MGT5IPM Report: International Project Management Governance Plan

This report addresses the challenges of international project management by proposing a comprehensive project governance plan. It begins by identifying the core problem: effectively monitoring and controlling the project, specifically focusing on how to provide relevant data to stakeholders. The report suggests the PRINCE2 methodology for cost and schedule tracking, highlighting its structured approach and ability to prevent deviations. It contrasts PRINCE2 with spreadsheets and project tracking applications, outlining the advantages and disadvantages of each. The report then details the ideal format and structure for project reports, including general project information, summaries, issues, risks, milestones, and metrics. Furthermore, it determines the frequency of project governance board meetings, recommending daily meetings with key attendees like the CEO, project manager, stakeholders, and sponsors. Finally, the report outlines the format and structure of the project board report, emphasizing clarity, logical flow, and a balance of metrics to ensure effective project oversight and management.

Running head: INTERNATIONAL PROJECT MANAGEMENT
International Project Management
Name of the Student
Name of the University
Author Note

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Introduction:
In this paper for the perfect monitoring and controlling of the project a methodology
for the cost and schedule tracking will be delivered within the project governance plan.
Following that, within the project governance plan format and the structure of the project
report will be discussed. Also, the frequency of project governance board meeting will be
determined and the key peoples who should attend the meeting will be elaborated. Similarly,
the structure and the format for the CEO and project board will be discussed.
Statement of the Main Problem:
Regarding the present scenario of the project the main problem which is faced by the
project is the managing the project. The biggest question regarding the project is how Kate
will be able to monitor and control the whole project. Also, another problem regarding this
project is that what type of data should be provided by Kate to the CEO and the stakeholders
for assuring that the project will run as per the previous planning. To solve these problems
one solution has been determined which is providing proper project governance plan and in
this paper a proposal for the determined project governance plan will be given.
Methodology for the Cost and the Schedule Tracking:
For proper cost and schedule tracking of the project three best methodologies can be
proposed for the project governance plan (Muller, 2017). These three methodologies are the
Spreadsheets, Project Tracking Applications and the PRINCE2.
From the above three methodologies for the cost and schedule tracking the chosen
methodology for the project governance plan is the PRINCE2 methodology (Saad et al.,
2013). In this case PRINCE2 is selected over the other two methodologies because both the

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spreadsheets and the project tracking applications has some inherent disadvantage because of
their reactive nature which is not an issue for the PRINCE2 methodologies.
The PRINCE2 methodology has some of its own advantages also. This methodology
is considered as one of the best methodology for cost and schedule tracking because
PRINCE2 successfully allows to implement the project in a proper structured way within the
specified framework of the project (Matos & Lopes, 2013). Thus it helps by preventing the
matrices digressing and helps to track and rectify the digressions. Also, another crucial
advantage of the PRINCE2 methodology is that it helps the project managers to make instant
decisions and helps to resolve the key issues without any type of further delay. In the case of
the managing the project successfully PRINCE2 has a disadvantage also. The main
disadvantage of this methodology is that when some changes are initiated in this
methodology, it takes a long time to implement the change properly.
Though the other two methodologies were rejected which were the spreadsheets and
the project tracking applications is having some advantages also. The main advantage of the
spreadsheets is that it helps to analyse and visualise the datasets of the project in such an
accessible way so that the cost can be tracked properly with minimal effort (Ragsdale, 2014).
The main advantage provided by the project tracking application is that when same kind of
project tracking applications used in a team it provides the flexibility of collaborating with
the team members in real-time (Kerzner & Kerzner, 2017). Also it is very much helpful in the
process of the document sharing.
The main disadvantage of the spreadsheet is that control is limited on the spreadsheets
and due to that the spreadsheets becomes vulnerable to the frauds. Also, there is no log of the
change is recorded while using the spreadsheets. In the case of the project tracking
applications the main disadvantage is that some of the application can be very much costly to

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implement so they might not provide proper value to the project. In some of the simple
project management cases the implementation of the project tracking application can
unnecessarily create complexity in the project. Thus in most of the cases this is avoided.
Format and the Structure of the Project Report:
While considering a project report to the project manager, the report should hold the
data about the project general info, project summary, issues and the risks related with the
project, project milestones and the metrics of the project (Kerzner, 2017). In the general info
of the project name and some basic info about the project is shared. In the milestone review
of the project the planned milestone for the project and the actual progress by the project has
been shared. The project metrics part is one of the most important part data about the project
which must be present. This portion holds the data about project cost, project scope and the
project time. For the better understanding of the project both actual hours used and dollars
spent for the reporting period is proposed for inclusion. The above structure is proposed over
the other structure because it provides all the factors by which a project manager needs for
successful execution of the project. Also, it is most suitable format for reporting to the project
team.
Frequency of Project Governance Board Meeting:
In this case scenario the CEO is one of the most important person for the board
meeting, but the CEO also remains very much busy because of the tight schedule. Thus for
the project governance plan it is proposed to schedule a daily basis project governance board
meeting because the CEO needs to update the board on regular basis.
In this meeting the selected peoples who should attain are the organization CEO,
project manager, project stakeholders and the project sponsors. The CEO is important in this
report because the CEO updates the whole board about the project report. Project manager is

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included because project manager provides the project report including cost and estimated
time to the CEO (Larson & Gray, 2015). Also, the project manager is well aware about every
aspects of the project. Project stakeholder must be included in this meeting because they are
the most important reason behind the project execution and also they evaluate the project
perfection. Lastly, the project sponsors are included because they provide one part of the
project funding and mist know how their investments are going on.
Format and Structure of the Project Board Report:
It is proposed that the project board report must be clear and have some logical flow
and it must have the right balance of the metrics. In the project board report all the key
questions regarding the project must be answered clearly and in the same it will also focus on
the future issues which can arise in the project. For further improvements of the project board
report it is also proposed to highlight some key topic of the project.
In this report structure of the logical flow proposed to include because by this
structure the whole report becomes easy to navigate. Right balance of metrics is important for
getting an overall idea about the project performance. Future issues must be investigated so
that some actions can be taken previously.
Conclusion:
Various types of projects faces many types of issues in the execution stage due to
improper cost scheduling and tracking. Thus in this paper a proper project governance plan is
proposed which can help to track the cost of the project perfectly. Also, in this paper a perfect
format for the project report has been proposed. This paper has also proposed the frequency
and the structure of the board project report which are important for the project management.

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References:
Matos, S., & Lopes, E. 2013. Prince2 or PMBOK–a question of choice. Procedia
Technology, 9, 787-794.
Saad, S., Abdullah, I., Asma, O., Muhammad Saad, K., & Abdul Qadir, A. 2013. PRINCE2
Methodology: An Innovative Way of Project Management.
Ragsdale, C. 2014. Spreadsheet modeling and decision analysis: A practical introduction to
business analytics. Nelson Education.
Larson, E. W., & Gray, C. F. 2015. A Guide to the Project Management Body of Knowledge:
PMBOK (®) Guide. Project Management Institute.
Kerzner, H. 2017. Project management metrics, KPIs, and dashboards: a guide to measuring
and monitoring project performance. John Wiley & Sons.
Kerzner, H., & Kerzner, H. R. 2017. Project management: a systems approach to planning,
scheduling, and controlling. John Wiley & Sons.
Muller, R. 2017. Project governance. Routledge.