Project Governance: Role, Components, and Benefits

This report delves into the critical role of project governance in ensuring project success. It begins by defining project governance and highlighting its significance in decision-making, risk management, and project execution. The report explores the components of project governance, including models, accountability, stakeholder engagement, and project management. It emphasizes the benefits of implementing project governance, such as improved control, single-point accountability, stakeholder relationships, and handling uncertainties. The report also discusses the consequences of lacking project governance, such as misused resources and stakeholder issues. Furthermore, the report highlights the importance of project governance for project managers and teams. It concludes by reinforcing the necessity of project governance for successful project outcomes, emphasizing its role in providing guidelines, encouraging teamwork, and resolving problems systematically. The report uses several academic sources to support its claims, and it covers the key elements needed to apply project governance effectively.

Running head: - ROLE OF PROJECT GOVERNANCE
ROLE OF PROJECT GOVERNANCE
Name of the Student
Name of the University
Author Note

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Introduction
Project governance plays a vital role in the success of the project. The success factor
of the project depends on various factors that are implemented throughout the life cycle of the
project. Project governance helps in maintaining the framework related with the decision
making of the project (Joslin and Müller 2015, p.1380). The main role of the project
governance is that it helps in the decision making which are logical and helps in running of
the project in the most effective manner. With the assistance of the project governance, the
project can be approached in a structural manner. The project governance benefits the people
related with the project in number of ways. The team and the project administrator with the
assistance of the project governance are able to structure, execute and monitor the project in a
different way. Project governance plays a major role in the project that involves complication
and high rate of risk (Too and Weaver 2014, p.1391). The article discusses the role of
governance in the project. It also highlights the ways that proves that project governance is
crucial for the success of the project. The articles discusses the importance of project
governance when implemented on the project, the important components of the project
governance and the consequences if project governance is not used in the initial phase of the
project.
Project Governance
The initial implementation of the project governance on the project is a difficult task.
When the governance is implemented on a complete new project huge amount of money is
invested. It states all the roles and the responsibility that need to be performed when a project
is started and proceeding towards its aim and objectives (Biesenthal and Wilden 2014,
p.1300). The governance of the project also provides assistance for solving the problems that
are created on the midway of the project. The project governance consists of the framework

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that plays important role and is an important factor for the project governance. The project
governance helps in making the plan for the project and gathering all the required information
before the project is executed. With the help of the project governance, the team and the
management team are able to make effective decision related to the project. The governance
helps in the completion of the project on time and makes the entire project successful (Ahola
et al., 2014, p.1320). As the power provides assistance to the project from the initial stage,
the entire process is continuous and effective. The project governance helps in setting short-
term goals at every stage of the project so that is easy to achieve the target. The planning of
the project helps the managers to visit the shareholders with their designs and planning
related to the project. The project governance is continuous process and is in standard form
that makes all the steps of the project easy and convenient. The governance helps in updating
the project with all the modern technologies and the requirements that are required for the
proper functioning of the project. The governance helps in maintaining the workflow of the
project. The project governance helps in execution and monitoring of the process, which is
connected to the project. The project that lacks the project governance it is observed that all
the resources are misused and the investment made by the stakeholders are not utilized
properly. The management project of the project is filtered with the help of project
governance. Lack of project governance will lead to problems related to the completion of
project on time and issue related with the stakeholders will arise (Zwikael and Smyrk 2015,
p.853). The balance is maintain within the project with the help of project governance. The
governance gives opportunities to view and approach different project in a much easier and
structural manner.
Components of Project Governance Framework
The governance of project comprises of different components, which are the key
factor of the project. The very first component, which is required for project, is the model. It

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is important to implement the correct and best model so that the maximum profit can be made
from the project. There are many advantages and limitations associated with the model,
which requires attention and need to be maintained throughout the project (Crawford 2014,
p.100). With the help of project governance, the project is made simple and the complexity
of the project is reduced. With the framework, the structure of the project is decided. Another
component is related to the accountability and the responsibilities that are relevant to the
project. The project need to be completed within the budget, which plays one of the important
factor in the project. One of the most important component is attracting the shareholders
towards the project with the help of the design and plan that will be implemented on the
project. The process of the governance helps in communicating with the stakeholders in a
well-prepared and planned manner (Badewi 2016, p.421). Once the project team is able to
identify the stakeholders that will make investment on the project. It becomes necessary to
identify the requirements that need to be fulfilled to satisfy the stakeholders. It is the duty of
the project manager to maintain balance in the entire process of the project. The project
governance helps in preparing the project from all the hurdles that might arise on the way
when the project is executing. The progress of the project need to be visible enough so that it
gives courage to the time and they can rely in the decision made with the help of project
governance (Kerzner and Kerzner 2017, p.161). The last important component is related to
management of the project with the set time and budget. The analysis of the project is done
on the regular performance and work of the project.
Benefits of Project Governance related to the Framework
The governance comprises of certain key factors that provides benefits, which are
important for the project. The method is helpful and helps in controlling the project and
keeping the work of the project on track (Badewi and Shehab 2016, p.770). Single Point
Accountability the very first thing, which is required, is related to the knowledge about the

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project and the task that need to be performed by the managers. The requirement need to be
distributed equally among all the levels associated with the project. Lack of project
governance creates a negative impact and affects the productivity of the project. The project
manager determines the roles and responsibilities of the people related with the project. The
entire team is responsible to deliver the project outcome within the time. Stakeholder
relationship plays an important role in the project, which is maintained with the help of
project governance. The project governance plan helps in understanding the environment of
the project. The stakeholders are identified with the help of the plan and the communication
process throughout the workflow of the project is transparent. The stakeholders’ interest need
to be identified by the managers of the project. The communication process need to be
accurate with all the information and all the plans need to be presented in the most effective
way (Pinto 2014, p.382). After the communication process is done the manager, ensure that
all the process and information communicated during the communication is true. The project
governance provides solution to handle the uncertainties and hurdles that might arise in the
process of the project. It is difficult to predict the problem that might arise but the necessary
process of precaution can be prepared in advance. The project governance is not a simple task
that can be implemented easily. The process of the project governance is not a single time
assessment based process the assessment is done regularly in order to identify the lack of the
project. The lack is overcome with the implementation of different tools. The governance
helps in communication process of the project. The framework helps in a structural manner
and attaining the objective of the project. The project governance affects the project in many
ways. The affects are both direct and indirect. Governance is required in the proper
functioning of all the work process. The governance when introduced in a project helps in
creating an organization in a complete different way. The project governance is categorized
into three different aspects dealing with different function related with the project. The

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category are the portfolio, the project and the program management. The project governance
helps in attaining the customers’ satisfaction. The complexity related to the project is reduced
with the guidelines provide by the project governance. Project governance helps in increasing
the success rate of the project. It plays crucial part in the success of the project as it provides
proper guidelines for the project.
Project Governance Necessary for the Success of the Project
Different projects need different plans and methods for its successful completion.
The project governance plays major role in the project. In order to utilize all the benefits there
are certain components that need to be maintained. The components are establish, maintain
and enforce the project governance on the project to achieve success. Project governance is
important for the success of the project. The initial implement of the project governance is
difficult. After the implementation, it becomes easy for the project manager to work on the
project (Hellström et al., 2018, p.720). The four major reason behind the success of the
project related to the use of project governance. The benefits of project governance are single
point of accountability, the management of the issues and providing solution to resolve the
problem, the distribution of the important data and making the communication process
transparent throughout the workflow of the project and provides an outlines about are the
related information, requirement relevant to the project (Müller and Martinsuo 2015, p.160).
The lack of proper knowledge of project governance on the project will ultimately make the
project unproductive and unsuccessful. It is important to add all the creative, innovation ideas
in a project with proper steps so that the project is benefitted from it. All the ideas that are
helpful for the project need to be incorporated within the project. The importance of a good
project cannot be denied and ignored. The knowledge about project governance and the
project helps in putting up questions and problems associated with the project. The question
helps in resolving the problem related the project before the execution of the project. The

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project governance comprises of different tools that gives project a new dimension with
quality and helps in achieving the objective of the project within the time and budget set in
the initial stage (Oakes 2016, p.10).
Conclusion
Implementation of the project governance is not a simple task and requires lots of
effort. Investment need to be made when project governance is implemented in the initial
stage. The project governance helps in achieving the objective related to the project. The
report concludes that the project management and project governance are different. The
project governance helps in increasing the success rate by providing different assistance in
the decision making process. The project governance acts as a guideline for the project. It
provides some important benefits like the single point accountability, the role and
responsibilities related to the project, helps in maintaining the relationship with the
shareholder and helps in the communication process (Muller 2017, p.101). The project
governance helps in solving typical problems in a systematically way. With the help of
project governance, the project management team is able to maintain the track and update
related to the project. The project governance encourages teamwork and helps in resolving
any problem in a structural way. Project governance helps and guides in completing the
project successfully without any disruption .The overall functionality of the project is
depended on the project governance. However, the implementation of the project governance
helps in making a project success. Effective project governance is significant for the
accomplishment of the project on which is implemented. The assurance related to the project
gives the surety that the project is managed effectively. The most important element related
to the project performance can be viewed with the help of the analysis done regularly
(Müller, Pemsel and Shao 2015, p.842).

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References
Ahola, T., Ruuska, I., Artto, K. and Kujala, J., 2014. What is project governance and what are
its origins?. International Journal of Project Management, 32(8), pp.1321-1332.
Badewi, A. and Shehab, E., 2016. The impact of organizational project benefits management
governance on ERP project success: Neo-institutional theory perspective. International
Journal of Project Management, 34(3), pp.412-428.
Badewi, A., 2016. The impact of project management (PM) and benefits management (BM)
practices on project success: Towards developing a project benefits governance framework.
International Journal of Project Management, 34(4), pp.761-778.
Biesenthal, C. and Wilden, R., 2014. Multi-level project governance: Trends and
opportunities. International Journal of Project Management, 32(8), pp.1291-1308.
Crawford, J.K., 2014. Project management maturity model. Auerbach Publications.
Hellström, M., Ruuska, I., Wikström, K. and Jåfs, D., 2013. Project governance and path
creation in the early stages of Finnish nuclear power projects. International Journal of Project
Management, 31(5), pp.712-723.
Joslin, R. and Müller, R., 2015. Relationships between a project management methodology
and project success in different project governance contexts. International Journal of Project
Management, 33(6), pp.1377-1392.
Kerzner, H. and Kerzner, H.R., 2017. Project management: a systems approach to planning,
scheduling, and controlling. John Wiley & Sons.
Müller, R. and Martinsuo, M., 2015. The impact of relational norms on information
technology project success and its moderation through project governance. International
Journal of Managing Projects in Business, 8(1), pp.154-176.
Muller, R., 2017. Project governance. Routledge.
Müller, R., Pemsel, S. and Shao, J., 2015. Organizational enablers for project governance and
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Oakes, G., 2016. Project reviews, assurance and governance. Gower.
Pinto, J.K., 2014. Project management, governance, and the normalization of deviance.
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Too, E.G. and Weaver, P., 2014. The management of project management: A conceptual
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Zwikael, O. and Smyrk, J., 2015. Project governance: Balancing control and trust in dealing
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