Each institution of higher education shall institute, approve, and publish a methodology that communicates an institution-wide approach for project management practices. At a minimum, the methodology will:(1) Identify components and general use of project management practices, citing sources of reusable components adopted from industry standards, best practices, or a state agency or another institution of higher education that satisfy requirements specified under §216.21 of this subchapter; and(2) Be approved by the president or chancellor of the institution of higher education or designee.