This video is from the Understanding Project Governance online training course. Click here to view full course: www.knowledgecity.com/en/library/L373393784/unders… Governance provides a solid framework for implementing project management. However, the opposing goals of project scope, budget, and schedule increase the difficulty of execution. Therefore, governance is needed to guide the management of project execution and ensure adequate communication and engagement among stakeholders. While there is widespread acknowledgment of the significance of project governance, the availability of comprehensive documentation on its practical implementation remains limited. This may pose challenges for organizations striving to establish clear and effective governance frameworks for their projects. To be effective, governance should reflect an organization’s culture, goals, needs, and resources. You may also want to consider the scope, requirements, complexity, environment, and potential risks of the project. In addition, plan for updates to the governance approach to meet changing conditions and improve its effectiveness. Governance offers several benefits that can contribute to project success, including: Dissemination of essential information, Enhanced accountability, Focus on controlling costs, time, and resource allocation, Improved communication, Better scope management, Enhanced stakeholder engagement, Data-based decision-making And efficient performance measurement and reporting. Effective governance is an important ingredient in project planning. It focuses on integrating structure, oversight, decision-making, information, and execution of project management. In contrast, ineffective governance can lead to grave consequences for an organization and its projects. For example, a company received a multimillion-dollar contract for a complex project. In the first 30 days, the PM held a kick-off meeting and the team began work. The PM did not define roles, share critical information, or support the project team. In the first year, the company experienced high staff turnover, infighting among managers, and complaints about inept team performance. The company salvaged the project after reorganizing the team and implementing better-defined governance.
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