A lot of meetings are held between the managers and designers, but no particular standard procedures are adhered to. Due to the non-repeatability, the projects require unique and sometimes unconventional solutions. Much like the software development. Estimates are done to extreme detail with a work breakdown structure that I have yet to see paralleled in software development. Strict adherence to procedure on a contract by contract basis, ISO9000 compliance, budget control, scheduling, etc. are all closely monitored.
Most project managers are PEngs and project management itself is almost a religion.
Using this comparison, I would say that software engineering as a profession has a lot of room for improvement. Many projects ended late and over budget. And so on. And all that with much clearer requirements to begin with.