How do you define project strategy and governance?

1 Project strategy

Project strategy is the high-level plan that guides your project direction and scope. It defines the project purpose, goals, benefits, and deliverables, as well as the key assumptions, constraints, and dependencies. Project strategy also outlines the project approach, methodology, and life cycle, and how the project aligns with the organizational strategy and values. To define your project strategy, you need to conduct a thorough analysis of the project context, stakeholders, and requirements, and document your findings in a project charter or a business case.

2 Project governance

Project governance is the framework that defines the roles, responsibilities, and authority of the project team and stakeholders. It establishes the rules, policies, and procedures for project decision-making, communication, reporting, and escalation. Project governance also sets the standards, criteria, and metrics for project quality, risk, and change management. To define your project governance, you need to identify and engage the project sponsors, owners, managers, and other key stakeholders, and document their expectations and commitments in a project governance plan or a project management plan.

3 Why project strategy matters

Project strategy matters because it helps you clarify and communicate the project vision and value proposition. It helps you align your project objectives with the strategic goals and priorities of the organization, and ensure that your project delivers the desired outcomes and benefits. Project strategy also helps you define the project scope and boundaries, and avoid scope creep and conflicts. By having a clear project strategy, you can increase the project buy-in, support, and alignment among the project team and stakeholders, and enhance the project performance and success.

4 Why project governance matters

Project governance matters because it helps you ensure effective and efficient project management and oversight. It helps you establish clear and consistent project roles and responsibilities, and empower the project team and stakeholders to make informed and timely decisions. Project governance also helps you manage the project quality, risk, and change, and monitor and control the project progress and performance. By having a strong project governance, you can reduce the project uncertainty, ambiguity, and complexity, and increase the project accountability, transparency, and trust.

6 How to evaluate project strategy and governance

To evaluate your project strategy and governance, you need to measure and assess their effectiveness and efficiency. There are various tools and methods to do this, such as project audits and reviews, evaluations and lessons learned, feedback and surveys, as well as performance indicators and dashboards. Through these assessments, you can identify the strengths, weaknesses, opportunities, and threats of your project, enabling you to implement improvements and corrective actions.