Governance of project management
|Governance of project management|
Project management governance is a set of processes, roles and responsibilities that ensure a project is executed according to agreed standards, policies, and procedures. It includes defining, monitoring and reviewing project objectives, goals and results, managing risks, and reporting progress and outcomes to the project stakeholders. It is a system of checks and balances to ensure the project is executed within the constraints of the defined scope, schedule and budget. In short, project management governance is a system that enables successful project execution, delivery and ultimately, value to the organization.
Example of governance of project management
- Establishing a Project Steering Committee: A Project Steering Committee is responsible for providing oversight and guidance to the project. The committee should include representatives from all key stakeholders and is responsible for setting project priorities, approving scope changes, reviewing project progress, approving budget and schedule adjustments, and resolving conflicts.
- Establishing Clear Project Roles & Responsibilities: Establishing clear roles, responsibilities, and authority for each project team member helps ensure that everyone understands their role in the project and the expected outcomes. This is especially important when working with external partners and vendors.
- Defining a Project Management Process: Establishing a consistent and repeatable process for managing the project helps ensure that the project is organized and managed in an effective and efficient manner. The process should define how to plan, execute, monitor, and close the project.
- Tracking Project Progress & Performance: Regularly tracking project progress and performance is an important part of project governance. This includes tracking project milestones, budget, schedule, and other key performance indicators.
- Managing Project Change Requests: Change requests should be managed according to a defined process. This process should include evaluating the potential impact of the change, obtaining approval from the Project Steering Committee, and communicating the change to the project team.
- Communicating with Project Stakeholders: Effective communication with project stakeholders is essential to ensure that everyone is kept informed of project progress, changes, and risks. Regularly scheduled meetings, project reports, and status updates are all important parts of project governance.
Best practices of governance of project management
- Establish Clear Lines of Accountability: Having clear lines of accountability is essential to successful project management governance. This can be done by designating a project manager who is responsible for the overall success of the project, as well as by assigning specific tasks and responsibilities to other individuals and teams.
- Establish and Monitor Project Metrics: Establishing and monitoring key project metrics is an important part of project management governance. These metrics can include budget, schedule, and scope objectives, as well as quality objectives and other performance measures.
- Establish and Enforce Project Standards: Establishing and enforcing project standards is essential to ensure consistent, quality performance for all projects. This includes setting standards for project management processes, such as project planning, risk management, change management, and communication.
- Define and Document Roles and Responsibilities: It is essential to define and document the roles and responsibilities of all project participants in order to ensure effective and efficient project management governance. This includes the project manager, team members, stakeholders, and any external suppliers and contractors.
- Conduct Regular Reviews: It is important to conduct regular reviews of the project plan, progress, and results throughout the course of the project. This allows the project manager to identify and address any issues or risks that may be affecting the project’s success.
- Define and Communicate Project Expectations: It is important to define and communicate project expectations to ensure that all stakeholders are aware of the project’s goals and objectives. This includes detailing the project’s scope, timeline, budget, and quality standards.
- Monitor and Manage Project Resources: It is vital to monitor and manage project resources in order to ensure that the project is on track and within budget. This includes tracking the time and money spent on the project, as well as monitoring the availability of resources and personnel.
- Establish an Effective Governance Structure: Establishing an effective governance structure is essential to ensure the success of the project. This includes defining the roles and responsibilities of the project manager, team members, stakeholders, and other external suppliers, as well as setting up processes and procedures for project management.
When to use governance of project management
Project management governance is essential in keeping projects on track and within budget. It is used in a variety of situations and can be applied to any project regardless of size or complexity. It helps to ensure that the project meets its intended objectives, is executed within established constraints, and delivers the expected benefits to the organization. The following are some scenarios where project management governance should be implemented:
- When developing a new product or service, governance of project management helps to ensure that the project is completed on time and within the allocated budget.
- When introducing a new system or technology, project governance provides an oversight and control mechanism to ensure that the system is implemented properly and that it meets the organization’s needs.
- When managing large-scale organizational changes, project governance can help to ensure that the change is implemented in an organized fashion and that it meets the desired objectives.
- When launching a new business venture, project governance can help to ensure that the initiative is executed properly and that it is able to generate the desired return on investment.
- When merging two or more organizations, project governance is necessary to ensure that the transition is managed properly and that the new entity is able to achieve its intended objectives.
Advantages of governance of project management
Project management governance is a system that enables successful project execution, delivery and ultimately, value to the organization. The advantages of project management governance include:
- Improved project success rate: Project management governance serves as a framework that helps ensure that resources are allocated properly and tasks are completed on time, leading to higher rates of project success.
- Increased accountability: It provides a layer of oversight that ensures that projects are managed in a consistent manner and that project goals are met.
- Reduced risk: By establishing standards and processes for monitoring and managing project risks, the chances of failure are minimized.
- Improved communication: It creates a unified approach to communication among stakeholders and ensures that everyone is on the same page in terms of project objectives and timelines.
- Improved budgeting: The budget for a project is better managed and tracked when it is governed by a set of rules and regulations. This helps to reduce costs and ensure that resources are allocated efficiently.
Limitations of governance of project management
Project management governance is an important system that helps ensure successful project execution, delivery, and value to the organization. However, there are some limitations that can arise when implementing and managing project governance:
- Limited resources: Project governance requires resources, such as personnel and money, to implement and sustain. It may be difficult to allocate these resources in the face of competing priorities.
- Unclear roles and responsibilities: Project governance requires clear roles and responsibilities to ensure that the project is executed properly. If these roles and responsibilities are not properly defined, it can lead to confusion and delays.
- Lack of communication: Project governance requires effective communication between stakeholders to ensure that all parties are informed of progress and any changes that need to be made. Without effective communication, it can be difficult for stakeholders to stay informed and collaborate effectively.
- Lack of buy-in: Project governance requires buy-in from stakeholders to be successful. If stakeholders are not on board with the project, it can be difficult to achieve the desired results.
- Complexity: Project governance can be complex and require a deep understanding of the project and the stakeholders. If the project is too complex, it may be difficult to properly manage and implement the governance system.
Project management governance includes a set of processes, roles and responsibilities that ensure a project is executed according to agreed standards, policies, and procedures. Other approaches related to governance of project management include:
- Risk Management: Identifying, assessing and managing risks associated with the project, and reporting the results to the stakeholders.
- Change Management: Establishing processes and procedures for addressing changes to the scope, schedule, or budget of the project.
- Quality Management: Ensuring that the project meets the required quality standards, and reporting the results to the stakeholders.
- Resource Management: Assigning, organizing, and managing resources to ensure successful project execution.
- Communication Management: Establishing channels of communication between stakeholders and project teams, and managing the flow of information.
In summary, project management governance is a system of processes, roles and responsibilities that ensures successful project execution, delivery and ultimately, value to the organization. Other approaches related to governance of project management include risk management, change management, quality management, resource management, and communication management.
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- Sharma, D., Stone, M., & Ekinci, Y. (2009). It governance and project management: A qualitative study. Journal of Database Marketing & Customer Strategy Management, 16, 29-50.
- Joslin, R., & Müller, R. (2016). The relationship between project governance and project success. International journal of project management, 34(4), 613-626.