When an organization has a project management office (PMO), its projects are more likely to succeed, as per a recent study. It ensures appropriate project management approaches are followed to achieve success. While centralized PMOs look after the entire organizational processes, decentralized ones monitor only a program or project. In this article at ENR, you get to know about the 6 primary functions of a project management office.
Project Management Office Functions
When you set up a project management office, your first tasks are to create a mission statement and a vision. Once done, you can execute the following PMO functions:
- Generation and Management of Policies and Measures: Policies that the PMO creates helps to set up best practices that the employees across the organization must follow. There is a central inventory of intellectual assets that all the stakeholders can access for reference. The committee forms a feedback chain to maintain compliance. The members also conduct self-review to rectify misaligned or obsolete actions or processes.
- Evaluation of PM Maturity: The project management office continuously evaluates how mature the project management processes are in a program or across the enterprise. The more the maturity, the better the chances of success.
- Managing Resources: The PMO manages and checks how the resources are utilized in the projects. Since companies spend millions on resources, you must optimally use them throughout the project lifecycle. A project management office that executes proper resource management attracts new clients and upgrades the performance of the current projects.
- KPI Tracking and Report Generation: The project management office establishes KPIs that measure factors directly influencing your company goals. If your PMO keeps up with the industry updates, it will establish SMART KPIs—‘specific, measurable, attainable, realistic, time-bound.’ It communicates the outcomes on a dashboard for all to gain transparency and visibility to the progress of the projects.
- Training Resources and Upgrading Tools: Majority of the project managers do not receive formal project management training. However, a PMO must ensure that the management is equipped and knowledgeable about basic policies and principles. This enables the managers to follow standard protocols and leads their teams to success.
- Being in Line with the Company Objectives: The PMO must know about the office culture to gain trust and create policies, rules, and protocols around it. The more trust it gains, the more powerful it becomes. It helps to break down isolated teams and cultivates a sense of oneness throughout the organization. The committee helps the entire organization to be in line with the company goals. Ultimately, it helps to formulate a strategy that turns beneficial for the company and its workforce.
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