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The Economics of Project Governance: Communicating the Law of Scarcity
Though disagreement can become common in the typical project, frequently the one thing that stakeholders, business owners and project practitioners tend to agree on is their hatred of the project governance process.
Vilified or blamed for inefficiencies by the majority of its constituents, project governance rarely gets the appreciation that it deeply deserves. So, the questions remain: How did project delivery organizations, corporations, governance bodies and others get to this point in which their very reason for existence tends to be challenged and at times resented? Why do stakeholders, business owners and project practitioners all seem to share in their dislike of project governance and, more importantly, how do those responsible for governance get out of this state? The answer might be revealed by understanding one of the fundamental laws of economics.
Students and casual followers of economics may recall that the nature and complexity of economics can often be reduced into a one-word description: scarcity. Economists like Lionel Robbins have opined at length on the topic of scarcity and how it drives the interaction between all people. Ultimately it’s this law of scarcity that must be understood and remembered in order to make project governance successful and more importantly relevant.
Project Governance and the Robinson Crusoe …
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You may have to fight a battle more than once to win it. - Margaret Thatcher |