Project governance is the management structure within which project decisions are enacted. Project governance is a crucial component of any project since it gives a platform for the responsibilities and accountabilities linked with capital investments of an organization. On the other hand every organization must employ a project governance consulting service that will help in coming up with decision-making model that is not only robust but also logical and repeatable to manage and control the capital investments of an organization. In today’s corporate world, the absence of project governance consulting services support is just equal to fraud, scandal, or mismanagement.
1. What you need to know about p3o assistance and what it can offer.
Definition: p3o assistance is a platform that provides joint support for launching change. The commerce department of the government’s office handles the provision of proper guidance on initiating and designing the project. It maintains decision making and creating a management environment for all stages and any change in a corporation.
• What does p3o look like?
It can be one office or some offices with a strategic, challenge and project assurance role. You should note that this is not a glorified administration office. Some office types can function as well. The role of the portfolio office is to give senior managers a vivid view of the portfolio, progress, obstacles, risks and conflicts, and also benefits from investments. The function of the Centre of Excellence helps companies to improve their profile, programs and project management via best practice and training.
• How does your company benefit?
As the name suggests, p3o helps decision makers to choose the right projects and programs and ensure they are done in the correct manner. P3o fosters consistency, efficiency, and delivery, in terms of time and money. Thus, it is stackable and predictable.
2. Developing a project governance framework
The designing of a proper project governance framework is based on the following principles:
• Identify one point of accountability
It is important to know the individual responsible for the success of the whole project. This helps to know who is taking the project forward and who is empowered to create major project decisions. Most often, these decisions are left unstated and end up falling in the wrong hands. Therefore, every person involved in project governance framework needs to know his or her responsibilities.
• Make sure project management is focused on service delivery
Although the majority of people now know the difference between project delivery and the provision of services, this is not correctly defined into the project management framework. Good project governance demands that the customer retain the primary project decision-making responsibility since the client is the owner of the project as well as the owner of the project budget.
• Separate organizational governance and project governance
Project governance is where project decisions are made and problems are solved. Knowing the difference between these two frameworks will help reduce project decision problems.
If you are looking for a project governance consulting company to manage your investments and projects, Ross Garland Associates is the best company to contact. Go to http://www.rossgarland.com/ for more information.