Organizations today can enjoy a high level of project success through the establishment of a Project Management Office (PMO). The PMO within an organization tends to be a department or a group of people that sets and handles standards by which projects are managed. The PMO focuses on putting processes in place that ensure a standard approach is taken with projects. Let’s look at 5 of the benefits of a PMO.
The PMO increases the accuracy of projects in terms of the budget, resources and schedule associated with them. By being accurate or predictable, you will ensure that your projects are less likely to fail and project teams are more likely to be consistent.
Cost savings are crucial when accuracy comes into the equation. Accuracy from the beginning of a project, will reduce the amount of changes to be made. Project changes tend to lead to spending money that has not been budgeted for.
A PMO guarantees that an organization develops and enforces a standardised process across the board which leads to an improvement in project management expertise and uniformity across a project team. These standards are developed through data collection and analysis, reporting, templates and communication.
The PMO controls projects through its customized processes, procedures and effective communication. This control will help organisations achieve their strategic goals and objectives.
A PMO has complete visibility over an organization’s portfolio of projects and therefore has the ability to provide the senior management team with information on a host of areas such as planning and control, throughout the duration of the project. A PMO ensures transparency, governance and standardization across the enterprise essentially increasing project success rates and decreasing costs associated with deviation.
The Cora platform provides the control, governance and insight required by PMO’s to roll out fail safe, strategically-aligned projects that utilize resources and deliver maximum value. To find out how Cora can digitize your PMO, request a demo today.
Bio: Enda Smith
Enda Smith is a GAA playing, Haribo eating, Simpsons watching, Account Manager at Cora Systems.