The success of any organization largely depends on the leadership. But, as experts point out, leadership by itself will not bring success to the organization. They point out, it should be coupled with effective portfolio governance service. This service clearly defines the organizational structure and also defines the role of every unit of the organization.
Draws a flow chart:
In short, portfolio governance service can be called as the process of formulation of the flow chart of the organization. Broadly speaking, Project Portfolio Management (PPM) has four elements, namely, executive also called as the leader, portfolio management group, project management and resource management.
Forms a comfortable frame work for the organization:
A combination of these four elements of PPM defines a comfortable framework not only for the project but also for the entire organization. The portfolio governance service clearly defines the role of every individual in the organization. Therefore, with clarity in the work, there will be greater coordination among all sections of employees. As a result, the implementation of projects becomes more effective and productive too.
Flowchart can be amended:
According to experts, the four components of project governance services mentioned above need not be taken as the ultimate truth. They point out that every manager coming under these four categories will have the right to make amends to the flow chart. Such changes may be needed because of reasons exclusive to the organization. This and the other related issues can be further explained as follows:
· Effective implementation of PPM will bring in greater coordination between all the stakeholders, which essentially include both the management and the working class. With greater coordination, flow of work becomes much smoother and every worker identifies himself with the organization. That would be the first step in the right direction in improving productivity.
· This in turn will help the executives to exercise greater control over the projects. In fact, according to every pmo consultant, such coordination helps in timely completion of the projects. With each group being given a fair amount of functional autonomy, it helps in effective development of in-house practices.
· Naturally, every manager works with a greater sense of responsibility. Decision making becomes much simpler. This in turn boosts the confidence of every worker. Further, effective flow chart also holds the key for fixing responsibility and accountability and also helps in taking up periodical gateway review. Take a look at Ross Garland.
· Sometimes it happens that the PPM already in place in your organization may not be functioning to your entire satisfaction. It may be because the committee may be overloaded, or it may be due to lack of communication with other wings of the organization. Even such issues can be effectively addressed, and PPM can be set in motion in the right direction. To avert such a situation it would be appropriate that you make a periodical review of the PPM you have implemented. This type of audit will help in locating blocks.
Seminars and conferences:
For effective implementation of PPM, service consultants also conduct classes as well as seminars and conferences. That will help in introducing the various aspects of PPM to the working class. The classes are conducted by sufficiently qualified and experienced personnel. For other information check out http://www.rossgarland.com/program-project-governance/.