An efficient PMO will decrease project and portfolio costs and facilitate project delivery within scope, time, and budget. You can also identify projects that are highly aligned with your company’s strategic goals. In this article at KeyedIn, David Hall discusses 3 tips to make your PMO the center of strategic excellence.
PMO and Strategic Execution
The PMI Institute’s report “Delivering on Strategy, the Power of Project Portfolio Management” describes the relation between achieving strategic goals and good project portfolio management. Following are the 3 tips to make your PMO the center of strategic excellence:
Alignment with Strategy: With the right tools and execution, you can prioritize relevant projects and schedule resources and budget to them. Once that is settled, you can have better responses and realization of risks based on common understanding. Ensure that everyone is on the same page regarding their responsibilities to the concerned projects.
Clarity and Transparency: Isolated teams working on isolated projects give you a fragmented view of the project progress instead of an entire portfolio. You employ more time collecting information on every one of them than working on strengthening the strategic vision. This will not allow you to facilitate important projects nor deliver value. With clear communication and shared visibility, a PMO can improve outcomes, work on weak areas, and increase value addition.
Performance: When you are overshooting timeline and have no money left, it is your PMO that is not performing well. Without a planned resource allocation and standard processes, any project is going to be a failure. Establish metrics to evaluate the performance of activities across all the projects. Increased visibility also helps executives to trust your team and facilitate faster buy-ins. You can comply with as many changes as required and withdraw misaligned or low-value projects.
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