Project Governance Guide and Exam Tips

Importance of Project Governance:
Project Governance is critical as it provides a structure for project decision making, aligns projects to strategic business objectives, manages risks and issues, and ensures efficient use of resources. It provides transparency to stakeholders and is essential for project success.

What is Project Governance:
Defined in the PMBOK Guide Seventh Edition, Project Governance refers to the framework, functions, processes, and procedures that guide project management activities to deliver successful project outcomes. It comprises a cohesive set of policies, regulations, functions, processes, procedures, and responsibilities that define the establishment, management, and control of projects.

How Project Governance works:
Project Governance operates through established policies and procedures which are applied throughout the project lifecycle. From initiation to closure, project governance ensures accountability, fairness, transparency, assurance and sustainability. It involves defining roles and responsibilities, setting performance measures, ensuring communication, risk management and auditing.

Exam Tips - Answering Questions on Project Governance:
Understanding the core principles of Project Governance and its role in project success is key. Expect scenarios asking you to identify instances of good or poor governance, questions on roles and responsibilities within project governance, and about alignment with business objectives. Always relate the governance mechanism with transparency, accountability, and strategic alignment.

Apply the PMBOK Guide Seventh Edition’s concepts on project governance, focus on the real-world application of the principles, and use the guide to predict the best course of action in given scenarios. Challenging questions may involve finding the balance of different governance elements in complex situations.