Organizations are aware of the importance of project management methods that keep their project goals on track. Effective project management methods focus on strengthening the pillars of project governance, structure, people, and organization information. Experts believe that project governance is a highly operational project management technique that can help enterprises keep their projects on track. In her article for Invensis, Lucy Brown talks about the relevance of project governance with new project management methods in the market.
Project Governance and Its Elements
Understanding Project Governance
Project governance is a project management technique that aligns with the organization’s governance to achieve project goals in a stipulated time. It helps your team and project manager establish a hierarchal setup along with your decision-making models. Brown mentions that project governance also helps companies analyze, evaluate, and communicate the changes for effective project management.
Governance Strategy
Governance strategy serves as an integral aspect of project governance. It helps the project manager manage timelines, risks, and stakeholders’ inputs cohesively.
Ownership
Good project managers should be known for their sense of ownership. Project governance helps managers delegate responsibilities and accountabilities efficiently.
Stakeholder Contribution
Project governance includes stakeholders’ contributions to make more effective project decisions. This is one of the qualities that makes it a better choice than other project management methods.
Stakeholder Interaction
Project governance makes special attempts to acknowledge all stakeholders and understand their expectations regarding a project.
Balance
Project governance enables project managers to balance the meeting and reporting aspects of a project. It is an effective tool to keep different people associated with the project on the same page.
Risk Management
Project managers are aware of the potential risk factors. Project governance gives them precise data and options to combat potential threats that the team might face.
Assurance
Project governance exhibits specific metrics that provide data for risk and quality control procedures eventually used for project assurance.
Project Monitoring
As the name suggests, it focuses on monitoring the project while keeping other components in mind.
Project governance includes several vital positions of responsibility, but four of them serves as the most integral part of the process:
- Sponsor
- Steering group
- Project management office
- Project manager
Experts believe that effective project management methods should have a single point of ownership that handles the management and makes the decision. Project governance not only does that, but it also helps establish clear communication between different parties. It also allows management and stakeholders to recognize their responsibilities so all can contribute to the project to the best of their capability.
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