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Project Governance based on ISO 21500.
Of all the things I’ve done, the most vital is coordinating the talents of those who work for us and pointing them towards a certain goal. – Walt Disney.
Today we going to discuss the concept of ‘Project Governance’ that provides us with the ISO 21500 Guide for Project Management. Please share your comments! 🙂
ISO 21500 defines Project Governance as “the framework by which an organization is directed and controlled”. Includes “defining the management structure; the policies, processes and methodologies to be used”.
From this definition, we can highlight the following facts:
1. ISO 21500 Project Management on ‘Project Governance’: “Framework”
Yes you have read it right. Governance needs a framework. Working in the correct direction is critical for any organization, on it depends its survival. Also any temporary wrong direction would result in a lost of opportunity (opportunity cost) and an important waste of effort/money.
So in terms of damage, a poor executing capabilities are not comparable to a poor governance aproach. But most of the times we find more policies, processes and methodologies at the executing level.
In summary, the Direction level needs to work on a Governance Framework based on best practices and knowledge to ensure the future of the organization. The maturity of this framework will define the maturity of the organization in driving its success.
2. ISO 21500 Project Management on ‘Project Governance’: “Directed and Controlled”
The Project Governance framework addresses direction and control through the roles of the Project Sponsor, the Steering Committee or the Project Management Office (PMO).
Control also is obtained through regulating the reporting, the interactions between the stakeholders, and the limits of authority for decision-making.
The Project Life Cycle will be organized into a defined number of phases that will permit the correct governance and control needs. These phases will be established in a foundation of Decision Points required for directing and controlling the project towards success.
3. ISO 21500 Project Management on ‘Project Governance’: “Defining the Management structure”
The Management Structure and organization for project management is also defined through the Project Governance framework. Choosing the correct Management Structure ensures the organization’s capability to manage its projects, and therefore execute its business strategies.
Also the Project Governance framework must help to address changes in this Management Structure to continuously adapt it to the everyday changing reality.
Remember that the success of a company is directly related to its capacity to address change.
Do you have a Project Governance framework in your organization?
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