Governance

Question 1

Components of Project Governance

Answer 1

1. Portfolio Direction
2. Project Sponsorship
3. Project Management Effectiveness & Efficiency
4. Disclosure & Reporting

Question 2

Portfolio Direction Components includes

Answer 2

• Is portfolio aligned with key business objectives
• Is project portfolio prioritised, refreshed, and maintained
• Does the organisation discriminate correctly
• Does the organisations engagement with customers and sources of finance
• Is the portfolio consistent with organisations capacity

Question 3

Project Sponsorship Component includes:

Answer 3

• Do all major projects have a competent sponsor at all times?
• Do sponsors devote enough time to the project?
• Are sponsors accountable?
• Do project sponsors provide clear and timely direction and decisions?

Question 4

Project Management Effectiveness & Efficiency Component includes:

Answer 4

• Clear KPI and Decision Making?
• Board assured?
• Are PM encouraged to develop outcomes?
• Are key governance roles in place?
• Is authority delegated?

Question 5

Principles of Governance Component includes:

Answer 5

• Having clear roles and responsibilities
• Approved project plans
• Project Board agrees
• Having a realistic Business Case
• Board decides when a project audit is required
• Consistent and agreed status reporting
• Continuous engagement with stakeholders

Question 6

Elements of Good Methodologies

Answer 6

• Having a process and a defined structure for each stage of the project life cycle
• Creating an organisational structure with defined roles and responsibilities
• Producing and following templates for documentation
• A guideline to adapt methodology to different situations
• Creating, following and continually optimising ‘how-to’ policies and procedures
• Standard report structures
• Information management systems to capture and share lessons learnt

Question 7

Benefits of Methodologies

Answer 7

• Consistent terminology
• A common understanding of the responsibilities associated with roles
• Consistent documentation across projects
• Structure for development of new project managers
• Greater mobility of staf between projects, locations, organisations and industries