A Project Management Office (also called PMO), is an office or department within an organization that defines and maintains standards for project management. The Project Management Office provides guidance and standards in the execution of projects.
If you are a small operation, you may be able to manage without a Project Management Office (PMO). But if your organization runs multiple cross-functional projects at the same time, then it likely needs one!
A PMO plays many roles within an organization, but this of course varies greatly from company to company depending on its size and the scope of projects being managed. A successful PMO is a combination of good people, processes and tools. Apart from just managing project portfolios, here are the other benefits it delivers:
Strategic planning and governance
This is the most important function of a PMO. By scoring projects using predefined criteria, the strategic selection of potential projects can be done according to the business goals of the organization. PMOs then advise senior management or C-level leaders to select candidate projects that best align with the strategic goals of the company, by providing a sound business case and a clear cost/benefit ratio.
Read the full post on the Planisware website today.