Project managers view project governance as trouble and a distraction in most cases. Even senior managers do not realize its potential and believe it is just an intrusion into their autonomy. But it is a critical part of project control. It provides accountability, strategic focus, and sound decision-making for the organization, project, and people involved. Thus, without good governance, your organization and projects are at serious risk. This article by Lucy Brown at Invensis speaks about project governance and its importance in running projects smoothly.
What is Project Governance?
The governance process clarifies everyone's role and assigns the various responsibilities to complete a project successfully. Also, it provides structure, processes, decision-making mechanisms, and tools to help manage and control projects. Furthermore, governance outlines, documents, and communicates standardized practices to provide a means of controlling a project and ensuring its success.
The Building Blocks of Project Governance
Project Governance Models
Governance is a balance of factors influenced by scope, timeline, complexity, risk, stakeholders, and thus importance to your organization. So, your governance framework should have a primary tool that identifies mandatory components and changes based on the indicators above.
Distribution of Responsibilities
Defining and distributing responsibilities is essential for project success. Hence, the project manager must specify who is accountable and who to consult, notify, and identify as responsible for each deliverable.
Identification of Stakeholders
Identify all internal and external stakeholders. In order to communicate effectively with all stakeholders, the project manager must define all the stakeholders and their interests and goals.
The project manager should craft a communication plan to provide all stakeholders with concise, timely information.
In addition, information needs to be precise, concise, and to the point so that each stakeholder understands the communication, its milestones, and decisions.
Identifying, categorizing, and prioritizing risks and issues at the onset of a project or program is crucial. Taking the right approach rather than dealing with the problem itself can be extremely useful.
Also, a key component of an efficient project is the creation of metrics that provide an overview of project performance.
Project managers should track and measure performance regularly and act if any deviations occur.
The Four Crucial Project Governance Roles
Here are four key roles in establishing, maintaining, and enforcing governance:
- Steering committee
- Project management office
- Project manager
To read the original article, click on https://www.invensislearning.com/blog/project-governance