For it to make a project successful, Project governance needs to be tailored to the organization's specific needs, and there are eight components that must be considered. These components will influence how you create and implement as well as monitor and control the governance framework on your project, program and even portfolio (Alie, 2015). The eight components are as follows: • Governance Models • Accountability and Responsibilities • Stakeholder Engagement • Stakeholder Communication • Meeting and Reporting • Assurance • Project Management Control Process Question: What is that drives the success of Project governance and why should a Project Manager utilize the theory/concept? Reference:

The Benefits of a Governance Strategy in Project Management

Governance occurs at different levels because there are many different types of projects and the objectives of those projects may be better obtained with different focuses. In other words, project governance takes place in context. Corporate governance is always present, but project governance can vary from project to project. It influences the way projects are managed because governance provides structure by determining which projects are selected, who manages them and to whom the progress is reported (Joslin & Müller, 2015, p. 1381). Of course, the project governance is determined by the organization’s vision, mission and culture. Project governance should not engage in practices that the organization does not also endorse (Badewi, 2015, p. 7). So, project governance can be looked at as a way to promote organizational values in every project that is done.

Another benefit of project governance is that it balances the economic objectives of the organization with the social objectives of the organization. Müller, Zhai, Wang, and Shao (2016) of the International Journal of Project Management explain, “Understanding of governance as mainly a control function is indicative of an underlying agency perspective, which aims to reduce the risk of hazards through formal control mechanism” (Müller, Zhai, Wang, & Shao, 2016, p. 959). Project governance is a way to control budgets and make clients happier so that they return to the organization in the future. The need for economic control comes about because in some projects there are numerous independent stakeholders who may not be looking out for what is best for the organization. Governance can help to protect company assets and resources, control the spending, and offer ways to adapt projects to the bottom line (Ahola, Ruuska, Artto, & Kujala, 2014, pp. 1321-1322). Many may believe that the person putting up the cash is going to also be the one who takes on the project governance, but that is not always the case.

Governance is related to ownership sometimes. Derakhshan, Turner, and Mancini (2019) say, “The purpose of governance is narrowed to the management of the relationship between the project sponsor and the stewards (project managers) who are responsible for guiding the organization to reach its aims” (Derakhshan, Turner, & Mancini, 2019, p. 102). This is true; the project sponsor or owner may have a role in governance. However, there are many different types of owners of projects, which adds to the complexity of what project governance includes. Volden and Andersen (2018) of the International Journal of Managing Projects in Business talk about the ambiguity involved in the roles of project ownership and project governance. For instance, “in large public projects, the government may be seen as the owner, ultimately on behalf of all citizens. Similarly, in private projects, the board of directors is the project owner on behalf of all shareholders. . . . The role of project owner may be delegated from the true owners to individuals or groups, so-called “governance agents,” according to clear instructions defined by the project governance scheme” (Volden & Andersen, 2018, p. 179). In a government project, the owners (the pubic) has little effect on the governance of the project. While ultimately the owner of a privately sponsored project may have the final say, the project governance scheme ensures that none of the stakeholders can be taken advantage of by other stakeholders.

Approaches to Project Governance

The many definitions and benefits of project governance demonstrate the complexity inherit in it, but they also demonstrate that there are few universally shared views about what project governance really is (Ahola, Ruuska, Artto, & Kujala, 2014, p. 1321). That, of course, is another layer of complexity to explore. The various approaches to project governance can be seen as different attitudes or mentalities toward project governance.

The word “governmentality” combines the words governance and mentality. It is what “governors think about governing” according to Müller, Zhai, Wang, and Shao (2016). This is another aspect to governance that helps to explain its complexity. Governmentality can range from a more laissez faire sort of attitude to an authoritarian governmentality. Müller, Zhai, Wang, and Shao (2016) list the various types including authoritarian governmentality which often enforces process compliance and uses rigid governance structures. These are often used in major public investment projects. Liberal governmentality stresses outcome control although it can use flexible governance structures, such as those necessary for customer delivery projects. Neo-liberal governmentality aims for team members&#