Do you want to bring visibility to your management strategies for effective IT governance? Then understand project governance and management framework (PGMF). In this article at The University of Queensland, Australia, learn about the framework that helps improve project governance in your organization.
Benefits to Project Governance
Project governance and management framework (PGMF) helps to detect, examine, and determine upcoming opportunities. You can assess how well your business proposals and cases are aligned with your organization’s strategies. It helps implement PM strategies, methods, and programs and reports the same to relevant stakeholders until the expected objectives are met. So, what are the PGMF values? Here is a list:
- Everyone must be given the same opportunity to voice opinions. Organizations must be proactive about enabling an open forum for suggestions through plans and programs.
- People should start, communicate, build, evaluate, arrange, and handle projects and programs based on the benefits those bring in.
- Projects and programs should be highlighted based on ‘attractiveness, achievability, affordability, and adaptability,’ says the author.
- Have regular checkpoints to assess all projects and programs before they move to the next development stage. Competent authorities should conduct the review sessions based on importance, costs, impact on the company, and risks. Base the review board selection on the project governance and management framework.
- Adequate controls and procedures must be in place. The management of these projects and programs must be adaptable to various demand scenarios.
- Evaluate risks and ensure that the regular monitoring platforms are affordable and helpful.
- Compliance regulations are necessary for the organization, and those controls must not only be effective but also cost-efficient.
- Document all the roles, responsibilities, ownership, and performance measurement to maintain transparency across the project governance life cycle.
- All decisions must be backed by relevant information and reliable data sources.
- Corporate policies and procedures must put greater emphasis on visibility across the organization.
Transparency is important to stakeholders nowadays. If you want your project governance framework to have enough visibility, apply this project governance and management framework model.
To view the original article in full, visit the following link: https://governance-risk.uq.edu.au/functions-and-services/project-governance/project-governance-and-management-framework