Optimizing organisational value: crafting a constructively aligned thematic framework for project governance enhancement

Abstract

This paper aims to create a harmoniously blended thematic conceptual framework that incorporates project governance principles, built upon insights obtained from previous academic studies. This framework is positioned to offer significant benefits to the organisation by improving operational efficiency and aligning with strategic objectives. The authors adopted a qualitative research approach to analyse the key literature on the paper’s theme. They carefully reviewed the theoretical underpinnings and categorised the contents to construct a step-by-step thematic conceptual framework aligned with the research’s objectives. The study identifies four key elements in the suggested framework for project governance. These include maintaining the unity of functional diversity among key processes, creating value and practicing originality, maintaining a sequential governance application path through onion-shaped structure, and ensuring the availability of required project governance framework quality. The framework ensures projects achieve objectives, deliver value for money, and contribute to sustainable development through oversight, control, integration, benefits realization, stakeholder engagement, project culture, and leadership. Effective project governance requires clear goal delineation, well-structured plans, robust risk management protocols, and collaboration among stakeholders. Regular monitoring and assessment of project performance is crucial for achieving project objectives and contributing to sustainable development goals. Governance differs from management in its focus on strategic decision-making, driving investments in capabilities, and ensuring optimal resource allocation. In public sector development projects, incorporating effective project governance practices is crucial for delivering optimal value for invested resources, achieving predefined objectives, and achieving desired outcomes cost-efficiently and impact fully. This separation underscores the importance of governance in imbuing projects with sustainable value and fostering prudent decisions. The paper presents a thematic conceptual framework for project-centric entities, derived from extensive literature analysis. This framework offers a structured blueprint aligned with project objectives, fostering the twin goals of optimizing value for invested resources and nurturing project sustainability. By embracing this framework, organisations can enhance their capacity to deliver outcomes that meet benchmarks and maximise resource utilization, enhancing the overall value proposition of initiatives. The convergence of project implementers and governance entities is crucial for driving exceptional quality outputs and adhering to robust governance principles, ensuring project success and sustained effectiveness.