Project governance
From Wikipedia, the free encyclopedia
The term Project governance is used in industry, especially in the information technology (IT) sector (see Information technology governance), to describe the processes that need to exist for a successful project.
Project governance will:
- Outline the relationships between all internal and external groups involved in the project
- Describe the proper flow of information regarding the project to all stakeholders
- Ensure the appropriate review of issues encountered within each project
- Ensure that required approvals and direction for the project is obtained at each appropriate stage of the project.
Important specific elements of good project governance include:
- A compelling business case, stating the objects of the project and specifying the in-scope and out-of-scope aspects
- A mechanism to assess the compliance of the completed project to its original objectives
- identifying all stakeholders with an interest in the project
- A defined method of communication to each stakeholder
- A set of business-level requirements as agreed by all stakeholders
- An agreed specification for the project deliverables
- The appointment of a project manager
- Clear assignment of project roles and responsibilities
- A current, published project plan that spans all project stages from project initiation through development to the transition to operations.
- A system of accurate upward status- and progress-reporting including time records.
- A central document repository for the project
- A centrally-held glossary of project terms
- A process for the management and resolution of issues that arise during the project
- A process for the recording and communication of risks identified during the project
- A standard for quality review of the key governance documents and of the project deliverables.
An example of corporate governance: Home Depot's CEO Cleans Up - "CEO Robert Nardelli is a rarity among managers of major corporations: $3 million of his annual bonus is guaranteed."
