Project Governance Framework
The Project Governance Framework is the infrastructure that safeguards the project’s compliance with the corporate strategy, standards and policies. It plays a paramount role in the planning, execution and control phases of a project by providing a structured process. This framework includes clearly defined roles and responsibilities, decision-making processes, communication structures and reporting requirements which drive project consistency and efficiency, thereby reducing project pitfalls and risks.
Guide: Project Governance Framework
The Project Governance Framework is an essential structure in project management that ensures projects align with business strategy, stay on track, and deliver the intended benefits.
Importance: It is important as it provides clear roles, responsibilities and decision-making processes, ensures accountability, mitigates risks, and improves the probability of project success.
What it is: The framework encompasses all aspects of project governance including project sponsors, steering committees, project teams, and other key stakeholders, with established policies, procedures, and templates.
How it works: The governance framework guides how decisions are made, who makes the decisions, how risks are managed, and how performance is measured. It ensures everyone involved knows their roles and responsibilities.
Answering Exam Questions: You might be asked to define the project governance framework, explain its importance, identify its elements, or provide examples of its implementation.
Exam Tips:
- Understand the elements of a Project Governance Framework
- Relate the framework functions to practical scenarios
- Think about the governance framework in terms of 'who', 'what', 'why', 'how'
- Apply the framework to real project examples
Good luck with your studies!
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