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IPMA ITALY Journal of Applied Project Management
relationship among project
stakeholders is not like the simple
game relationship between consignor
and agent or the contractual Part A
and B relationship (which is contract-
mode) which is based on contract. It
can’t be simply expressed by the
principal-agent system which is
applied to the corporate governance.
The responsibilities for the
successful completion of project taken
by project stakeholders and the
relationships recycle with the
commencement of project life cycle.
These processes can be unified. The
relationships between project
stakeholder roles are dynamic
governance role social networks. They
depend on the characteristics of
project governance and tasks in
different project life cycle stages and
they change as the stakeholders entry
and exit the project. The right of
project stakeholder is to compensate
for taking the responsibilities of
governance role. The establishment of
the governance role relationship
among project stakeholders is to
reduce the risk of conducting the
responsibility of governance roles.
Therefore, we can put up different
project governance modes/patterns
to match different projects through a
unified process (Wang Yanwei, Liu
Xingzhi, Wei Wei, 2009). Project
governance is a process that
establishes and maintains regulatory
relationship among project
stakeholders. This process reduces risks
taken by governance roles and
provides the reliable management
environment for setting up the project
and achieving the project objective
(Ding Ronggui, Zou Zuye, Liu Xingzhi,
2012). This definition can reflect the
project’s characteristic of multiple
Volume 1 no. 3 (October 2015)
stakeholders and provide a unified
project management methodology.
3. Contents of project
governance
The regulation relationships among
project stakeholders can be expressed
as social network relationship
composed of stakeholders. Project
stakeholders take part in some of the
social networks to meet their different
requirements, so the project objectives
need to do the effective integration
and resolve the conflicts of all
stakeholders’ requirements, and finally
all the requirements will reach an
agreement. The expression, analysis,
integration of the requirements and
the solution of requirement conflicts
are the preconditions to make
stakeholders take their responsibilities
of governance. The formation process
of project objectives is the foundation
and essential constituent part of
project governance （ Guo Jiucheng,
2008.
There are many ways to achieve
the project objectives after the project
objectives are confirmed. Which is the
most effective way to achieve the
project objectives can’t be decided
by project manager. Selecting the
appropriate way to achieve project
objectives also need to be clear in the
project governance level.
The biggest threat of the project
success comes from the variety of risks
encountered in project operation. The
monitoring and management of risk is
largely from the external of a
temporary project because the stable
organizations can’t rely on temporary
projects to bear the risk. These risks are
mainly caused by behaviors of
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