According to Harvard Business Review, every success, every mishap, and every opportunity seized or missed is the result of a decision someone made or failed to make. So, what helps you make “good decisions?” It is here that project governance plays a crucial role. Governance goes beyond the decision-making of a single project. It defines an organization’s activities, including regulations, functions, processes, policies, procedures, and responsibilities. So, how crucial is governance in project management methods? This Project Practical article explains everything you need to know about project governance.
Project Management Methods: What Is Project Governance?
Project governance is an infrastructure that handles accountability and responsibility that surrounds your project. Governance in project management methods answers the following questions:
- Who coordinates between the board, the project manager, and the stakeholders?
- To whom will I report?
- Who will report to me?
- Who is accountable for decision-making?
- What tools must be used for project management?
Importance of Project Governance in Project Management Methods
Governance is crucial to every project, from the simplest to the most complex. Here are some of the benefits that you can achieve by improving your project governance:
Sets Direction
A project plan is essential to ensure that a project is completed on time, within budget, and by the required quality standards. To accomplish this, you must create realistic plans considering the factors impacting the project—scope creep, risks, dependencies, and assumptions. Project governance “allows you to have standardization processes across all your projects, thereby enabling you to compare the performance,” says the author.
Assigns the Right People to Projects
Projects demand the right mix of skills, abilities, knowledge, and personality types. Assigning the wrong person to a project jeopardizes its success and will undoubtedly impact the productivity of everyone involved. Additionally, it can create conflict among team members. Project governance helps you identify the causes of project failure in advance and enables you to avoid them.
Brings Discipline
Good project governance requires discipline. You must set up suitable governance structures, train your board members and sponsors that create them, and enforce procedures that will assure the quality of work. To implement good governance structures, allocate time in your project plan for the governance process. Furthermore, set up criteria for critical decisions at the project’s outset.
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