Understanding governance as it applies to portfolios, programs, and
projects is growing in importance to organizations, because appropriate
governance is a factor in the success or failure of strategic
initiatives and portfolios, as well as an organization's programs and
projects. Implementing an effective governance framework can be
challenging due to factors such as increasing business complexities,
regulatory requirements, globalization, and rapid changes in technology
and business environments. Many organizations do not have a consistent
approach to portfolio, program, and project governance. PMI's Governance
of Portfolios, Programs, and Projects: A Practice Guide, developed by
leading experts in the field, provides guidance to organizations and
practitioners on how to implement or enhance governance on portfolios,
programs, and projects. This practice guide provides definitions for
governance in an effort to distinguish the different levels of
governance and to identify their common elements.