Portfolio direction is a key benefit or governance. This is because the Directors have considered and decided how a project fits with the overall strategy for a project. For example a retailer may decide that moving on-line is an important strategy. So that project to deliver this would be of high priority.
Open and honest reporting is an important benefit of effective governance. This is a cultural issues as much as a process issue. It’s a benefit because if the directors have clear information about governance then they can take the right decision. Without open report then bad news will be lost and the organisation could be placed at risk.
Competent people is a clear benefit of governance. By having effective governance, the directors will make sure that they appoint the right people to manage each of the projects. They will know that the most complex and challenging projects are being delivered by the most experienced project managers.
Clear sponsorship is also a benefit of governance. This means that the directors can be sure that they have a direct line of sight for the project. With simple and effective reporting lines. This way the directors can be sure who is accountable for the delivery of the project.
Effective process and report are the final benefit of effective governance. For example, having a structured and enforced reporting process will makes sure that the directors have the information on had to take the necessary decision. Without this the directors of a business would be flying blind.