Governance and Methodology Flashcards
What is a project methodology
a project methodology is a collection of policies, procedures, guidelines, templates and methods which together define how projects should be run in an organisation.
what are 9 typical components of a methodology
- mandatory policies and procedures for project initiation, execution, phase reviews and closure
- methods, processes and tools for carrying out project activities
- defined roles, responsibilities and authority levels
- suggested project organisational structures
- defined lifecycles or cycles
- inputs & outputs for each lifecycle phase
- reporting standards
- document templates
- lessons learned archive
is the aim of project governance
- to enable the effectiveness of projects
- projects are properly selected and done well
- executed by trained/qualified people
- follow formal project methodology
what 4 areas are included within project governance
- organisational policies - HSE, HR
- Regulations - legal obligations
- functions processes and procedures - from methodology
- defined roles, responsibilities and authority levels - from methodology
what are the 7 governance principles
- projects should be clearly linked to key business objectives
- there should be clear senior management ownership of project
- there should be effective engagement with stakeholders
- leaders must have required project and risk management skills
- there should be appropriate contact at senior level with suppliers
- projects should be driven by long term value rather than short term cost
- projects should be broken down into manageable steps
what are 9 examples of failures of project governance
- no clear link between deliverables and corporate goals
- no agreed measures for success
- lack of effective senior management sponsorship
- poor engagement with senior stakeholders
- lack of application of project methodologies
- poor or lack of risk management
- project driven by price rather than long term value
- lack of contact with suppliers at senior levels
- project not sufficiently broken down into manageable steps
what are the 4 key components of governance
- portfolio direction - all projects should align with corporate ls - what way is it contributing to the goals - if no value should not be done
- project sponsorship - appropriate sponsor whom PM reports to - owns the budget and business case - ensures project is visible to higher management to see benefits
- project management effectiveness - PM should have correct skills & experience - project teams should have skills and competence for objectives given proper tools and resources - effective delegation
- disclosure and reporting - stakeholders should be kept aware of progress - timely accurate reporting to support decision making - open and honest disclosure
what are the triple constraints of a project - why are they important
Quality - Time - Cost
each needs to be defined and monitored
the PM must understand hierarchy from sponsor and stakeholders as will affect decision making
what 4 other constraints may affect a project
- benefits,
- resources
- risk
- health and safety
what 4 factors does PM co-ordinate
- inputs - business justification based on specific need, problem or opportunity
- outputs - project deliverables for product or service
- constraints - time, cost, quality
- mechanisms - people, tools and processes
what are the 4 common processes repeat through each phase of a project
- starting - initiation and justification defined and agreed
- defining - phase needs to be planned and outputs clearly defined
- monitoring - phase needs to be monitored and corrective action taken when required
- learning - each phase needs to be closed out and lessons learned to avoid reoccurrence
what are 5 challenges of using PM methodology
- bureaucratic - formal justification can be seen as a waste of time and resources
- limits creativity - team may argue formal processes limit their technical ingenuity and vision - alternatively constraints may encourage creativity
- threatens existing organisation structure - functional managers may feel in less control of resources with introduction of PM
- complex inter-relationships - additional communication and interaction may cause confusion and conflict due to competing priorities
- PM capability - individuals need to be conversant with hard/soft skills to ensure successful project delivery
what 5 factors must be in place for as joint venture between two or more organisations
- formal agreed governance covering joint decision making between owners stakeholders and 3rd parties
- jointly agreed business cases based on risk/reward
- governance agreement based on existing existing measures and technical strengths/weaknesses of owners
- approval gates to give owners opportunity to re-evaluate there participation
- agreed procedures for reporting, independent reviews and dispute resolution
what 6 areas contribute to good governance
- Project, programme and portfolio management – the level of definition, reflection of current best practice and the way in which they contribute to project delivery and business success
- Knowledge management – the ability of the organisation to capture, develop and improve delivery capability
- Life cycle – the structure underpinning delivery at all levels within the organisation
- Maturity – the development of increasing levels of capability
- Sponsorship – the link between projects, programmes and portfolios, strategic management and business as usual
- Support – the support environment that provides project managers with consistency of practice
what is the APM definition of governance
“Governance refers to the set of policies, regulations, functions, processes, procedures and responsibilities that define the establishment, management and control of projects, programmes and portfolios.”
