Significance of Project Governance in Project Success - BUSS_5387

This report delves into the critical significance of project governance in ensuring project success. It begins by defining project governance and its importance in establishing a framework for decision-making, accountability, and responsibility within a project. The report highlights the key benefits of effective project governance, including single-point accountability, clear stakeholder roles, transparent communication, and efficient issue resolution. It further explores eight essential governance competencies and applications, such as governance models, stakeholder engagement, risk management, and control processes. Ethical considerations in project governance are also examined, emphasizing the importance of maintaining stakeholder interests, adhering to regulations, and ensuring transparency. Finally, the report outlines steps for proper project governance implementation, including good leadership, assigned responsibilities, and protecting stakeholder interests. The report concludes by emphasizing the importance of project governance in achieving project objectives and delivering successful outcomes.

Running head: SIGNIFICANCE OF THE PROJECT GOVERNANCE
SIGNIFICANCE OF THE PROJECT GOVERNANCE
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SIGNIFICANCE OF THE PROJECT GOVERNANCE
Table of Contents
Introduction......................................................................................................................................2
Discussion........................................................................................................................................2
Governance competencies and applications:...............................................................................4
Ethical Considerations in the project governance :.....................................................................6
Maintaining the project governance in a proper way:.................................................................7
Conclusion.......................................................................................................................................8
References........................................................................................................................................9

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Introduction
The governance of the project is important for maintaining the quality of the project.
There are certain steps in the project governance. The importance of the project authority defines
the quality of the outcome from the project (Joslin and Müller 2015). Apart from that, it is the
duty of the project manager to maintain the governance of the venture in a proper way.
Implementing the governance of the project is not a simple task as certain amount of money is
needed to be spent for the governance of the project. Apart from that cost and the time play an
vital role for the governance framework.
The main motive of this project is to understand the concept of the venture governance.
Apart from that the benefits those can be retrieved from the governance of the project can be
discussed through this paper.
Discussion
Project governance can be defined as the framework through which then project decision
making can be established. Through the project governance arrangements the classification of
the venture accountability and the responsibilities for the each modules of the development can
be identified in a proper way. The main objective of the project governance is to make the
decision making framework that will help to deliver the logical and optimized decision for the
development of the project (Wang et al. 2018). Apart from that the decision making framework
will also help to make the capital investments for the project. There are certain advantages of the
project governance framework. These advantages can be categorized in to different modules and
sections. These are-

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 Single point accountability: Single point accountability defines the attribute of maintain
the right decision making process. In this situation the decision maker in the project will
not get confused between the different alternatives. Apart from that the decision making
will be focused towards achieving the business objective or the project objective for the
organization. With the implementation of the single point accountability the main aspects
that are faced includes increasing of the clarity in the functioning of the project.
Consistency of the project will have to be performed as per the commencing of the
decision making process and hence management of the business process will get better.
Hence with the implementation of the single point accountability, proper focusing on the
project can be performed. Time specific allocation of the tasks of the project can be
performed. This is the major aspect that decision making process gets performed in a
better manner. Usage of PRINCE 2 and MSP is also performed in proper promoting of
the accountability of the Senior Responsible Owners of the project.
 Maintaining the responsibilities and relationship between the project stakeholders:
Another advantage that can be achieved through the maintenance of the proper project
governance is maintaining the responsibilities in project (Li et al. 2018). It can be said
that if the project responsibilities are fulfilled by the employees in the project in a proper
way, there is a chance the outcome of the project will be successful. Apart from that the
relationship management between the stakeholders of the project is an important thing as
it will help to understand the requirements of the project in a proper way.
 Maintaining the transparent communication: One of the attribute for getting the
successful outcome in the project is to maintain the transparent communication between
the stakeholders in the organization. It has been seen that there can be internal and

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external stakeholders in the organization (Schepman et al. 2018). Regarding this context,
the communication is needed to be maintained regarding the requirements of the project
and the progress of the project. Through then governance of the project this
communication can be maintained in a proper way.
 Resolution management: Before the initialization of the project the resolution or the
objective of the project is needed to be maintained in a proper way. Without the proper
resolution the outcome of the project may not be successful. Apart from that the decisions
are needed to be made on basis of logic and decision making frameworks.
 Information dissemination and transparent communication: With the help of the
dissipation process the main aspect that is present includes proper transaction of data in
between the clients and the business organization. The entire process is performed as per
the traditional method. This ensures that proper management of the process will get
diversified in between the sender and receiver. This has been a process of better
information processing method. In case the transparency of the project is maintained,
better commencing of the data transaction can be performed,
Governance competencies and applications:
There are eight project governance competencies and application those are responsible to add
value into the project governance framework in the organization. These are-
 Governance models: The governance model selected for the project is needed to be
appropriate. In vase, if the project governance model is so rigor there is a chance that the
stakeholders associated with the project may feel annoyed. In this situation, it is
important for the organization to adopt a project governance model that will help to meet
all the requirements of the project along with that it will also help to keep the flexibility

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in the project. Establishment of the right governance model is not an easy task
(Kermanshachi, Shane and Anderson 2016). The effectiveness of the project domination
model is dependent on the experience of the venture governor and the elements of the
project. There is a need for the simple tool that will help in the quick analysis for the
project governance framework.
 Maintaining the responsibility and accountability: maintain the responsibility and
accountability is another competency of the assignment governance framework. It is the
manager’s task to define the responsibilities of the project team members regarding the
development of the project. In case if there is not direct communication or the definition
of the responsibility and the accountability, there can be a negative influence on the
development of the venture (Wang et al. 2017). While defining the accountability the
project manager should define then person who is accountable as well as the person who
is responsible.
 Engagement of the stakeholders: understanding the ecosystem of the mission is
mandatory. In this context, understanding the engagement of the stakeholders for the
development of the project is also mandatory (Badewi and Shehab 2016). The first step in
this system is to understand all the stakeholders of the project. Stakeholders can have the
significant affect on the development of the project. It is the responsibility of the project
to identify the stakeholders in the project along with their experience and the needs and
expectation from the development of the project.
 Maintaining the communication between the stakeholders: Maintaining g the
communication between the stakeholders is important for the development of the project.
The communication between the stakeholders in the project will help to define the

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requirements in more clear way. Apart from that the communication plan will let the
stakeholders know about the progress of the project (Rivolin and Mulassano 2018). The
communication plan can be initiated through the development of the meetings and the
progress reports.
 Management of the risks: Another aspect of the governance competency is the
management of the risks in the project. In order to do this proper risk assessments are
needed to be done. It is impossible eliminate the chances of the risks in the project
however; proper planning can make the management of the risks easier (Du, Yu and
Yang 2019). Apart from that the risks management will help to mitigate the effects of the
risks on the development of the project.
 Assurance: This competency of the project supremacy assures that the development of
the project will be done in a proper way (Barber et al. 2016). Apart from that the
management of the risks and the analysis of the requirements are done in a proper way
(Yan, Ding and Yan 2015). Apart from that this governance competency also provides
the assurance that the project will deliver the right outcome.
 Control process of the project management: The control of the scheme management
defines the execution of the scheme management. Implementation of the governance in
this stage is important as this stage will define the quality of the outcome of the venture
along with the execution of the functionalities of the project (Amjad 2018). This is a
onetime assessment and the project administrator needs to be aware about the
performance of the project execution through the governance of the project.

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Ethical Considerations in the project governance:
There are some ethical considerations those are needed to be maintained during the
compilation of the project governance in the organization. It has been seen that during the
development of the project, the interest of all the stakeholders are needed to be maintained in a
proper way. Apart from that it is the accountability of the project developer to maintain the
development of the project considering all the requirements of the project (Serra and Kunc
2015). In this case, the collections of the resources for the fulfillment of the requirements are
needed to be done in a ethical manner. During the development of the project certain laws and
regulations are needed to be maintained.
The main objective of the project governance is to maintain all these attributes. Apart
from that it is the duty of the venture governor to identify the ethical aspects of the resources
used for the development of the project.
Maintaining the right information to the stakeholders of the project is another ethical
considerations needed to be maintained during the development of the project. It has been seen
that some of the project managers are not transparent to the stakeholders of the project regarding
the development of the projects in the organization (Joslin and Mülle 2016). In this case it is the
obligation of the project supervisor to understand the requirements of the project stakeholders
and supply the report of the progress of the project correctly. Providing the wrong information
regarding the development of the project is not ethical in the development governance practice
(Sirisomboonsuk et al. 2018). Another significant problems those can occur during the
development of the project governance is the violation of the worker’s right and making shady
deals with the clients and other organizations.

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Maintaining the project governance in a proper way:
There are certain steps those are needed to be followed for the right implementation of
the project governance. These are-
 Good leadership: The leaders are not the project governor. However, it is the
responsibility of the leader to implement the plan or the steps for the project governance
so that the development of the project can be done in a proper way. Apart from that all
the steps in the project development can be monitored through the certain governing
framework.
 Assigning the responsibility: Assigning the responsibility to the right person in the
project management group is another aspect of good project governance. It can be said if
the right person is assigned to do the particular task; the implementation of the task can
be done in a proper way.
 Defensive processing interest of all the investors in the society: Another aspect of making
the right project governance approach is that protecting the curiosity of all the
shareholders in the society. It is the duty of the project executive to deliver the project in
a proper way meeting all the requirements of the project (Müller and Martinsu 2015).
However, it is the responsibility of the project governor to make it sure that with the
delivery of the project all the stakeholders in the organization is getting the benefits.
Conclusion
The discussion is regarding maintain the governance of the project. It has been seen that
there are certain aspects those are similar to the venture director and the venture administrator.
However, there are certain differences between the project manager and the project governor in

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the organization. It has been seen that the project director is concern about the delivery of the
project in a proper way. Where-as the project governor is concern about the consequences of the
outcome of the project. Apart from that, it can be said there is a need for the project governance
for maintaining the quality and the ethical aspects of the project. It can be said from the overhead
conversation that the proper use of the scheme governance will help to maintain the correct
balance in the development of the project in the organization. Better processing of the
management section will be performed as per the implementation of the above stated processes.

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References
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2016. Scoping market-based opportunities for Indigenous provision of water quality services and
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