Why Good Project Governance is Key to Success

Project management paradigms have changed over the years. While in the past it was regarded as something of an appendage that was outsourced to project managers so that the top management could focus on doing what they know best, today’s project management is pretty much integrated into the organizational processes. That is why project governance is gaining great importance in today’s project environment helping ensure all the elements involved in the project execution are able to operate efficiently and effectively.

project governance

The governance refers to the management framework in your project within which the decisions about the direction of the project will be made.  It will ensure better accountability as well as responsibility in the execution of the project. It creates a framework for decision making in the project that is not only logical but also comprehensive and also repeatable ensuring that the capital investments of the organization do not go to waste. The organizations that implement this are generally able to incorporate a structured approach in the execution as well as decision-making and are better able to manage change as well as the day to day project activities.

Incorporating project governance in your project management will help you in running your projects in a more competent manner. You can work with integrity and manage all aspects of the project. One of the biggest advantages of project governance is that it ensures that the project is well aligned with the business objectives of your organization that is limiting the white elephant syndrome. Too many organizations pour money into projects that they don’t really need. Governance ensures that you will be able to work on sustainable projects for your organization.

By incorporating governance into the portfolio, you will ensure that you are working on the right projects and doing everything based on well-defined guidelines. It will facilitate better communication from top to bottom ensure that reliable and relevant information is exchanged.

In today’s project execution environment, it is important to have a portfolio management service that will ensure your projects run smoothly and on budget. It is important to have fluid and flatter project execution environment as opposed to one that is bottled by too much red tape and slow decision making. It offers PMO projects better visibility of the current projects which they are running and this enables them to better manage the various project risks increase the chances of project success.

Undertake a Project Review

When implementing a governance framework, it is important to ensure it is both logical and repeatable. It should also be very straightforward when it comes to the implementation. Successful governance is always underpinned by the overall strategy of the business. When formulating your project governance, it is necessary to carry out a review of your business goals in order to determine how well these will align with your governance framework.

Carry out an analysis and determine how the governance framework that you are formulating is going to deliver on those business objectives. Generally, the governance framework is generally business focused and not necessarily technical-focused. For more details, just visit our website at http://www.rossgarland.com/.