Strategic Business Steering Committee

The strategic business steering committee is involved in the process of providing guidance on matters about the budget controls, allocation of resources, proposing strategies, and the organization of policies and objectives. Various elements need to be determined with the goal of understanding the right chart to adopt when analyzing a project.

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It is crucial to ensure that the project being analyzed dispels any confusion that may arise in the process of determining whether it will be effectively implemented to achieve the desired goals and objectives. Having a clear understanding of what needs to be done is critical in facilitating the process to make sure a clear path is charted that the project completion process will follow. Steps, procedures, and activities need to be stated in advance and their cost estimations made before it starts. Additionally, there should be a forecast of the projected returns to determine if the project is viable or not. When an organization has a plan that it wants to implement, different stakeholders will have various ideas on the way it should be completed (Kerzner, 2017). They all need to be taken into consideration, and the best ones adopted that will maximize the utilization of resources and reduce the expenses used when running the project. When these factors are determined and observed, conclusions now can be presented to the steering committee.

It is important to determine a project scope where the timeframe for the project is determined, and the necessary measures are in place to make sure that all the activities are completed within the agreed and project duration. Exceeding the period may lead to additional expenses considering that the workforce will have to be paid extra fees for the other services offered, as well as, the equipment that may have been leased to facilitate the construction process. The available resources will need to be used optimally to avoid wastages. It will also give the manager of the project to raises issues that may limit the project's success, such as unrealistic deadlines that may pressure the team working on it leading to substandard work.

The right chart can be realized by ensuring that there are regular meetings that may happen every day. Sending emails is not enough for there are issues that may need detailed explanations an issue that is hard to fulfill by using mails. The success of a project is determined by how well-coordinated are the working team and the clarity of the communication channels. It should be a requirement for the relevant parties to attend the meetings for this will be an indication that everyone is on the same page and they are working towards achieving the same goal (Mosavi, 2014). Any problem that may arise will be easily handled since everyone is working and analyzing the same thing.

It is crucial to reduce cases of work in progress where there are many projects in progress at the same time. The concentration of the team is diverted, and this leads to the team or the organization getting strained when the funding all the projects at once. The multi-tasking tends to slow people and their ability to deliver meaning that some of the projects will suffer either from remaining uncompleted at the end of the required time or being of low standards since the team may fail to take the necessary time to work on it. When all these issues are observed, the analytical conclusion that will be presented to the steering team will be an analysis that will facilitate in the project completion and present the chart to follow in achieving the set goals.

References

Kerzner, H. (2017). Project management metrics, KPIs, and dashboards: a guide to measuring and monitoring project performance. John Wiley & Sons.

Mosavi, A. (2014). Exploring the roles of portfolio steering committees in project portfolio governance. International Journal of Project Management, 32(3), 388-399.