Definition:
In project management, governance is the disciplined system of policies, procedures, and roles that guarantees projects complement the strategic goals of an entity. It creates responsibility, power to make decisions, and compliance rules to guarantee projects are carried out morally and effectively.
Key Aspects:
- Defines leadership roles and responsibilities within the project.
- Ensures alignment with corporate goals, regulatory standards, and industry best practices.
- Involves risk management, stakeholder engagement, and quality assurance mechanisms.
- Can be implemented through governance models such as project, program, or portfolio governance.
Example:
Using a Project Management Office (PMO), a multinational company running numerous projects concurrently manages governance, guarantees standardisation, compliance, and risk reduction throughout all projects.
Conclusion:
Good government enhances project openness, responsibility, and strategy alignment, therefore improving the chances of success and lowering the running risks.
