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How to Develop a Strong Governance Process with These 6 Tips ?

How to Develop a Strong Governance Process with These 6 Tips ?

Projects involved a lot of planning, implementation, and not to mention tracking or detecting issues and problems within the team or the project, and surpassing the following process. It also means successfully identified the stakeholders and risks and the project are already in the plan, ready for implementation. But don’t forget the  essential factors of them all—controlling and monitoring. The two governance processes should be implemented constantly to keep track of the scope creeps, risks, opportunities, and also safeguard the following resources from running out. To stay within deadline means having a governance process that everyone will adhere to.

 

 

Building up a governance process may be a little intimidating, especially if you don’t organize your project outline properly. Everything can go wrong if you do a sloppy or lazy approach from the beginning of the project. To prevent that from happening, refer  the following tricks for a strong governance process.

 

The Governance Process:

 

1 – Control:

Determine and decide what type of control you need to implement in your project. This part must be decided by you and your senior managers. You can either have a tight or loose control—tight controls are usually implemented on projects with a high level of risks, so before choosing the type of control, you need to identify what type of project you are working on. You need to establish a standard system after you determine the type of control you and the higher-ups have agreed on.

 

2 – Project Cost:

The goal here is not to overshoot the budget and conserve the financial resources even the stakeholders provided you a huge amount to be used. Develop a separate system exclusively for cost and list down how much the expense has been spent.

 

3 – Project Outline:

Create a chart indicating the following plans, tasks, and cost within the project. It doesn’t have to be a complicated maze of charts—just highlight the following crucial details such as the time to finish a certain project task or how much was spent on the resources.

 

4 – Related Reports:

The senior managers must set up how often you provide reports. It’s up to them if they want a daily or weekly report and ensures that your reports contain all the important updates, details, as well as the milestones. If you can, develop a standard reporting system or a template for easy plotting. However, you still need to consult your senior manager regarding this method.

 

5 – Controlling Change:

Another governance process to take note of is to agree on what type of control process you are going to need to implement in case a project runs into sudden change. You need to be in total control of these changes instead of the other way around and setting up a governance process to implement change management is the way to go. The change management should include the impact or effect of these changes and how you are going to counter attack it.

 

6 – Meetings and Discussions:

The meeting is an open avenue for everyone involved in the project to brainstorm ideas for governance process and agree to the terms and conditions as well as plans for the project. Even if you communicate on a daily basis, you still need to devote time to come up with an effective governance process to keep your project operating and safe from risks and scope creeps.

 

Planning a governance process is a given, but you need to understand that at the end of the day, your decision for action is one crucial factor for your project to make its way into success. It’s common sense that the absence or lack of action will be a result of a stagnated work. Take your project out from the rut and act upon your governance process plan by establishing a monitoring and control system to protect your project in the long run.

 

 

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Management Square

Management Square is a service provider company specializing in Strategy Execution, Business Transformation, and Portfolio, Program and Project Management.Our mission is to create high quality trainings through professional excellence, and to provide a consultancy of choice through extensive learning experiences.

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