Each institution of higher education shall manage information resources projects based on project management practices that meet the following criteria:(1) Include a standardized and repeatable method for delivery of information resources projects that solve business problems;(2) Include a method for governing application of project management practices;(3) Be documented and include a single reference source (e.g., handbook, guide, repository);(4) Include a project classification method developed by DIR, the institution of higher education, or another source that:(A) Differentiates and categorizes projects according to level of complexity and risk (e.g., technology, size, budget, time to deliver); and(B) Defines how to use the project classification method to establish, scale, and execute the appropriate level of processes;(5) Include a method to periodically review, assess, monitor, measure, and improve the impact of organizational project management practices on the institution of higher education's ability to achieve its strategic objectives and deliver business value;(6) Accommodate use of other practices and methods that intersect with application of project management practices; and(7) Be reviewed and updated at least every two years to facilitate continuous process improvement.