Governance

Decision-Making: Governance defines the authority and responsibility for decision-making at various levels within the organization. It establishes clear roles and responsibilities for project stakeholders, including project sponsors, steering committees, and project managers. 

Alignment with Strategy: Governance ensures that projects and programs are closely aligned with the organization's strategic goals and objectives. It helps in selecting and prioritizing projects that contribute most to the organization's mission and vision. 

Policies and Procedures: Governance involves the development and implementation of policies, standards, and procedures that guide project and program management practices across the organization. This helps maintain consistency and best practices. 

Performance Monitoring: Governance includes mechanisms to monitor project and program performance against predefined criteria and key performance indicators (KPIs). It ensures that projects are on track to deliver the expected outcomes and benefits. 

Risk Management: Governance addresses risk management at both project and organizational levels. It establishes processes to identify, assess, and mitigate risks associated with projects and programs. 

Stakeholder Engagement: Governance includes strategies for effective stakeholder engagement and communication. It ensures that stakeholders are informed, involved, and supportive of project and program objectives. 

Compliance and Ethics: Governance encompasses compliance with relevant laws, regulations, and ethical standards. It ensures that projects and programs are conducted ethically and in accordance with legal requirements. 

Portfolio Management: In a portfolio context, governance oversees the management of multiple projects and programs to achieve strategic goals. It involves making informed decisions about resource allocation and prioritization. 

Change Control: Governance includes change control processes to manage and approve changes to project and program scope, schedule, and budget. This helps control scope creep and maintain project focus.