Decisions are one of the key features of a company’s success. They can account for a successful project. However, they can also result in failure, depending on the authority. In a company, sound decisions are integral and allow a business to thrive. The one thing that helps managers to make good decisions is a program governance model. Below is all the information you need to understand this term.
Concise Definition Of Program Governance
Program governance is a practical framework that allows a company to achieve success. It refers to the processes that guide a program and result in good management. Simply put, it is the continuous oversight of a program’s operations and offers control.
A program governance framework is repeatable and establishes a structure for various things such as communication, monitoring, and much more. It accounts for the intangible and tangible assets of a company.
The framework includes all elements that ensure the success of a project. It is customized to meet the specific needs of a company. It determines what happens in a project’s life cycle and when it will occur.
Three Key Features Of Program Governance
Here are the top three pillars of program governance:
Structure
The structure is one of the integral features of program governance, as it determines the program’s success. Overall, the environment of a business must be supportive in this category.
People
Program governance must include suitable people for the tasks. The first thing to get right is the stakeholders who will be part of the framework. Even if one individual is left out, the whole program can be at risk. This is why identifying stakeholders is essential.
Communication
The communication plan has to be developed after the stakeholders of the model have been recognized. A project manager must develop a concise and efficient plan for communication. This should include meetings and reports.
Once these three features have been addressed, the program governance framework will be stable. This means that it will effectively help the project to be successful.
Why Does It Play A Critical Role In A Project’s Success?
Here are the key benefits of program governance that make it essential in project management:
1. One Accountability Point
This is a vital benefit of program governance, and it ensures clarity across the program. A single accountability point helps with consistency in the decision-making processes of the project. It also ensures that the individual’s primary attention will be on the program’s goals.
2. Ensures Structure
It involves clear roles, duties, and accountabilities within a task. This significantly helps with the decision-making process, as it allows the project manager to have a clear scope of various resources. The structure enables the individual to tackle a risk efficiently.
3. Helps With Managing Issues
All programs within a company face different issues from time to time and have to be resolved. This is one of the many things that a program governance framework can help with. The model provides clear instructions on how to manage issues through a comprehensive mechanism.