At PwC, we regularly work collaboratively with boards, executives and their teams to achieve optimum value from their change initiatives. A key component of this is effective and efficient project, programme and portfolio governance - an area in which PwC has an enviable reputation.
Adrian Morey, a Director in PwC's Trust and Risk business, is particularly active in the provision of project, programme, portfolio and corporate governance advisory services across infrastructure, technology and business transformation. Recognised as a governance subject matter expert, he has applied his passion for governance and deep expertise in co-authoring a best practice guide along with Ross Garland.
Project, Programme and Portfolio Governance (P3G) - the go to guide for P3G
In late 2021, the Harvard Business Review identified that the future of work is project-based. In this "Project Economy", projects are progressively displacing operations as the economic engine of our times. By 2027, some 88 million people around the world are likely to be working in project management, and the value of project-oriented economic activity will have reached $20 trillion. But research shows that only 35% of the projects undertaken worldwide are successful — projects continue to come in late, overspend and under deliver to an alarming degree.
Whenever there is a major project or programme failure, the subsequent review inevitably highlights failings in governance. So whilst governance is crucial to project and programme success, it is often found wanting in practice – and until now, anyone looking for comprehensive guidance on the bookshelf was going to be disappointed, as there was comparatively little practical advice available.
That's why this new guide is so important. It clarifies what effective governance looks like at project, programme and portfolio levels and explains it in terms that are easily understandable and actionable. This is crucial because having a theoretical understanding is one thing - knowing what to do and why, and being able to implement it is another
The book adopts a principles-based approach – meaning the guidance is adaptable to different organizations and circumstances. It is both pragmatic and scalable. It also provides practical guidance on implementation of new or enhanced governance arrangements based upon years of application of the principles across projects and programmes around the world. It also investigates the softer behavioural issues which breathe life into the 'harder', structural side of governance.
Stephen Jenner (author of Management of Portfolios and the APMG International Managing Benefits guide) says about the P3G guide "This book is an awesome achievement from the gurus of governance – it's comprehensive, accessible, and relevant. Don't take part in project, programme or portfolio governance without it."
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