By acting as a sovereign unbiased entity that provides transparency and visibility, a PMO enables the project management team to make well- informed decisions with confidence.
In this article at Future PMO, Milvio DiBartolomeo talks about some key factors that may help the PMO to become a true source of knowledge management for the organization and ensure that everyone uses the same data while making an informed investment decision.
Growing demand for the data has made its repositories complex and fragmented. Liable decision makers try to establish a single source of data that should be reliable and accurate. However, it is almost impossible for an organization to penetrate a huge amount of information at a single source. Only a PMO can gather all this knowledge and manage it for the team’s future reference.
In a bid to extend support to the liable decision makers, the PMO can maintain ‘Data-to-Information-to-Wisdom-to-Knowledge (DIWK) hierarchy’. The PMO can take responsibility for ensuring good practices being embedded within the organization and automatically maintain the overall health of the project management portfolio.
Moreover, the PMO can ensure everyone in the hierarchy is playing their roles right. However, the collection of progress data totally depends on the planning techniques used to develop the baseline. It should be sophisticated enough to record and analyze progress with many accurate future predictions.
The author believes that the PMO must have wisdom for long-term benefits of good practice embedded in the organization. Wisdom makes use of knowledge to create value through correct and well-informed decisions. Without wisdom, it is impossible to aggregate information and maintain the health of the project portfolio. Click on the following link to read the original article: https://www.futurepmo.com/pmo-principle-single-source-of-truth/