Governance in project management is the system of policies, procedures, and guidelines that define how projects are planned, carried out, monitored, and controlled within an organisation. It makes sure that projects are in line with the strategic goals and objectives of the organisation and are done in a way that is open, accountable, and ethical.
Governance is usually made up of the following parts in project management:
Roles and Responsibilities: Clearly defining the roles and responsibilities of project stakeholders, such as project sponsors, project managers, team members, and other relevant parties.
Standards and Processes: Setting up standards and procedures for project management, including project selection, planning, execution, monitoring, and control, as well as change management, risk management, and quality management.
Performance Metrics: Setting up performance metrics, such as cost, schedule, quality, and stakeholder satisfaction, to measure the success of projects.
Reporting and Communication: Setting up a reporting and communication system to make sure that project information is shared with all stakeholders in an effective and efficient way.
Risk management is the process of setting up a system for identifying, assessing, and managing both internal and external project risks.
Compliance: Making sure that projects follow all relevant laws, rules, and standards, as well as the organization’s policies and procedures.
It is important to have good governance in project management to make sure that projects are completed successfully and help the organisation as a whole. It helps to reduce risks and make sure that projects are in line with the strategic goals and objectives of the organisation. It also encourages openness, accountability, and ethical behaviour.
Usage
It is used in project planning
