A set of tasks devised to create a new product or service in a specific period is known as the project, while the portfolio is a collection of multiple projects. In this article at Small Business Chron, Chirantan Basu explains the significance of a project management office (PMO) in maintaining portfolios correctly.
The PMO Structure
A PMO team includes a portfolio manager, a project manager, analysts, and a bunch of administrative staff. The PMO managers directly collaborate with the chief operating officer. The team’s bandwidth depends on the company size or project requirements. A big firm can form a project management office with experienced people while a startup can afford a temporary team.
The PMO coordinates with all the departments to fulfill the ongoing project’s need. It can take crucial decisions like resource allocation. It can even shift resources to adjust the requirements of projects from the other, ensuring all deliveries meet their respective schedules..
The PMOs are crucial for the portfolio implementation process that starts with a list of feasible projects. Your project analysts may can shortlist relevant two projects to generate maximum return on investment. The PMO provides skilled project managers to advise and mentor teams and proceed with critical projects. Their fresh perspective to address significant issues works in favor of the project teams.
Bridging the Gap
PMOs not only guarantee project success, but they also manage the allocated budget. Last-minute changes from the client might hamper the project’s progress. An efficient project management office can help your team lead with precision and no interruption. It acts as a knowledge hub and bridges the resource gap for your project staff.
Click on the following link to read the original article: https://smallbusiness.chron.com/importance-pmo-portfolio-management-36411.html