingness to share lessons learned and best practices discovered on this project and perhaps previous projects for other customers

Recognizing the need for capturing best practices is a lot easier than actually doing it. Companies are developing processes for identifying, evaluating, storing, and disseminating information on best practices. There are nine best practices activities as shown inFigure 1-4, and most companies that recognize the value of capturing best practices accomplish all of these steps.

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