Project governance is an oversight function aligned with the organization’s governance model, and that encompasses the project life cycle. It provides the project manager and team with structure, processes, decision-making models, and tools for managing and controlling the project while ensuring successful delivery of the project also. Project governance is a crucial element, especially for complicated and risky projects.
It defines, documents, and communicates consistent project practices to provide a comprehensive method of controlling the project and ensuring its success. It contains a framework for making decisions about the project, defines roles, responsibilities, and liabilities for the accomplishment of the project, and governs the effectiveness of the project manager.
An effective Project Governance in an organisation makes sure the projects keep running smoothly with respect to the three pillars of Project Governance i.e structure, people, and information in an organization
Accountability
Defining accountability and responsibilities is the core of the project manager’s tasks. Improper distribution of accountability and responsibilities will have a negative impact on the effectiveness of operations of an organization. While defining both the factors, the project manager not only needs to define who is accountable, but also who is responsible, consulted, and notified for each of the project’s deliverables.
Meeting and Reporting
Once the communication plan is appropriately defined, the project manager ensures that the balance of meetings and reporting is right. It is essential to define the communication plan to ensure that each stakeholder understands the mode and content of the communication, owner, receiver, communication milestones, and decision gates. In addition, communication needs to be brief, precise, and to the point.
Risk and Issue Management
Due to uncertainties and unpredictability associated with projects or programs, they are loaded with risks and issues. It is tough to predict what is going to happen, but it is necessary as a lack of preparation will put the project team much further behind. At the initiation of any project or program, there needs to be an agreement on how to identify, categorize, and prioritize the risks and issues. The tact of handling the risk or issue is more important than the issue itself.
Lack of a proper foundation of project governance can derail even a well-devised project. While it is imperative to incorporate excellent technical insights and innovative ideas into the project, one cannot undermine the significance of good Project Management and governance. It helps you to put up questions and issues that were not even visible before its implementation. It is a multiple-in-one tool for Project Management that gives a new dimension and a touch of distinct quality to an otherwise ordinary project.
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