Governance is one of the crucial ways for senior management to ensure the teams follow the rules and regulations for project development. It also ensures wise fund allocation to deliver the desired results.
In this article at the Balance Careers, Elizabeth Harrin explains that the project sponsors are responsible for ensuring governance. Nonetheless, it is the job of the project managers to run compliance activities actively.
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Strong project governance is the ideal way to prove if your organization is operating within the specified industry regulation. It is a set of frameworks within which a project evolves. It involves the policies, procedures, standards, and guidelines to run, lead, and control the projects. The framework also consists of the budget as well as the logistics of the project.
So, be wary of the governance policies you adopt as project sponsors and stakeholders are carefully monitoring your spending.
The Essence of Ideal Governance
Ideal project governance involves well-defined points of approval that are viable for project discussions and decisions. It helps you acquire enough information to make the right decision for your organization.
These decisions are documented and communicated among the teams to promote a culture of constant learning. Even the stakeholders extend their trust and support in the process. The core objective of a project governance initiative is to ensure if the projects are progressing with precision. So, focus on these critical relevant areas to ensure you are following governance practices:
- Focus on the policies and procedures to ensure the deliverables are reliable and sustainable.
- Leverage knowledge management to ensure your organization learns from each project and avoid repeating mistakes.
- Scale-up project management maturity to improve your ability to deliver the best results.
- Enable a supportive culture to ensure project managers accomplish their project goals.
If there is a project governance approach that you cannot take off the shelf, try adjusting your strategy to make it favorable for the ongoing projects. Click on the following link to read the original article: https://www.thebalancecareers.com/project-governance-basics-4126578