The importance of Project Governance to a business

The importance of Project Governance to a business

Oct 18, 2022 | Business, Project Management

Why is Project Governance so important to a business?

What is Project Governance?
The term governance was derived from the Latin word “gubernare” which means to steer highlighting the dynamic mechanism in front of an everchanging environment.

However, Project Governance is defined differently across industries and enterprises. The Association of Project Management (APM) states that “Governance refers to the set of policies, regulations, functions, processes, procedures and responsibilities that define the establishment, management and control of projects, programmes and portfolios”.

What should your governance system include?

Balance – providing the right equilibrium between control and coordinating in order to allow for growth.
Actions – appropriate insight of all the responsibilities of the business so that they can be properly carried out.
Flexibility – organise the enterprise to suit the current needs and then adapt and evaluate over time.
Rewards – create the right incentives so that employees properly motivated

What should you look for when searching for an effective cloud-based Governance solution?

It should set out an internal and external governance framework. There should be a portfolio and program management approach to projects overseeing the initiatives of the organisation or project management stage-gate processes tackling the project itself.
The project manager should be able to assign and allocate resources respectively to their roles and structure.
The ability to engage with the stakeholders with an all-encompassing system that ease communication.
The facility to add and manage risks dynamically across the project lifecycle.
A reporting system that has the ability to extrapolate different reports at different times in the project lifecycle including budget, risks, issues, project status and timesheets.

What is an effective Governance system?

What is an effective Governance system?

May 26, 2022 | Business, Counterpart Insight, Project Management, Tips & Tricks

Why is Project Governance so important to a business?

What is Project Governance?
The term governance was derived from the Latin word “gubernare” which means to steer highlighting the dynamic mechanism in front of an everchanging environment.

However, Project Governance is defined differently across industries and enterprises. The Association of Project Management (APM) states that “Governance refers to the set of policies, regulations, functions, processes, procedures and responsibilities that define the establishment, management and control of projects, programmes and portfolios”.

What should your governance system include?
• Balance – providing the right equilibrium between control and coordinating in order to allow for growth.
• Actions – appropriate insight of all the responsibilities of the business so that they can be properly carried out.
• Flexibility – organise the enterprise to suit the current needs and then adapt and evaluate over time.
• Rewards – create the right incentives so that employees properly motivated

What should you look for when searching for an effective cloud-based Governance solution?
1. It should set out an internal and external governance framework. There should be a portfolio and program management approach to projects overseeing the initiatives of the organisation or project management stage-gate processes tackling the project itself.
2. The project manager should be able to assign and allocate resources respectively to their roles and structure.
3. The ability to engage with the stakeholders with an all-encompassing system that ease communication.
4. The facility to add and manage risks dynamically across the project lifecycle.
5. A reporting system that has the ability to extrapolate different reports at different times in the project lifecycle including budget, risks, issues, project status and timesheets.

Headaches of Project Management, Solved?

Headaches of Project Management, Solved?

Apr 14, 2022 | Counterpart Insight, Project Management

When it comes to Project Management there can be several pain points that an organisation and their project manager are confronted with.

Below we have identified four common problems and how to solve them.

1. Planning and Organising?
Being organised is often the most time-consuming part of a manager’s work life. Planning, delegating and keeping track of delegated tasks are essential to getting things done in an orderly manner. Once these processes are set, a manager is able to concentrate on other responsibilities.

Organisational tools, for effective resource management or capacity planning, help to ensure teams stay on target and stay organised without requiring the constant supervision of a project manager or for someone to have to remember each action item that is delegated to a colleague.

2. The need for constant follow up
Staying up-to-date with who is doing what and whether each element of the project is on track is an essential part of the project manager’s role. Keeping up with each member of the team, particularly those working offsite and third-party service providers, can eat into your working day.

Although these can seem boring and time-consuming tasks, they are a critical part of the project’s success. It is vital for the project manager to have an idea of the overall state of the direction of the project. Therefore, having a mobile app that enables you to quickly and effectively manage your projects directly from your mobile device will help you receive and react to instant notifications on the fly.

3. Accuracy when estimating 
Estimates are a forecast of the length of time needed to complete different activities within a project.  Accurate estimates can help determine the overall profitability of the project and achieve ROI. In order to produce accurate project estimates you need to rely on your data and the quality of that data.  Understanding the importance of data in your projects and how this will impact future planning is one of those project management pain points that is also a data issue.

Despite the complexities involved, it is still important to do the very best job with your project estimates. Faulty estimates mean missing deadlines, breaking budgets and leaving your clients less than impressed. It is therefore essential to have key reports that are always ready and available and are easy to create, quick to produce and distribute to colleagues, stakeholders and executives. Utilising financial and performance management reports helps keep your projects within budget and on track.

4. Visibility
In a traditional setting, employees are not privy to the information that is being used to evaluate their performance and the details of the project. This can be an inefficient way of facilitating continuous improvement, as employees do not know what they are doing wrong and what they can do to improve their performance. Using an integrated solution enables you to set up a project in minutes, with real-time visibility into available resources, and update its progress instantly.  This will give you holistic project management dashboard views and full control over the life and resources of the project

Do you struggle with Project Budgets and Financial Management?

Do you struggle with Project Budgets and Financial Management?

Mar 10, 2022 | Business, Counterpart Insight, Tips & Tricks

Does your company struggle with the financial management of strategic initiatives and projects?

Below we have identified four common problems and how to solve them.

1. Recording Transactions Accurately
Managing corporate finances requires accurate record-keeping, which companies may find challenging. Without correct financial data, management may be unable to stay on track with long term project spend. A portfolio management tool can help you manage your monthly actuals against your budgets, enabling you to manage your financial performance across all your strategic initiatives and projects.

2. Seeing the bigger picture…
It is sometimes challenging for companies to see the bigger picture. Standard finance and ERP software platforms are not designed to manage projects and initiatives. It is important to have a software solution that supports and complements your finance system. This solution can also help streamline your organisation’s initiatives and budget tracking to deliver actionable intelligence through key metrics and KPIs. This will allow you to make the right strategic decisions and enable you to reach your business goals now and in the future.

3. Managing your costs vs resources
Managing the costs associated with all your resources can be time-consuming for any financial department. If one does not have an effective system, this can lead to financial and resource errors. Having a resource scheduling tool that includes dynamic timesheets allows the finance person to keep track of employees’ and consultants’ progress, minimising budget overspend.

4. Publish Accurate Financial Accounts
Accurate journal entries translate into financial accounts which enable the company to publish correct financial statements in line with accounting standards. Although this sounds simple, it can be extremely difficult for some organisations. CFO’s often act as stewards for an organisation’s financial portfolio and assets. They are also strategic advisors who play a key role in setting actionable goals. Hence an efficient Work Management Solution can help with this structure and drive business strategy to focus on the most important initiatives.

Learn more about how Counterpart Insight can help you.

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