A PMO can manage multiple projects while giving a clear understanding of the project budget, schedule, and risks. The enterprise project management office (EPMO) controls the PMO.
In this article at Villanova University, the author defines valuable actions for the PMO and EPMO to improve their project strategies. Together, they can facilitate improved decision-making and management support to the organization.
The Business Essentials
The project purpose is aimless even after meeting goals unless it is aligned with the primary business strategy. Here is how the PMO and the EPMO can align a project with the business strategy:
- Align the PMO with a strategy.
- Navigate project risks.
- Drive benefits.
- Monitor and optimize a delivery strategy.
- Handle talents.
- Enhance liability and project governance.
Important Role to Play
PMOs and EPMOs can together implement a high-level strategic vision for the organization. According to a Project Management Institute (PMI) report, the organizations that complete 80 percent of their projects within a given budget and time are ‘the real champions’. These organizations have a functional PMO that works on cost-saving and successful delivery.
On the other hand, the organizations completing 60% or lesser projects on time and budget are known as underperformers, even if they meet their business objectives. These organizations waste 28 times more money than champions because of poor project performance. Only 60% of these organizations have a functional PMO.
Similarly, about 56 percent of champions have an EPMO in comparison to only 12 percent of underperforming organizations.
What’s the Difference?
To ensure the best fit within the organization, understand the disparity between their duties:
- The PMOs are assigned peer reviews, audits, and development of project reviews. They are accountable for project progress. The EPMO is responsible for mentoring project managers.
- The PMO ensures that the project contains relevant yet accurate information. The EPMO needs to align the project with the business strategies and goals of the organization.
- PMOs need to share project templates, lessons learned from previous projects, and the best practices to ensure success in the future. The EPMOs track how every individual in the PMO adds value to the business initiatives of the organization.
- A PMO is responsible for providing training, mentoring, and quality assurance, while an EPMO ensures resource management and standardization.
- The PMO is responsible for documenting project information, and EPMO coordinates the efforts of various PMOs.
Click on the following link to read the original article: https://www.villanovau.com/resources/project-management/how-the-presence-of-a-pmo-and-epmo-can-increase-project-success-rates/#.WsXTbYhuaM8