C1 M4- Corporate and project governance

Question 1

What is governance in business?

Answer 1

Governance is the management framework within which decisions are made and accountability and responsibility are determined. It involves understanding who is in charge.

Question 2

What is corporate governance?

Answer 2

Corporate governance is the framework by which an organization achieves its goals and objectives. It balances the requirements of stakeholders, management, and customers, affecting action plans, controls, and performance measurements.

Question 3

How does governance relate to change management?

Answer 3

Effective governance in change management provides clearly defined roles and responsibilities, enabling people to understand decision-making and relationships during the change management process.

Question 4

What is the role of steering committees in corporate governance?

Answer 4

Steering committees act as advisory boards that decide on organizational priorities, manage the course of operations, and help project managers make and approve strategic decisions.

Question 5

What is project governance?

Answer 5

Project governance is the framework for how project decisions are made. It involves policies, regulations, functions, processes, procedures, and responsibilities to ensure projects run smoothly, on time, and within budget.

Question 6

How do corporate governance and project governance intersect?

Answer 6

Corporate governance supports project governance by aligning projects with organizational objectives, providing oversight on compliance, mitigating risks, and securing resources for project success.

Question 7

What are some elements of effective project governance?

Answer 7

• Aligning projects with long- and short-term organizational interests.
• Providing relevant, reliable information to stakeholders.
• Securing input and buy-in from senior managers.
• Assigning ownership and accountability to experienced teams.

Question 8

How does corporate governance support project managers?

Answer 8

Corporate governance provides oversight on compliance, mitigates risks, secures resources, addresses issues, avoids delays, gains stakeholder buy-in, and ensures project visibility at the executive level.

Question 9

What should be prioritized during the initiation phase of a project for effective governance?

Answer 9

Clear, reachable, and sustainable goals should be prioritized to reduce confusion and conflict.

Question 10

What should be considered during the execution phase for effective project governance?

Answer 10

Teams should learn from mistakes and adapt to new or improved knowledge during the execution phase.