What is Project Governance? Project Management in Under 5

TL;DR

Project governance involves setting direction, making decisions, and providing oversight for projects, ensuring they align with organizational needs and deliver desired outcomes.

Transcript

in this video I want to answer the question what is project governance sometimes in order to properly understand the word we need to look at its roots and the roots of the word governance and govern or come from the ancient Greek kuben art or the steersman of a Greek trireme and the steersman of the trireme was like its captain and therefore he had... Read More

Key Insights

• 🤩 Project governance's roots can be traced back to ancient Greek terms related to steering and overseeing, reflecting its key roles of setting direction, making decisions, and providing oversight.
• 📽️ Key components of project governance structures include a project board or steering group, a project sponsor, terms of reference, and a stage gate process.
• 📽️ The stage gate process is a crucial component of project governance, as it involves reviewing the project at critical points and considering the possibility of stopping or pausing it if necessary.
• 📽️ Good project governance ensures transparency, accountability, and effective decision-making, mitigating risks for both the project and the organization.
• 📽️ Project governance supports project success by aligning projects with organizational goals and ensuring consistent oversight and compliance with project plans and policies.
• 🖐️ Terms of reference play a vital role in project governance by clarifying roles and avoiding duplication or omission of responsibilities.
• 🥳 The project sponsor plays a pivotal role in project governance, often serving as the key decision-maker and providing day-to-day oversight.

Questions & Answers

Q: What are the three roles of project governance?

The three roles of project governance are setting direction, making decisions, and providing oversight. Setting direction involves aligning the project's strategic goals with the organization's objectives. Making decisions encompasses making choices that fall outside the project manager's authority. Oversight ensures the project adheres to its charter, plan, and organizational policies.

Q: What is the purpose of a project board or steering group?

A project board or steering group is responsible for overseeing the project's progress and making decisions. It is typically composed of key stakeholders who select the project, approve its goals, objectives, and scope, and provided support and guidance to the project manager.

Q: What is the role of a project sponsor in project governance?

The project sponsor plays a critical role in project governance. They are often the senior responsible officer and provide day-to-day decision-making and oversight. On smaller projects, the sponsor may fulfill the roles of both the project board and steering group.

Q: Why are terms of reference important in project governance?

Terms of reference outline the specific roles and responsibilities of each project governance participant. They ensure clarity and alignment, making sure that every governance role is fulfilled and nothing is missed or duplicated. They create a hierarchy and define expectations for each participant.

Summary & Key Takeaways

• Project governance encompasses three key roles: setting direction, making decisions, and providing oversight.

• The main components of project governance structures are a project board or steering group, a project sponsor, terms of reference, and a stage gate process.

• Good project governance is crucial for transparency, accountability, and ensuring the success of both individual projects and the organization as a whole.