Ensuring Good Governance of Your Project Portfolio

Author: Hayley Sheean  //  Category: Business Services

Through a good portfolio governance service, many organizations are able to successfully complete their projects through a good degree of control as well as confidence in what they are doing. Proper project governance is needed in order to ensure that projects succeed. It is required both at the individual as well as organizational level.

For many organizations, projects are an integral part of the business success. It is inextricably linked to the future of the business. As a result, project failure is a highly undesirable outcome for most organizations. Failure can be particularly disastrous for many private sector projects where the managers have to be accountable to shareholders.

To ensure the success of the projects, it is always best if the top echelons of the organization’s management own the project and provide guidance in order to steer it to success. The board’s role is generally an overriding one. They will choose the portfolio and mobilize the resources that will ensure good governance is undertaken. No management wants to pour money down the drain, especially if this is a costly project that is going to cost you millions.

The organization’s board will perform various functions such as directing the project, approvals process and monitoring the progress of the project in order to ensure it delivers on its objectives. A lot of top management members will generally have a single person that they can hold accountable for the project such as a project director or project manager.

In order to put all these in place, it is important to have a portfolio governance service that will define all the roles and responsibilities and help steer the project forward. Governance assistance projects have can help in aligning the projects with corporate vision and strategy. The success of projects is not just a factor of the improvement of the processes, skills as well as project management tools; it is also important to mobilize the governance aspects that sets the boundaries for all those involved in project execution including the PMO consultant.

Project success will generally require a combination of the best skills, behaviour as well as a governance framework that sets the boundaries within which all the other actions are undertaken.

The Essentials of Project Governance

There are various essentials of project management governance that should be looked at. For example, how will the project managers or directors be supported in the execution of the project? In every project execution, there is also the need for defining performance criteria as well as the metrics that will be used in governing the projects. There will be a need to have competent decision makers at every level which should also be defined by the portfolio governance service. A gateway review of the portfolio should spell out the authority as well as resources managers will require to make critical decisions that will impact the success of the project.  Other elements that can be included in portfolio governance include reviews, scrutiny, routes of escalation for various project issues and how to terminate projects in case they are no longer in alignment with the mission, vision and the objectives of the organization. For more details, just visit http://www.rossgarland.com/program-project-governance/

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