vii
Contents
Prologue .............................................................................................. xiii
Acknowledgments ................................................................................xv
Author .................................................................................................xvii
SECTION I Foundation of Governance
Chapter 1 Governance .........................................................................3
Dening Governance .................................................................. 4
Governance at Multiple Levels ..................................................5
Summary ......................................................................................6
References .....................................................................................7
Chapter 2 Transaction Cost Economics .............................................9
TransactionsCore Elements and Attributes ......................11
Behavioral Assumptions ......................................................12
Governance Structure Attributes .......................................12
Hazards of Concern ..................................................................13
Incomplete Contracting ....................................................... 13
Bilateral Dependency and Fundamental
Transformation .....................................................................14
Adaptation or Maladaptation .............................................14
Linking Governance, Governance Structures, and
Contracts ....................................................................................15
e Impact of Asset Specicity and Behavioral
Assumptions on Contracts .......................................................17
Application to Projects and Programs ...................................18
Summary ................................................................................... 20
References ...................................................................................22
Chapter 3 Agency Theory .................................................................23
Agency Problems and Agency Loss ........................................25
Agency Costs and Contracts .................................................... 27
viii • Contents
Application and Support ..........................................................29
Criticism .................................................................................... 34
Complementary eories .........................................................36
Stewardship eory ..............................................................36
Resource Dependency eory ............................................37
Summary ....................................................................................38
References ...................................................................................39
Chapter 4 Corporate Governance ..................................................... 41
Why Corporate Governance? ..................................................41
Dening Corporate Governance ............................................ 42
Factors Aecting Corporate Governance and Its
Evolution .................................................................................... 44
Corporate Governance Institutions ....................................... 46
e Board of Directors ........................................................ 46
Auditors and eir Independence ......................................47
Functions of Corporate Governance ..................................... 48
Reporting and Disclosure ................................................... 48
Resource Management ........................................................ 48
Risk Management .................................................................49
Performance Management ..................................................49
Relationship Management ...................................................49
Strategic Oversight ...............................................................49
Compliance ............................................................................50
e Human Side of Corporate Governance ..........................50
Ethics and Ethical Compliance ..........................................50
Rationality and Behavioral Aspects ...................................52
Design and Implementation Considerations ......................... 53
Summary ....................................................................................55
References ...................................................................................57
SECTION II Programs
Chapter 5 Temporary Organizations ............................................... 61
What Are Temporary Organizations? ....................................61
Projects and Programs as Temporary Organizations ......... 64
Contents • ix
Summary ....................................................................................65
References .................................................................................. 66
Chapter 6 Programs ...........................................................................69
Dening Programs ....................................................................69
Program Characteristics...........................................................71
Benets Delivery ...................................................................71
Strategic Focus ......................................................................72
Intended Temporariness ......................................................73
e Need for Integration .....................................................73
Uncertainty at the Core .......................................................73
Delivering Change ................................................................ 74
Adaptability to Change ........................................................74
Program Categorization ........................................................... 74
Program Management ..............................................................78
Program Life Cycle ................................................................... 80
Formation ..............................................................................81
Organization .........................................................................82
Benets Delivery ...................................................................82
Closure ...................................................................................83
External Context of the Program ............................................83
Organizational Fit .................................................................85
Program Flexibility ..............................................................85
Organizational Stability ...................................................... 86
Resource Availability........................................................... 86
Summary ................................................................................... 86
References .................................................................................. 88
SECTION III Program Governance
Chapter 7 Program Governance .......................................................93
Dening Program Governance ...............................................93
Why Should Programs Be Governed? ....................................95
Program Governance Perspectives .........................................97
Summary ................................................................................. 100
References .................................................................................101
x • Contents
Chapter 8 Program Governance Domains ..................................... 103
Program Structure and Processes .........................................104
Program Resources .................................................................104
Program Strategy ..................................................................... 105
Program Decisions ..................................................................105
Escalated Risks and Issues .....................................................106
Program Progress ....................................................................107
Program Benets .....................................................................108
Program Stakeholders .............................................................109
Summary ..................................................................................110
References .................................................................................111
Chapter 9 Program Governance Functions ................................... 113
Benets Denition ...................................................................113
Governance and Management Framework .........................114
Organizing and Structuring..............................................114
Process and Mechanism ....................................................116
Ensuring Strategic Alignment ...............................................117
Directing Benets Delivery .................................................... 117
Interfacing and Coordination ................................................118
Reviewing Progress .................................................................119
Providing Governance Oversight ........................................ 120
Support and Guidance ...................................................... 120
Monitoring and Control ....................................................121
Reporting and Communicating ........................................... 123
Authorization and Approvals ................................................125
Summary ................................................................................. 126
References ................................................................................ 128
Chapter 10 Program Governance Institutions and Roles ............... 131
e Board of Directors ...........................................................132
Portfolio Management ............................................................133
Executive Sponsors ................................................................. 134
e Program Governance Board ..........................................137
e Program Management Oce .........................................139
Advisory Panels .......................................................................141
Audit Committees ...................................................................142
Contents • xi
Generic Rolese Broker and Steward .............................143
Summary ..................................................................................145
References .................................................................................146
Chapter 11 Program Governance Mechanisms ............................... 149
Strategic Reviews .....................................................................150
Stage Gate Reviews ..................................................................151
Periodic Health Checks ......................................................... 154
On-Demand Consultation and Reviews ..............................155
Program Audits .......................................................................155
Planned and On-Demand Reporting ...................................157
Quality Review.........................................................................158
Advisory Sessions ....................................................................159
Summary ..................................................................................160
References .................................................................................162
Chapter 12 Factors Affecting Program Governance ....................... 163
Organizational Factors ...........................................................164
Corporate Governance.......................................................164
Organizational Governance Paradigm ............................165
External Factors .......................................................................167
Cultural Inuences .............................................................167
Legislation, Regulations, and Standards .........................167
Program Attributes .................................................................168
Benets Delivery Mechanisms ..........................................168
Program Structure ..............................................................169
Program Uncertainty and Complexity ............................170
Program Life Cycle Stage ................................................... 171
Program Strategic Value ....................................................172
Program Performance ........................................................173
Dierences in Governance Regimes—Some Research ......173
Summary ..................................................................................175
References .................................................................................176
Chapter 13 Contingent Governance Framework for Programs
(CGFPrg) ....................................................................... 179
Contingency eory ................................................................180

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