Question 3 from Exam Paper for comment etc – just a straight read across from the BoK. Is this acceptable an answer. Obviously won’t have the BoK for the exam.
Governance of Project Management
Explain the overall aim of project governance
Explain what each of the following four components of project governance seek to ensure:
- Portfolio direction
- Project sponsorship
- Project management effectiveness and efficiency
- Disclosure and reporting
The overall aim of project governance is to ensure those areas of corporate governance that are specifically related to the project environment are implemented. This ensures that an organisations project portfolio aligns to the organisation’s strategic objectives, is delivered efficiently, is sustainable and failures are avoided
Portfolio direction – seeks to ensure that all an organisations projects are identified within one portfolio. Projects should be evaluated and directed mindful of the organisation’s strategic aims and constraints.
Project sponsorship – seeks to ensure an effective link between the senior executive body and the management of the project. The sponsoring role has decision making, directing and representational accountability.
Project management effectiveness and efficiency – seeks to ensure that the teams responsible for the project are capable of achieving the objectives that are defined at project approval points.
Disclosure and reporting – seeks to ensure that the content of project reports will provide timely, relevant and reliable information that supports the organisation’s decision making processes. It is important to distinguish between key drivers for success and key indicators of success. An effective reporting process will therefore include measures of both.