1)It is important for any progressive organization to have a proper Governance Mechanism. Governance Mechanism includes Structure, Systems & Procedure and Human Resources.
2)The structure means control, command and decision making lines, S&P not only include different SoPs but monitoring, control and decision making system along with policies and guidelines which are relevant for the organizations to drive it toward the pre-defined objectives while keeping all the stakeholders together and satisfying their needs.
3)The objective for Governance mechanism is to have performance measurement systems, smooth operations and clearly defined reporting lines.
4)All the functions involved in the structure are operated by Human Resources, which needs to be competent and capable of running these functions smoothly. Thus, it is important for all the organizations to have their charter indicating a proper Governance Mechanism.
5)Governance Mechanism is a necessary requirement in every organization to achieve pre-defined goals and implement all the necessary structures within the program to reap maximum benefits. It causes a significant influence on the organization’s functioning.
6)The term Governance Mechanism may be briefly classified as Macro Governance and Micro Governance.
7)Macro Governance is an important aspect which will contain the strategy, monitoring, reporting and closing part of any organization.
8) Micro Governance is just a simple breakdown of Macro Governance.
9) Governance Mechanism also involves the monitoring of Key Performance Indicators (KPIs), Key Health Indicators (KHIs) and Key Efficiency Indicators (KEIs).
10) We can use a simple way to measure the project execution efficiency for any organization,
It is defined in terms of time and cost
Time efficiency = time undertaken / timed schedule
Cost efficiency = soft cost actual/ scheduled cost
Hard cost actual / Hard cost schedule
Estimated efficiency - actual cost / estimated cost