Project Governance is an ultimate part of the project. During a project, many decisions are made. If these decisions can be made within a structure, we can say that this project has a good Project Governance. The outcomes of this particular project will be successful thanks to the Project Governance.
What is Project governance? Why is Project Governance important in Project Management? How can Project Governance affect the outcomes of the project? Who are involved in Project Governance?
What is Project Governance?
Project Governance is a framework which provides the project manager and team with structure, processes, decision-making models, and tools for managing the project. Briefly, Project Governance gives all necessary things to the project manager to manage a project.
Project Governance is an important and helpful element of a project. While making decisions during a project, these decisions shouldn’t be based on instant acts. Because this kind of instant decisions carry the risk of harming the whole project.
We stated that the Project Governance provided a logical and authoritative framework for decision making in the projects of a company or organization. If your company has a structured approach, in other words, a good Project Governance, this will make your decisions more effective and you will be making these decisions faster.
For instance, how to control the budget, how to control schedule etc. are all defined in the processes included in the Project Governance. If an uncalculated issue occurs in the budget of the project, your Project Governance framework will help you to make the decision for solving this problem. If you don’t have a Project Governance, this problem can become more and more serious and can affect the success of the project.
Who are Included in the Project Governance?
Project Governance does not include only tools, processes or models. Stakeholders, procedures, standards, responsibilities etc are also part of the project governance. All of these elements form a structure for better decision making in the project. If you have procedures and standards in your Project Governance, the decisions will be made more quickly. If the responsibilities are defined in the Project Governance, the internal stakeholders will be aware of their main role in the project and the possibility of conflicts will be highly decreased.
What is the Importance of Project Governance in Project Management?
Project Governance as a whole package assists in reaching project success. The Project Governance frameworks how the communication will be between all stakeholders; in other words how the information will be conveyed. It also defines all the Project Team members responsibilities and powers. In this way, every member of the Project team will know their roles beforehand and act accordingly. The Project Governance also provides a strategy for decision making. Which will help the project manager to make effective decisions in case of a problem or a change.
Briefly, if you apply a good Project Governance, you will be decrease the risks and increase the benefits during the project.
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