While PPM tools are still a mystery to many, a PMO helps untangle the complex processes of the portfolio and its programs and projects. It ensures that your organization achieves the yearly corporate goals. In this article at KeyedIn, Ian Needs discusses 5 bonuses of having a well-established PMO.
Working with a Strong PMO
The PMO implements policies and enables project teams to deliver value that aligns with strategic goals. By maintaining a perfect balance between business and innovation, a well-established PMO gives you the following benefits:
- Project Visibility: A PMO warns of overall risks in the portfolio. With siloed vision, project managers often fail to address bottlenecks. Getting portfolio visibility with real-time data and fact sheets stored in one place, everyone can address risks together. The core stakeholders would get a portfolio-level idea of how the team is utilizing resources and billable hours.
- Top-Down Approach to Align with Strategy: Understand the business goals first. With a top-down approach, you can then prioritize projects as per their strategic alignment potential. You can earn revenues from innovative projects, balance resources well, and avoid budget issues. Pulsant’s success is a big example of how a balanced PMO can make your organization a market leader.
- Bottom-Up Approach to Align with Execution: Executing as per the plan is a vision everyone has but a few deliver. Your PMO can assist in cross-functional cooperation and work management by resolving dependencies and related issues. Not only does your project achieves success, the success rate for the associated portfolio goes up also. Irrespective of the project methodologies you choose to get good outcomes, you can still club them under a single project management office.
- Delivering Value Beyond Time and Budget: Though timely deliveries and budget efficiency are the primary goals of project managers, a smart project management office knows better. Project outcomes should fulfill the strategic goals of the company. While low-value projects give you quick wins, high-value projects establish your brand entity.
- Maximizing Benefits on a Portfolio Level: A good project management office will prioritize projects that align well with your company strategy. It implements PPM best practices for better communication, teamwork, and creativity. The project management office can be flexible as well as firm while managing risks and challenges. Its standard templates and checklists improve team work efficiency. Always on the learning curve, the smart PMO will modify as per the feedback it receives after project completion.
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