Essay Sample on Project Governance: Key to Project Success or Failure?

Introduction

Project governance is a team that is used a little in the project management communal. Project governance is one of the main cause of failure of most projects in companies and organizations. It consists of all the important element that makes projects successful. It needs to be custom-made to a company's needs, and eight components must be well-thought-out. The effects of poor project governance are that it effects of a capital project, leading to the increased cost and failure of the project.

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Project Team

A project team is an act that allows the improvement of the external and internal interactions of members of the same team. This is mainly used when they are developing their skills and competencies, as well as optimizing the environment of the whole team to improve project performance. However some risks may face the team such as communication, this is whereby the whole time is not able to communicate with each other effectively. Moreover, the project team might have a problem in planning different schedules in a project. This causes the failure of the project and the production of poor results.

Strategies

• Noting the times that the member of a team can contribute to a scheme team development doings.
• Creation of list of the team member who would participate in a project.
• Recognizing, training and expansion strategies that would improve the performance of the team members.

Time Management

Time management is one of the essential factors of project management. Moreover, time management has been subdivided into four sub-functions which are planning, scheduling, monitoring, and control. However, when there is a poor estimation of time, there is a risk of a project taking a lot of time. When time is minimum and the team members in a hurry of finishing a project, it causes the project to be inaccurate. As most of the member is not able to cope with the speed. Moreover without control in project management does not exist.

Strategies

• Establishment of reasonable sequences of tasks or activities
• Identification of tasks or activities to be carried out to meet the required objectives.
• Making sure that all projects are given extra time.

Quality

Quality risk management in the set of culture, technology, leadership and business process competencies that an organization makes to create a joint approach. This is made to mitigate, quantify and identify suppliers, supply chain, operational and product risk that can influence quality. Moreover the quality of a product is established by a list of reason, however, the quality can be under risk if the raw materials used are not perfect. Quality management is a process that starts with the projects and eventually ends with it. The qualification of the workers can also affect the quality of a project in a company, if their training is poor they will produce bad results.

Resources

The resources risk are categories into three that include money, outsourcing, and people. Outsourcing risk happens when some people and services outside the project team are used to perform the project. People risk happens within the project team in the company. Most of the problems that happen in projects have resulted in the funding. Money is one of the most important factors in a project as many of the outsourcing and people problems are generally caused by insufficient funding that eventually causes the project to be affected in many ways.

Strategies

• Improving the accuracy of schedules in a project
• Classifying resource risks
• Negotiating with the team member on the schedules and budgets
• Concentrating more consideration on project approximations