You have heard (too) many acronym buzzwords on software engineering project management standards, ranging from SCRUM to CMMI, from PRINCE2 to ISO 12207? You get more confused each time a guru on one of these provides his input on standardization within your business? Then, this book is for you! According to the understanding developed in this book, standards are not easy or straightforward interpretable and not ready-to-use entities to be put into practice. On the contrary, according to the experience of many, one and the same standard might get interpreted in different ways and can play highly different roles in various areas of software engineering projects and in the business that work with them. This book explains two general approaches how to clarify the possible meaning and role of standards based on a business use case at hand. Adoption to your particular challenge is provided by a sample use case. The work is the result of, and follows the typical approach of an MBA thesis.