Governance is the buzz word these days – you hear of Enterprise Governance, IT Governance, Portfolio Governance, Program Governance, Project Governance, Data Governance, SOA Governance and the list goes on.

What is Governance?
There is no standard universally accepted definition for IT Governance.
We would define governance as a set of protocols, procedures, best practices and guidelines that can be of assistance to make better decisions.

Portfolio Governance, Program Governance, Project Governance, Data Governance, SOA Governance and other IT related frameworks are closely tied with IT Governance and IT Governance is integral part of Enterprise Governance.

IT strategic governance is required to efficiently manage IT investments. IT strategic frameworks like COBIT and ITIL provide guidance to improve accountability and delivery of IT investments (Programs, Projects, Services and Resources).

Strategic Governance has become more critical in the new age of globalization and corporate scandals. We need to consider business IT alignment, new regulatory requirements to support executive management and clearly connect the strategic plans to governance processes.

IT departments need to create a strategic plan that describes the mission, vision, goals, priorities, strategies, measures and technologies covering all aspects of IT Department. IT strategic plan is usually derived from the supporting department’s strategic plans.

Balanced Scorecard:

Developed by Kaplan, a Harvard Business School professor of accounting and Norton, president of Renaissance Solutions, Balanced scorecard is a strategic planning and performance management framework that enables measurement and translation of strategy into financial and non-financial factors.

Balanced scorecard translates the organizations strategy into four perspectives

Financial Performance,
Customer Knowledge,
Internal Business Processes,
Learning & Growth.

What is CobiT:

Control Objectives for Information Technology (CobiT) is a set of standards for guiding management in the sound use of information technology published by Information Systems Audit and Control Association (ISACA) and and the IT Governance Institute (ITGI)

CobiT4.1 has 34 high level processes that cover 210 control objectives categorized in four domains: Planning and Organization, Acquisition and Implementation, Delivery and Support, and Monitoring.

What is ITIL:

ITIL (IT Infrastructure Library ) is the most widely accepted approach to IT service management in the world.The 'IT Infrastructure Library' was originally created by the United Kingdom Government.

ITIL version 3 release has a significant change of framework from the previous emphasis on IT process to a total lifecycle approach (Service Strategy, Service Design, Service Transition, Service Transition and Continual Service Improvement).

Portfolio Governance:

Portfolio Governance defines the processes and procedures for the management of IT Portfolio ( Programs, Projects and Tasks).
Portfolio Management is the key for IT Governance since it covers the planning and management of total IT investments.

Assign PMO irrespective of the type (Centralized PMO, Consulting PMO or Blended PMO) with Portfolio Management would create a IT value governance structure that can reap huge benefits to the organization.

IT Portfolio usually created from the business strategies will need to be supported by PMO to standardize and govern the programs and projects in the approved portfolio providing a full value governance flow for IT investment.

Program Management Standard / Managing Successful Programs (MSP)

Standard for Program Management is a collection of five process groups and the program life cycle practices published by Project Management Institute(PMI).

Process Groups Are

Initiating Process Group,
Planning Process Group,
Executing Process Group,
Monitoring & Controlling Process Group
Closing Process Group.

Program lifecycle includes the following

Pre Program Setup
Program Setup
Establish Program Management
Deliver Benefits
Close Program

MSP (Managing Successful Programs) is a framework for program management published by the Central Computer and Telecommunications Agency (CCTA) now part of the Office of Government Commerce (OGC). MSP is widely recognized and popular in Europe

MSP Process are

Identify Program
Define Program
Govern Program
Manage Portfolio
Manage Benifits
Close Program

PMBOK / PRINCE2:

PMBOK - Project Management Body Of Knowledge is a collection of five process groups and nine knowledge areas for effective project management best practices published by Project Management Institute(PMI). PMBOK is widely recognized and popular in North America.

Process Groups Are

Initiating,
Planning,
Executing,
Monitoring & Controlling
Closing.

Knowledge Areas Are:

Project Integration Management
Project Scope Management
Project Time Management
Project Cost Management
Project Quality Management
Project Human Resource Management
Project Communications Management
Project Risk Management
Project Procurement Management

PRINCE2 (Projects IN Controlled Environment) is a process-based method with eight processes and four phases for effective project management developed by the Central Computer and Telecommunications Agency (CCTA) now part of the Office of Government Commerce (OGC). PRINCE2 is widely recognized and popular in Europe

Process Groups Are

Planning
Starting up a project
Initiating a project
Controlling a stage
Managing product delivery
Managing stage boundaries
Closing a project

Process Phases Are:

Starting a project
Initiating a project
Implementing a project
Closing a project.

Please refer to the other articles from www.governancetraining.com to understand IT governance and advance your career by appropriate governance certifications
Also visit www.investize.com to view Project Portfolio Management tool from Technology Governance Solutions.

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