The acronym PMO is for project management office. This is a methodology tool that assists project managers with the performance of their daily tasks as leaders of a project.
By utilizing a PMO, a business has accepted the principals and standards of their industry for the execution of their projects they have decided to undertake. The standards and methodologies are set by the recognized industry principals set forth in PRINCE2 and PMBOK.
The reason most companies use a PMO is because of the known statistic that 90% of all projects that are undertaken fail to meet the targets in either quality of the product, the time to complete the project or the budget set forth by the business plan for the project.
When a company deploys a PMO into their work environment comes 11 management parts to help guide a project to a successful conclusion. These parts are categorized as Processes, Standards, Tools, Methodology, Training, Auditing, Reviews, Reporting, Terminology and Mentoring.
With the processes part of a PMO, all the necessary documentation is included so the proper management of time is accomplished along with the cost analysis, quality checks are put in place, any changes are documented, the risks are properly evaluated along with the issues. These documented processes are used throughout the project’s progression so the schedules can be maintained and monitored.
The essential tools that make up a large part of the PMO take many forms. This should include thousands of content pages that can be used as reference material. Preformatted templates to make many tasks less time consuming and more consistent are essential and necessary. There should also be examples to answer any possible question that may pop up.
Because of the complexity of most PMO systems, many of them include training sessions. This makes their implementation in the business easier and faster.
The future of a successful business will make use of the modern PMO systems that are readily available. Knowing the path to success is one thing, following is another. Choose the direction of your company wisely.