Why Project Management Office (PMO)
Various surveys have demonstrated benefits of PMO in the organization. Finding of global IT Project Management Survey by KPMG show the following results.
Organizations that achieve a lower failure rate:
– Have a PMO that actively manage all projects
– Report to board for all major projects
– Have a very formal benefit tracking process
– Have formally qualified project managers
– Always perform a rigorous risk analysis
One service organization reported a dramatic increase in projects meeting specified success criteria.
A combination of measures to help ensure business objectives were met including establishment of an Enterprise PMO (EPMO), formalizing the identification and measurement of benefit and mandatory regular reporting to the senior management.
This finding clearly states that organizations having PMO are more successful. In fact PMO plays a critical role in aligning projects to the organization goals and forming right strategies.
An empowered PMO can bring significant improvement in project selection, reducing project life cycle time and improving ROI of the projects.
Typically a PMO deliver its value by way of following four processes
– Link organizational strategies to projects
– Choose right projects mix
– Manage project portfolio
– Measure, and report to management
– Demonstrate tangible benefits against organizational goals
All above are important for PMO effectiveness
pmwares assist organizations in setting up an in-house or an outsourced PMO. We analyze current practices, issues being faced by project managers to senior management at client organization, organization culture and management vision to identify a suitable model for PMO setup. As stated above, PMO plays a significant role in…
– Setting up project management processes
– Identify best practices
– Standardizing the processes and templates
– Consolidate projects for synergy and better ROI
– Provide guidance to project team
– Closely work with project team in planning and tracking the project
– Help detecting issues early and finding solutions
– Analyze and report to senior management
If you would like to know more about PMO and its functioning, interested in improving ROI or tune the existing PMO, please Contact Us and we will be glad to assist you.