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 some of the benefits of a PMO.
1. Increased Accuracy: 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 also that the project teams are more likely to be consistent.
2. Costs: Directly linked to the point above is cost savings. Cost savings are a definite when accuracy comes into the equation. By being more accurate from the beginning of the project right through to the end will reduce the chances of changes needing to be made. Making changes to projects is where you tend to spend money that has not been budgeted for.
3. Develop standards: A PMO ensures organizations develop and enforce standards 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, communication to name but a few.
4. Decisions – Decisions – Decisions: A PMO provides a platform for good decision making by linking strategic plans together with corporate results. This will allow organizations to achieve more success within their projects.
5. Project Control: The PMO excels control over projects through its set processes, procedures and effective communication. This control will help organization achieve their strategic goals and objectives.
6. Resource Assistance: The PMO can assist an organization with any resourcing issues. By examining the skills of the project managers available, the PMO can allocate the ideal project manager to the ideal project.
7. Consistent Support: PMO has an overall view of an organization’s portfolio of projects and therefore has the ability to support the high level management team. The PMO provides high level management with information on a host of areas such as planning and control which will support them during throughout the duration of the project. Simply put, a PMO seeks to bring a sense of organization and repetition to project and the teams behind them. The key benefits are accuracy, cost savings, overall standardisation and assurance to name but a few.
When introducing a PMO into an organization it is highly important that it is done in a manner that will balance the existing structure of the organization. An effective PMO will provide the benefits above to ensure greater efficiency and will significantly improve project success rate.
The Cora solution is a customised project & portfolio management enterprise solution which can be designed and implemented for any organization. If you are considering establishing a PMO and would like a demonstration on Cora can help your organization, click here to arrange a personalized Demonstration.