Project/Portfolio Governance involves the processes used to identify, select, prioritize and monitor projects:
- Establishment of the process of project portfolio governance, the definition of roles and responsibilities associated with it, and its policies and procedures.
- Evaluation of project proposals to select those that provide the best investment of time and money for the resources available to the University.
- Definition of the desired outcome and value of proposed projects, the anticipated benefits, and implementation/on-going costs.
- Control of the scope of projects and the requested changes.
- Monitor the progress of projects that have been approved and initiated, ensuring they meet the defined goals and objectives.
- Measure actual effort and costs of project tasks, deliverables and milestones against the planned values.
- Action to put projects "on track" as project measures demonstrate the need, including the escalation of issues that cannot be mitigated by the project management team and the PMO.
- Improve The University's project delivery capability on a continual basis allowing it to complete projects in less time and for less cost while generating the maximum value.