Project Governance Report - Click Here to Get Instant Solution

Question: Discussabout the Project Governance Report. Answer: The stakeholder engagement arrangements for this project are that all the stakeholders be it the internal as well as external stakeholder are properly allotted their role and responsibility toward the project as well as their share of the project profits. The undertaken construction project all the stakeholder such as the project managers, the higher level managers, the lower level managers the staffs, the project team, the shareholder and investors as well as the customers all are involved with the project (A guide to the project management body of knowledge (PMBOK guide), 2004). PRINCE2 affirms that project stakeholders ought to be engaged at a level that is proportionate with their significance to the organization, and in a mode that promotes trust. Overall Project Responsibility The responsibility for this project lays with role and responsibilities of the involved the company which has undertaken the construction project, the stakeholders of the construction projects, the users of the construction project, the suppliers who are appointed for the supply for the construction project and the interest of the stakeholders (A guide to the project management body of knowledge (PMBOK guide), 2004). The PRINCE2 project methodology defines the responsibilities of the project in term of the role of the project activities rather than the individuals. PRINCE2 states that the board should have overall responsibility for governance of project management The role of the individuals for the specific activities is the sole decision of the project manger according to the activities of the project. A specific individual may be assigned with more than a single role as well as an individual can be assigned distinct role in different phase of the project (Bentley, 2002). The orga nization which undertaken the construction project, and the project manager should use the human resources in most efficient way in order to manage the project requirement which is deemed from the perception of their expertise skill as well as the peoples individual personalities. The role and responsibilities should be appropriately defined within the project team and the organizational structure of the project team for securing that the management is effective as well as responsive both (Collins, 2011). As per the PMBOK methodology the responsibilities are assigned within the team members of the project, however, it is the responsibility of the management to deliver the required resources for the project to ensure the success of the project. At the time of the planning the role and responsibilities within the team use to be assigned. Utilizing the role and responsibilities as well as the reporting relationship between the people who associated with the project can help to accelerate the procedures of the organizational planning (Construction extension to the PMBOK guide, 2007). The PMBOK requires information about the success of the project and deliverable approval criteria. Roles, Responsibilities and Performance Criteria The roles, responsibilities and performance criteria for this project consist of systematic and disciplined governance aided by accurate methods as well as control, which must be implemented throughout the lifecycle of the project (Heerkens, 2002). The PRINCE2 define the roles, responsibilities and performance norm and criterion in order to governance of the project management must be clearly stated. The PMBOK project methodology requires identifying the procedures for the stage gate as well as the phase reviews along with the procedures for the communicating information. The performance of the project depends on the efficiency of the project manager (Hughes and Cotterell, 2006). How the project manager handle the project as well as how the project manager manages the team of the project is most important for the effective accomplishment of the project. The project manager has to recognise the potential risk of the project. Moreover, the project manager has to know the risk managemen t and should be capable to manage the risk. The performance of the project use to be improved by the whole teams performance, the performance of the project depends on the efficient procurement of the required resources for the project (Kerzner, 2001). Thus, the role of the procurement manager is vital for a project as the efficient procurement help in delivering quality project within the predefined budget of the project. The PMBOK project methodology needs to detect the connection among the team of the project, the organizational groups as well as the external stakeholders. In the PMBOK methodology there is organizational chart of the project that recognises roles of the project (Lawson, 2009). The project responsibilities use to be assigned prior to the initiation of the project as well as if all the role and responsibilities are fulfilled by the project team then the performance of the project use to be improved and the project will be successfully completed. Governance Arrangements The governance arrangements for this project consist of the structural elements such as commitment, governance policy, wide responsibility for on the whole governance of the project as well as company, consistent improvement (Lawson, 2009). Besides this, the project should consist of the operational elements such as recognition of the issues of the governance, operating processes for governance, it also dealing with the governance violation as well as complaints, record keeping along with internal reporting. Besides the maintenance elements such as education as well as training, visibility along with communication, monitoring as well as assessment, review and liaison are also included for the undertaken construction project. Apart from this, the roles and responsibilities of ethical principles are also defined for the undertaken construction project (Lock, 2004). The ethical principles like accountability, transparency, fairness and balance, honesty, dignity legal goodwill, is also i ncluded for the undertake construction project. According to the PRINCE2 project methodology the disciplined governance aided by apt methods as well as controls, ought to be applied all the way through the project lifecycle. The project must be governed with effective governing rules as well as proper process along with the management, which must be implemented during the whole life cycle of the project (Maylor, 2010). The PMBOK methodology needs to know about the procedures in order to review as well as acceptance for the budget, scope, quality as well as schedule that are beyond the authority of the project management (Mehta, 2007). Useful arrangement of the project governance needs help the project to accomplish its aim and an objective as well as it helps to carry out the project management activities. Relationship to the Portfolio The Relationship to the Portfolio for this project is vital as the project has significant relationship with business strategies of the company. The successful, accomplishment of the project puts the project management company much ahead (O  Conchu ir, 2010). The reputation of the company will be improved significantly by the successful accomplishment of the project. PRINCE 2 project methodology states that there ought to be a rational as well as accommodating liaison demonstrated between the on the whole business strategy along with the project portfolio (Saladis and Kerzner, 2011). The supportive as well as accommodating relationship between the business strategies along with the project portfolio help the project to carry out to the right direction of the completion as well as it helps to accomplish the organizational aims and objectives most appropriately. According to the PMBOK methodology needs the guideline in order to aligning the project governance as well as organizational strategy. Therefore, the project governance has significant link with the organizational strategies and business policies (Snyder, 2013). The project should be useful for the company, which improve the reputation as well performance of the company. It helps in growth and development of the company. Authorisation Points The authorisation points for this project are that the entire project ought to be an approved plan means it must have an appropriate plan which help to carry out the activities of the project most effectively and which help to accomplish the aims and objectives of the project (Snyder, 2013). The PRINCE 2 states that the entire project ought to have an accepted plan, which contained authorization points at which the business case is assessed as well as approved. The decision which made at authorization point ought to be recorded as well as communicated. The project should be authorized as well as the project manager must be obtain the authority of carry out the project effectively so that the project can be accomplished within the required criteria, within the predetermined time schedules and predefined budget of the project (Tuttle, 2012). The effective authorization assigned for the project helps in making the decisions more efficiently so that the project can be accomplished in mor e effect way. Delegation The delegation arrangements for this project are very helpful for the project as with this arrangement the project can be accomplished more efficiently. The authorization should be properly delegated among the project team members as per the qualification, efficiency and the requisite skill for the required tasks. The project managers of the construction project has the supreme authority about the undertake construction project as the project manager has the more knowledge and acumen about the project (Mehta, 2007). The project is the responsibility of the project manager. The project manager then delegates the power to the subordinates, who are basically the other management staffs. Afterwards the management staffs who directly under the project manager delegate the authorities to their subordinates, who are junior level management staffs. Moreover the junior level of the management staffs also delegate the authority to the supervisor of the construction project (Maylor, 2010). In t his way, the effective decision making can be possible for the authorities on the progress of the project. Information Validity The manner in which information validity for this project is assured is by the cross check. There must be multi layered verification for the information so that the information can be checked. The PRINCE 2 project methodology affirm that the undertaken project of the construction business case ought to be supported by the pertinent as well as realistic data and information, which deliver a reliable base in order to make decision for authorization (Lawson, 2009). The realistic data and information help the project to carry out to the right direction as well as it help to minimize the risk and issue of the project as well as help in improving the performance of the project thus, the project can be carried out to the predefined goal of the objectives. The PMBOK methodology needs information about the approaches to the life cycle of the project. The information helps to recognise the progress of the project as well as it helps to measure the direction of the construction project (Lock, 2004). Scrutiny The scrutiny arrangements for this project are mainly the day to day report of the project activities; there are weekly reports as well as monthly report, which help in assessing the progress of the project. PRINCE 2 affirms that the board or its delegated agent will decide the time for independent scrutiny of projects or auditing of the project that help in recognising the progress of the project, the threats and issues of the project can be identified by the scrutiny process, thus project management systems is required effective scrutiny process, and the undertaken construction project implement such scrutiny as per the need of the project (Heerkens, 2002). Apart from the reports there are supervisors report, managers report, and financial accounts report which provide adequate information about the development of the project thus, the project manger can implement required strategies, which help in minimizing the time and cost of the project as well s help in completing the project within the predefined budget and time schedule. Status Reporting The status reporting arrangements for this project are helpful to recognise the current status of the construction project. The PRINCE 2 project methodology affirm that there ought to be undoubtedly as well as clear defined criteria in order to report project status, as well as for the escalation of risks and issues to the levels required by the organization. The status reporting is most important as it help to detect the progress of the construction project as well as the project manager can make and implement the strategies accordingly, which help in accomplishing the project within the timeframe and budget of the construction project (Construction extension to the PMBOK guide, 2007). The PMBOK project methodology needs to know the procedures for stage gate as well as phase appraisals along with the procedures for the effective communication of the important information. Improvement The improvement arrangements for this project are most essential for the construction project as the improvement arrangement help the project to deliver required project. The PRINCE 2 affirms that the organization ought to foster a culture of improvement as well as of honest internal disclosure of project information (Collins, 2011). The project manager along with the project team must foster cultures that initiate to improve the project so that the quality of the project can be maintained. References A guide to the project management body of knowledge (PMBOK guide). (2004). Newtown Square, Pa.: Project Management Institute. Bentley, C. (2002).PRINCE 2. Oxford: Butterworth-Heinemann. Collins, R. (2011).Project management. New York: Nova Science Publishers. Construction extension to the PMBOK guide. (2007). Newtown Square, Pa.: Project Management Institute. Heerkens, G. (2002).Project management. New York: McGraw-Hill. Hughes, B. and Cotterell, M. (2006).Software project management. London: McGraw-Hill. Kerzner, H. (2001).Project management. New York: John Wiley. Lawson, D. (2009).PMBOK quick implementation guide. [Australia]: [Emereo]. Lock, D. (2004).Project management in construction. Aldershot: Gower. Maylor, H. (2010).Project management. Harlow, England: Financial Times Prentice Hall. Mehta, R. (2007).Project management. Jaipur: Aavishkar Publishers. O  Conchu ir, D. (2010).Overview of the PMBOK guide. Berlin: Springer. Saladis, F. and Kerzner, H. (2011).Bringing the PMBOK Guide to Life. Hoboken: John Wiley Sons. Snyder, C. (2013).A project manager's book of forms. Hoboken, N.J.: Wiley. Snyder, C. (2013).A user's manual to the PMBOK guide--fifth edition. Hoboken, N.J.: Wiley. Tuttle, S. (2012).Illustrating PRINCE2. Ely, Cambridgeshire, U.K.: IT Governance Pub.