Organizations generally need management systems in place for project oversight and governance in order to ensure successful project execution. Without these, organizations or project managers will face various challenges in project execution such as slow decision-making, veering off from the project objectives, lack of focus and even organizational politics which impede execution. Lack of project assurance also means there will be little to no accountability on the part of the players. If you are stuck with existing management structures which are not delivering on your project needs, it could be time to invest in project governance consulting.
With the lack of project governance systems in place, it easy for organizations to revert to a “business as usual” approach to doing things and this will interfere with business initiatives especially when it comes to managing disruptive change in the organization and efficient project execution. A company that fails to invest in professional project governance consulting will be undermining its own investments in better project management talent, tools, processes as well as professional development. They will be exposing more critical projects to risks and mission creep thus wasting lots of money down the drain with little to no return on their investments.
Project governance is not stakeholder management, even though some companies blur these lines and fail in developing a project governance framework that can inject some rigor into their project execution. Governance does not necessarily mean “heavy” stakeholder involvement which may end up slowing the decision-making process and delay project execution.
Project governance consulting is always about creating up frameworks or systems that will help the organization in improving its decision-making processes, improve project execution as well as accountability during the execution. An example of good governance is the setup of authority levels and steering committees that will ensure faster decision making and streamline project implementation. This is only a system when it can be done in a very repeatable and logical manner from start to finish. Good governance must also focus on accountability and clearly show who will be accountable for what.