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Good Portfolio Governance: Best Strategy for Project Success

Good Portfolio Governance: Best Strategy for Project Success

One of the main reasons why a large number of projects generally fail is that there is no project governance. Governance, simply, refers to the processes through which policy is formulated and the right decisions are made, maintained and also communicated effectively in the entire organization. There are many facets to project or portfolio governance. Good governance should be accountable, very transparent and also independent. Project management or implementation is no longer just left to outside specialized project managers. It is a collective undertaking for many organizations and many of these organizations may not have the expertise for successful execution. This is where portfolio governance services play a very important role.

Many organizations now view innovative projects as a way of driving forward their vision while also ensuring that they are operating in the most efficient way. In many bedrooms, there are now specialized hands that are in charge of project management and implementation but organizations need not have just the hands to drive projects. They also need systems and processes to underpin successful project management.

A good portfolio governance service and practice will help organizations in conducting and running their businesses more efficiently, effectively and with some accountability and integrity. These are the ingredients which generally ensure overall success in the project execution. Projects in the organizations are generally implemented as a part of an overall broader strategy. Project governance services help organizations in setting these strategies and methodologies in order to guide the successful execution of projects.

Ensuring effective project governance will  allow the project portfolio to be well aligned with its business objectives and as a result, the company is able to pursue only those projects which will strengthen its business model. Companies that have governance systems and gateway review in place are able to execute only the right projects and they are also able to do them effectively. At the end of the day, it is not a question of doing all your projects right but doing the right projects which give you the best overall ROI.

Companies that have deployed the best portfolio governance services are able to judge the potential returns of every project before they pump in their money and time into the project. Every project should at its heart, project management rigor that can streamline all resources and methodologies  in order to contribute to success at all levels.

When it comes to the portfolio governance services for projects, there are really no hard and fast rules but a PMO consultant must know the best practices that are likely to lead to project success. When these best practices are applied in project management by organizations, they are likely to avoid all the main causes of project failure and its consequences on the bottom line of your organization, your reputation as a business as well as your market confidence. Good portfolio governance is really at the heart of your business’s performance and sustainability.

Why not try out the program project governance by Ross Garland today and begin unlocking the potential of your organization through successful project management? Want to learn more? Check out http://www.rossgarland.com/program-project-governance/