Continuous ImprovementExecution ExcellenceProject Management OfficeStrategic Alignment

How a PMO Adds Value to a Company’s Growth

Project management office (PMO) is a department that looks monitors and standardizes project management. Their best practices, strategy-making, and project statuses updates are crucial for the overall growth of the company. Recent statistics mentioned that 7 out 10 companies have a PMO worldwide. In this article at Hygger, Pavel Kukhnavets explains how a PMO adds value to a company’s growth.

PMO Value Addition

For a PMO to thrive, it must be inclusive of the company culture. Healthcare, IT, finance, manufacturing, and professional services are sectors that understand the importance of a PMO. More companies are building PMOs and sometimes they are preferring more than one. You find project management offices common in large businesses than SMBs.

Following are the value addition a PMO provides to a company:

  • Creating a project portfolio, categorizing and prioritizing projects
  • Establishing processes and selection of PM approaches
  • Maintaining employee details
  • Managing resources and disparities
  • Training workforce after implementing new PM tools
  • Providing insightful project details and maintaining transparency
  • Updating knowledge base from past and current projects
  • Mentoring project leadership
  • Improving communication throughout the organization
  • Supporting PMs in project administration and operations

Knowledge Areas:

Integration: The job of a project management office is to make cross-functional resources, processes, functions, etc. be available for projects.

Scope: A scope documents goals, tasks, costs involved, deliverables, and timeline. The project management office ensures everyone is clear about the project plan before proceeding.

Cost: The department determines how much a project budget should be. It also analyzes the cost a delayed project would levy on the clients.

Time: A PMO’s role is to train project managers so that they can monitor the team’s commitment to deadlines.

Communication: Project management offices are responsible for composing a communication plan and establishing proper channels to maintain project transparency.

Quality: The quality control documents prepared by PMOs help project managers deliver expected quality to customers.

Risk: Performing risk assessments from the quality and quantity perspectives allow teams to prevent or prepare for project risks earlier.

HR: With the help of the PMOs, project managers can convey to the HR department about the required project skills.

To view the original article in full, visit the following link: https://hygger.io/blog/what-is-a-project-management-office/

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