The following was sent to my by e-mail: Five benefits of effective project management governance are as follows:
- Having a well understood set of roles, responsibilities and authority levels on the project, means that everyone knows what they are expected of them and therefore ensures that the products to be produced on the project will be produced at the required time and quality.
- Effective project governance requires open and honest communications, which means that the team, project manager, sponsor and end-users are able to communicate effectively and do not hide information. This facilities better decision making at the right time, so that the project is able to progress better.
- Effective project governance requires and understood reporting process. This means that the information to be reported is known and the timing is understood, so that the information is available when required to again make the best decisions and courses of action.
- Effective project governance means that the company board of directors is ultimately responsible for the project, which means that they set the policy and define overall responsibility on the project. The participants in the project are therefore supported in their roles by senior management, which enables them to act accordingly.
- Effective project governance means that all projects have approved plans, which contribute to the business plan and the overall business. The plans also have stage points included for the continuing of the project and obtaining additional funding. This has the benefit of ensuring that there is a process for the agreement of continuing or closing the project, which is consistent across the projects and understood. This maximises the value from the project.