What To Look For In A PMO Consulting Firm
Over the last decade, the use of centralized program offices to oversee many projects has increased dramatically. Program Management Offices (PMOs) have been steadily appearing in businesses worldwide since the 1990s.
A simple definition of a Program Management Office is as follows:
A centralized group within a business, enterprise, government agency, or even department that defines and maintains standards for project or a collection of projects (Portfolio Management) within the organization. The PMO goal is to standardize, introduce best practices, and economies of repetition in the execution of projects or portfolios of projects.
An organization's project management standards may be defined and maintained by an internal or outsourced PMO (program management office).
PMOs are responsible for centralizing documentation of project status and strategy and upholding best practices. The Project Management Office (PMO) keeps track of all the necessary paperwork, guidelines, and KPIs for completing projects on time and within budget.
A PMO should be a top priority if your company juggles many interdepartmental projects or critical programs within an organization. A good PMO would have the right number of people, the right set of tools, and the right set of procedures, all of which would vary depending on the size and scope of the projects. A PMO Consulting firm would focus on improving project outcomes by centralizing specific operations (also known as functions or services) linked to the discipline of project management.
Roles and Functions of PMOs
PMOs usually provide the following functions and services:
A PMO's primary role is to choose the optimal portfolio of projects for a company. The company's overarching objectives should be considered while planning such initiatives. Defining and managing all initiatives requires the development of policies, procedures, and workflows.
Promotes project management by keeping staff informed via consistent communication and instruction. This involves establishing and upholding a common project culture, standardizing methods of operation, and establishing metrics and key performance indicators.
To effectively manage resources, a PMO has to establish clear lines of authority, establish priorities in light of available funds and time frames, and monitor progress against these goals. Employees will be trained and coached to ensure that project management is carried out in a standardized and efficient manner.
Work management tools, templates, and software are compiled by PMOs to form a trustworthy project information database that aids in informed decision-making.
T Exponents likes to use the following diagram to show the key Program Management disciplines.
Primary Formats of PMO
Two-thirds of companies still have a department- or division-level PMO that is either department- or division-level, and this proportion has not changed since 2010. One may divide a project management office into one of three primary formats.
One such concept is the "project repository," common in companies with poor central control or those encouraging decentralized, business-centric project ownership. The project office's only purpose is to provide access to documentation on the project's accepted practices and procedures. Project managers still answer to and get funding from their parent organizations.
Assuming a willingness to share certain project management principles across corporate functions, the project office acts as a hub for all communication under the project coach model. Project progress is constantly tracked, and best practices are collected and shared. The PMO in this approach is a permanent organization with personnel and has some supervisory responsibilities for all projects.
Do You Need a PMO Consulting Firm?
Are your projects routinely run over time and budget?
Do you have projects which aren't geared toward achieving the company's objectives?
Is there a misalignment of projects with your organizational goals?
Do stakeholders lack transparency into project progress?
Is there no established procedure for launching and carrying out projects?
Are you unable to reliably measure success?
Final Thoughts
A PMO Consultant adds value to a growing business. As the number of projects in a company rises, so does the danger of failure due to resource strain and conflicting objectives. This is where PMO consultants can act like a conductor, able to see how each potential project fits into the bigger picture of the company's goals and objectives. Additionally, the Project Management Office Consultant can advise in allocating funds, and reducing project failure.
DRIFT IQ LLC DBA T EXPONENTS™ PRIVATE, PROPRIETARY AND CONFIDENTIAL. COPYRIGHT © 2022 T EXPONENTS™. ALL RIGHTS RESERVED.