Suppose your team is working on several projects simultaneously. It might get challenging to keep up with the responsibilities of your team members for different projects. In such situations, project governance helps team members to get a better idea of their roles. It is one of the effective project management methods that helps managers keep track of their project. It provides an effortless method to share data among team members and departments. Besides, it strengthens the structure of the team and the responsibilities expected from the staff members. In one of their articles, Indeed states why project governance is one of the most effective project management methods.
Project Management Methods for Better Goal Estimation
Understanding Project Governance
Project governance focuses on guidelines, methods, activities, obligations, and roles. It is often considered similar to organizational governance that provides a set of rules for accomplishing goals. However, project governance also provides a framework that benefits the organization and transforms the business in the longer run.
Key Position in Project Governance
There are three important positions in project governance. A project owner is a crucial part of the project governance structure and is accountable for the project. Stakeholders serve as the suppliers and customers of the final product or services. The advisory committee helps project governance when the number of stakeholders can hamper the decision-making process.
Identifying Aspects of Project Management Methods
There are several reasons why project governance is an effective project management:
- It keeps stakeholders informed of the project’s progress
- Elevates a sense of ownership among team members
- Helps your team in effective project management, where your project would be completed with lesser resources and time
- Aids to choose the right project for your team by analyzing your work modules, team structure, and other information
- Guides you to allocate resources optimally
- Protects your team from other unauthorized and unregulated project elements
- Helps stakeholders define responsibilities for stakeholders.
- Improves the commitment of your team members with the help of regulated responsibilities.
- Brings more clarity between different departments such as IT, marketing, finance, etc.
- Aligns your resources per your plan and goals.
Identifying an Effective Governance Model?
An ideal governance model primarily focuses on three different aspects:
- Judgment structure – An ideal governance model usually exhibits a hierarchical control flow. There is a steering committee, board of directors, advisory committee, and sponsors that make the decisions for the project.
- Operative techniques – It projects the expectations from a project to achieve results. Some of the procedures involved are plan management, communication management, scope management, and risk management.
- Cooperation enablers – It gives project stakeholders an efficient model to share their observations in the form of log decision data.
Incorporating Project Governance
Here are how project governance becomes one of the most effective project management methods:
- Recognizes the stakeholders
- Prioritizes your target
- Communicates the process
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