Research Article: 2022 Vol: 28 Issue: 4S
Ahmed I. Alsenosy, Management and Science University
Ahmad Albattat, Management and Science University
Zunirah Talib, Management and Science University
Critical Success, Project Performance, Organizational Governance, Saudi Arabia
Alsenosy, A.I., Albattat, A., & Talib, Z. (2022). The impact of organizational governance critical success factors on project performance. Academy of Entrepreneurship Journal, 28(S4), 1-11.
An enterprise's success or failure may be directly linked to the quality of its board of directors, according to a theory. The experience, leadership abilities, and effective use of board processes all represent this attribute. This article outlines an ongoing research effort that highlights information, communication, governance board policy, individual board members, and governance procedures as potentially key components for successful corporate governance. Examples from the literature are used to illustrate these factors. Another goal of this study is to see if there is a way to teach good governance. Engineers are expected to learn about effective corporate governance through the study of Engineering Management, according to some. Choosing the best project idea alternative has never been easier thanks to the growing popularity of front-end project governance. There are formal front-end project governance systems in some industrialized countries to ensure that the usefulness and long-term impacts of projects are checked at the beginning and to ensure that quality information is provided to decision-makers. Using examples from the Netherlands and Norway, this article gives a succinct summary of what we know about front-end project governance thus far. For the establishment of effective public investment projects, the article also examines front-end project governance.
Corporate governance is the method by which corporations control the people who are involved in their operations to ensure proper screening of stakeholders who must carry out their obligations. A basic principle of management is that firms have boards of directors whose primary job is to control their corporations. This is known as "Corporate Governance." Investors provide a critical function in corporate governance by nominating directors and auditors and then assessing and guaranteeing that the company's governance system is in place and free of any conflicts of interest (Principles & Governance, 2004).
Corporate Governance (CG) has acquired pace over the previous decades, as it has moved from a seldom-discussed field of organisational studies to one of the most-trended topics of study today. There have been recent stock market crashes, corporate scams, and investor confidence losses, which have resulted in an increased use of ethics standards and a more sustainable corporate governance structure. Because of the high-profile corporate scandals in the past, the question of whether corporations should integrate Corporate Social Responsibility (CSR) aspects as part of their overall corporate aims or put all their effort into increasing shareholder returns has emerged as a hotly debated topic. There is notable attention to governance structures and environmental problems in rising nations, where CG literature gives light. Some research has focused on highlighting the relationship between CG and CSR and on sustainability reporting in particular. Companies, by having an established CSR committee or department, are able to show their commitment to sustainability to all stakeholders by forming the committee or department. While BD orientation has been studied in certain situations, the outcomes are varied. On the other hand, research has shown that CSR committees are able to help firms improve their ESG (environmental, social, and governance) performance (AlHares et al., 2019).
The board's duties include establishing the company's strategic goals, monitoring management's efforts to implement them, and communicating with shareholders about their stewardship. Al-Ahdal and colleagues, 2020; Al-Khonain and Al-Adeem, 2020).
Companies utilising project ideas monitor and regulate project performance by using the notion of project governance. If you look at it that way, when a project fails, it seems like project governance is the main culprit. Project management governance incorporates essential project features that result in either successful or failed projects. Additionally, it has a huge impact on the company's efficiency, as well as meeting all of the essential points customers expect from the company (Icaew, 2018).
It's important for corporate and project governance to foster and nurture cultures of mutual trust and understanding. To be successful, projects need not follow an internal set of criteria; the requirements must be both internal and external. Corporate governance is only loosely used in the project management community, where there are no successful applications of corporate governance (Khan et al., 2017).
It is important that the identified applicable procedures and processes of both cooperative governance and project governance are implemented so that the maturity of project governance is reached. Several countries attempted to enforce corporate governance rules on joint stock companies through legislation, while others applied governance rules but didn't consider them to be "corporate governance." When you operate within the rules of corporate governance, it is very difficult to implement corporate governance (Principles & Governance, 2004). Project governance involves making the implementation of projects more efficient. It helps management and management executives oversee their strategies, which ensures they are successfully implemented and realise their benefits. Project governance belongs to the portfolio, program, and project management monitoring and control methodology (Hawkesworth, 2013).
In the PMBOK Guide, project management is described as project management plus the use of knowledge, skills, tools, and techniques to apply to project activities to meet project requirements. Basically, it involves the five-step project management process and the validity of implementing the project management strategies (Mossalam & Arafa, 2017).
According to A Guide to the Project Management Body of Knowledge, project governance includes all project activities, encompassing project lifecycle management as well (Samimi et al., 2012).
It is important to highlight the two critical elements of this statement:
Understanding corporate governance: It is critical to have a firm understanding of the corporation's governance before undertaking a project. The portfolio manager as well as both Program and project managers need to be knowledgeable of the corporation's environment in order to guarantee a good match. To fully realise this concept, (1) the project governance framework, (2) roles and duties, and (3) stakeholder engagement and communication must be considered while creating (1) the project framework, (2) job descriptions, and (3) communication with stakeholders. The project has to meet these requirements at the beginning of the project launch (Alie, 2013).
The project life cycle will be completed with the complete execution, constant monitoring, and strict control of the governing plan. To make sure the project's governance plan is executed and to regulate and monitor the project's governance plan's effectiveness (Alie, 2013).
Kelly (2010) says four meetings, five reports, six risk and problem management, seven assurance, and eight project management control procedures should be held (Kelly, 2010).
Importance of the Study
1) To explore in what ways project performance is affected by Leadership Sponsorship
2) In order to investigate how Human Relation Orientation impact project performance, we must first conduct a study.
3) In order to discover the extent to which Communication Orientation influences project performance, do the following analysis:
4) To identify how Goal Orientation influences project success.
There are several governance concepts, and it is not a brand new notion. People often link words like government, governing, and control to the phrase "governance" (Williams et al., 2012). In this case, the phrase implies being able to make decisions, establish restrictions, or hand off authority. The phrase "governance" has several connotations. As a result, its ascent to prominence is due to companies and the state finding it difficult to coordinate hierarchically (Miller & Lessard, 2001). Governance is frequently used in many areas, such as government, law, and business (Rhodes, 1997). Transparency and accountability are the words that drive the word "governance" for individuals and projects alike.
According to professor of government and director of the University of Rhode Island's Development Policy Research Group, Gordon (1997), governance is "a nonhierarchical approach to steering, where state and nonstate actors participate in the formulation and implementation of public policy." To ensure that each stakeholder has a role in policy formation, accountability and openness should be enforced. The Project Management Office says that it is important for a company to be able to separate project governance from organisational governance. The two words are completely different.
From the perspective of maintaining a country's constitutional values in the face of changing problems, actors, and environments, (in 2004), principles and governance described state governance as the formal and informal arrangements that govern how public decisions are made and how public actions are carried out. It is vital that the public has a vested interest in all public sectors. It is imperative that we be held responsible and accountable to the people. Corporate governance is used in corporations and other private sectors. The shareholders hold them more accountable. It also has a clear line of sight to the stakeholders for the project.
According to the Harvard Business Review, innovation is a byproduct of chaos. Making decisions is vital in business. No matter how well or how poorly things go, every good and bad choice is the result of a decision that was taken or not made. Even in large companies, choices often don't move outside the organisation, impeding the company's overall effectiveness. Who is who?
Did it? Lack of clear answers on who has responsibility for certain decisions, "inventiveness" (Rogers et al., 2006).
According to the Greeks, governance originates in the Greek verb v [kubernáo], which produced the term "Gubernare" in Latin, meaning "to steer." "Governing" and "governing" are, among other things, described as "ruling with authority, executing a policy, conducting the affairs of a state or subjects" in the OED (Kelly & Pmp, 2010).
Good project governance is an active project-based organization's best-kept secret weapon. The project governance process emphasises the distribution of decision-making powers and accountability responsibilities between the project team and management.
When poor governance threatens the company's financial, regulatory, and legal difficulties, or even the ability of the company to succeed for its stakeholders, they are threatened (Benitez-vila et al., 2018).
Project governance encompasses governance frameworks for project management, together with coordination, planning, and control of projects at the company level (Kelly & Pmp, 2010).
The UN describes "good governance" as the process of making decisions and the subsequent management of those decisions (or not implemented). Moreover, the United Nations states that good governance has eight qualities (as indicated in the image below), which are:
1. Engagement and participation are fundamental in effective governance, and hence it is essential that they be educated and organized.
2. Participatory - There are several participants and many points of view. Good governance can only be achieved when many stakeholders agree to work together.
3. Managers are responsible to upper management whereas employees are responsible to the client. While all organizations are accountable to individuals who will be affected by their decisions or actions, different types of organizations answer to different groups of people.
4. Transparent - Such choices are made and enforced in accordance with laws and regulations, but remain visible. Such choices and their enforcement will be more accessible to people who will be affected by them, because information is publicly available and immediately accessible to them. Also, it indicates there is a wealth of easy-to-understand information on hand.
5. An institution or procedure which attempts to service all stakeholders within a reasonable period is called "responsive."
6. An effective and efficient process uses procedures and institutions to serve stakeholders while getting the most from available resources.
7. Society's well-being depends on everyone feeling as though they have a stake in it, and feeling as though they are not being marginalized by society. In order for all groups to benefit, extra attention should be given to those who are most vulnerable.
8. Observes the rule of law - A fair legal framework must be implemented impartially, following the rule of law.
Success factors have been known by many names throughout the years. They were first discovered by the legendary McKinsey consultant, D. Ronald Daniel, in 1961 and developed into key success factors in 1981 by Rockart. Since then, many writers have produced lists of Critical Success Factors (CSFs). This is one of the small number of distinct locations where good outcomes can help a person, department, or company succeed in the market. Baccarini and Collins (2011) claim that essential success factors (i.e., "important elements that contribute to project success") may be classified into three general categories (Srimathi et al., 2017).
One major takeaway from Frefer et al. (2018) is that essential success factors are a small number of significant variables or aspects that managers should consider while determining their goals and strategies in order to accomplish them. The results obtained by Leipziger (2015) show that essential success variables might be either inputs to project management techniques or projects themselves. To ensure project success, managers must handle important success criteria effectively and efficiently. Most countries lack innovation hubs (Khan et al., 2017; Leipziger, 2015). According to Aureli, et al., (2020); Musawir, et al., (2016); Ul Musawir, et al., (2017), it is imperative for the company to comprehend the most important aspects that will help a project succeed. In order to do this, an organisation must perform systematic and quantitative assessments of these important aspects, foreseeing any potential outcomes, and then implement methods for responding to them.
In order to get numerous essential success elements, several researchers ran different projects. Ten essential success criteria for successful implementation (Belout & Gauvreau, 2004) were identified. Six key success criteria for successful initiatives have been highlighted by Alexandra (2012). Ten essential success criteria were identified at each of the four stages of the project lifecycle (Pinto, J., 1988). Critical success elements were outlined by Boubkr et al. (2012) and were organised into four areas: project factors, project manager factors, team member factors, and organisational aspects. CSF develops because it helps us answer the following questions: "What are the common causes of project management success?", "What are the most common causes of a successful project?" and "What are the fundamental causes of consistently successful projects?"
Belout & Gauvreau (2004) state that they developed a model in which the connection between project performance and the three independent variables (i.e., independent variables and project life cycle, project structure, and project sectors) would be impacted by the project life cycle, project structure, and project sectors (intervening effect). The project life cycle includes concept generation, project planning, project execution, and project closure. Some examples of project structure are functional matrix, functional project, balanced matrix, project matrix, and project team. Projects go into one of two business or industrial categories. The 10 elements identified by Belout & Gauvreau (2004) are divided into two categories: independent variables that evaluate the effects of these factors, notably the personnel component, and dependent variables that monitor the impacts of these factors. Project success is often determined from three different perspectives: The sponsor's, project manager's, and customer's opinions. Success is defined as the extent to which the following three objectives are satisfied (Thi & Swierczek, 2010). The assessment framework outlined above will include:
Following Yilmaz (2013), as researchers realised there were considerable gaps between the current body of knowledge and construction project management practises in terms of important factors, they began researching more. Although other studies agree that project success criteria should include cost, time, technical performance, and customer satisfaction, more recent research finds that these metrics are not entirely sufficient to predict project success.
Effective corporate governance is one of the primary tools for fostering overall economic efficiency and growth as well as investor trust. The firm's management, its board, shareholders, and other stakeholders all have an important role to play in corporate governance (Thomas, 2005).
The framework under which business objectives are created, as well as the means of reaching those objectives and the means of measuring success, is also established through corporate governance. Board and management members should be motivated by incentives to promote objectives that are in the best interests of the firm and its shareholders, while also providing adequate oversight. It is essential to a well-functioning market economy that there be a supportive corporate governance structure within the firm and throughout the economy. Due to this, capital costs are reduced, which motivates companies to employ resources more efficiently, thereby helping to support economic growth (Principles & Governance, 2004).
Corporate governance focuses on the use of power in corporate entities as businesses have grown and diversified (Bernardo, 2014). Corporation governance is inextricably linked to the evolution of industrial capitalism; corporate structures and forms serve to explore new economic issues under varying market conditions (Bernardo, 2014). Corporate governance entails a company's management, board, shareholders, and other stakeholders having distinct relationships with one another. It offers the framework within which the company's objectives are defined, as well as the means by which those objectives may be attained and the company's performance can be monitored (Saboori et al., 2014).
An investment portfolio is managed such that investment returns and organisational goals are optimized. Elements in the aggregated portfolio should be structured to maximise return on investment (ROI) while reducing risk (OPM, 2016). In times of significant organisational change, the governance function seeks to evaluate the portfolio's effect and subsequently determines what changes should be made to the objectives, plans, and components of the portfolio. Additionally, governance offers the decision-making process to respond to the portfolio objective, strategy, or plan modifications. Continuous strategic alignment might affect the advantages that are intended and achieved (OPM, 2016). When taking into consideration the time and expense associated with governance decision-making and monitoring operations, a portfolio's governance structure should be kept to the bare minimum.
Program governance decides if the programme has fulfilled its stated goals, so adjustments to individual components can be made if needed. Program governance facilitates the flow of status reports and performance information to portfolio management, governing bodies, programme management offices, programme sponsors, and other important programme stakeholders. The guidelines, decisions, and procedures that govern governance, as well as their interrelationships, may be found throughout organisational and functional management domains. governing bodies, and a programme management office to oversee programme governance (OPM, 2016). In terms of governance, the fewer levels of authority required, the less time and money is needed to rule.When taking into consideration the programme and the organisational environment, governance is necessary. An example of a programme governance organisational structure is depicted. This governing body oversees and offers assistance in making decisions for the whole program, and the programme manager is accountable to it. Even though they serve separate purposes, programmes and governance are linked; each has its own function. In order to gain benefits that are not obtainable by managing the components and activities independently, programmes and projects employ a coordinated approach (OPM, 2016).
According to Morris (1977), project governance differs from project governance, which applies to only one project at a time and is implemented from beginning to end. While portfolio governance may be described as the governance of a collection of projects, programme or project organisation can be used in the beginning and throughout the project and is particularly effective for the project operations (Muller, 2011).
In terms of project governance, those aspects of corporate governance that primarily deal with project activities are part of the subject matter. Efficient and sustainable project portfolio management is best achieved through effective governance. Board governance supports the mechanisms through which board members and other important project stakeholders communicate information quickly, accurately, and consistently (APM, 2011).
It is not uncommon for companies to have many directors. According to Fayissa & Nsiah (2013), a smaller board size improves board dynamics and facilitates communication. A size limitation may hinder the board members' competence and variety. Companies should do research on which board size is most appropriate for their operations. It may be advantageous for corporations to set term restrictions for their board members. Directors' dedication and engagement may decline with time, like with any organization. The ability of a board to exert influence is dependent on the backgrounds of its members and how they are selected (Needy et al., 2012). He made the case for having an outside committee choose new directors.
Board members have information, skills, and experience that they alone can contribute. The board must have a well-balanced set of expertise and experience to handle the company's ever-changing strategic goals. Diversification efforts have included expanding boards in many aspects, including gender, age, experience, and race (Needy et al., 2012).
An authorized structure, responsibilities, and processes are developed to satisfy project demands (Klakegg et al., 2008). Due to the absence of appropriate governance structure (Boubkr, Gaboune & Abdellatif, 2012), there is a significant possibility of failure and negative risk consequences during the undertaking of major projects. "The primary factor in governing framework success doesn't rely on whether it's top-down or bottom-up" (Mossalam & Arafa, 2017). Urumsah (2012) has defined it like this: "Wild animals of construction are mega-projects, which are difficult to contain." Taming the beast (creating the project) is only one part, and to do that you have to catch it (initiate the project). "alternative In order to achieve the successful and complete execution of mega projects, governments should design and execute governance frameworks that allow project managers to surmount all challenges.
In order to support an organization's portfolio, programs, or projects, four stages (assess, plan, implement, and improve) should be followed in order. This process may be iterative, and several iterations may be required. The implementation should be adapted to the varied portfolios, programs, and projects within the same company in order to fulfil the strategic objectives of the business. All actions and deliverables may not be implemented, and there may be additional requirements in the organisational context according to the practise guide (OPM, 2016).
Information, communication, board policy, board members as individuals, and governance procedures have all been cited as possible essential success elements for corporate governance. Engineering Management students are now learning about the fundamental principles of these variables. These ideas can and should be taught in the framework of good corporate governance, according to our opinion. Training engineers in corporate governance can lead to better corporate governance knowledge and success. Front-end project governance is critical for project success, as discussed above, and it can be the difference between a project's success or failure. A strong front-end project governance framework, it follows, is a must for the creation of successful public investment projects. A front-end project governance system has been proposed by certain industrialized countries as an addition to their general governance system in an effort to increase public investment project success rates and to aid in long-term development. There are promising signs in this respect. This suggests that the implementation of a front-end project governance system at the highest governance level is essential to ensure the successful development of public investment projects, since it is a major success element.
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Received: 24-Dec-2021, Manuscript No. AEJ-21-8537; Editor assigned: 26-Dec-2021, PreQC No. AEJ-21-8537 (PQ); Reviewed: 07-Jan-2022, QC No. AEJ-21-8537; Revised: 17-Jan-2022, Manuscript No. AEJ-21-8537 (R); Published: 24-Jan-2022