Project value realization (PVR) was likely the furthest thing from Puff Daddy’s mind when he coined the phrase “It’s all about the Benjamins.” However, I will argue that it is the perfect phrase for evaluating whether your technology project was successful.

TrueProject is a forward-looking oversight and governance solution designed to lead your projects to success.
View this informative webinar on Project Governance.

TrueProject is a forward-looking oversight and governance solution designed to lead your projects to success.
View this informative webinar on Project Governance.

According to Harvard Business Review, every success, every mishap, and every opportunity seized or missed is the result of a decision someone made or failed to make. So, what helps you make “good decisions?” It is here that project governance plays a crucial role. Governance goes beyond the decision-making of a single project. It defines an organization’s activities, including regulations, functions, processes, policies, procedures, and responsibilities. So, how crucial is governance in project management methods?

TrueProject is a forward-looking oversight and governance solution designed to lead your projects to success.
View this informative webinar on Project Governance.

Project success depends on various factors. When you specifically focus on the small business sector, money and time become two of the most decisive success components. If your project goes over budget or does not finish within the stipulated time, it fails to succeed. However, project management experts believe that there are other success factors that businesses ignore. There are various business elements that you can optimize through effective project governance.

Are you in the process of setting up a project management office (PMO)? When your organization grows to the point that PMO implementation is on your to-do list, you will undoubtedly want to make a significant impact. However, if your process is complicated or hard to follow, it will fail to accomplish better project outcomes. So, what do you do? This article on Max’s blog explains how you can achieve project process compliance by overcoming PMO challenges.

Projects, like anything that involves many people working together, demand governance. Effective project governance in an organization ensures that the projects run smoothly concerning structure, people, and information. So, why should you, as a manager, include governance in project management methods? This article at IT Toolkit explains how to prepare actionable plans for project governance.

For every organization keen on managing projects well, it is crucial to be familiar with different project management components. When you regularly monitor project growth, it better prepares you for risk mitigation and overall project development. A phase gate plays an essential role in monitoring your project and developing its components. It also helps assess and evaluate upcoming project tasks. In one of their articles, Indeed talks about the features and benefits of the phase gate.

Project governance is often overlooked in many organizations. It plays an essential role in efficiently managing and executing hierarchical processes and operations. There are times when projects fall apart due to communication issues between team members and business divisions. Businesses must acknowledge the significance of governance and put it to use for better project management. In one of their recent articles, PM Illustrated shares how you can improve your project compliance that will directly enhance your governance strategies.