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The importance of PMO's in your firm
- 1. The importance of PMO’s in your firm Malgorzata Jozefowicz Wahl Ptj Consulting Zug 21.03.2016
- 2. Triple constraint portfolios and projects Portfolio- Goals, projects and resources Project- scope, time and cost
- 3. Why do we need PMO in our organisation ? An effective portfolio helps your organization achieve its strategy and goals consistently over the long haul. It serves as a vehicle for executing strategy and delivers what was promised when it selected projects for investment. Effective portfolio contains the right mix of aligned projects with great potential to generate value. It invests the right resources in the right projects to achieve the right goals striking ts consistent balance among the three, while maintaining alignment with organizational strategy.
- 4. The bird’s eye on all projects PMO serves as the centralized repository and decision making body for all organization’s projects. This is useful for several reasons. PMO can save projects teams the trouble of “reinventing the wheel” with every project by providing useful templates and lessons learned from previous projects. PMO has the bird’s eye view of all projects within the organisation and therefore can help navigate the effects of the various projects on one another.
- 5. Examples when we need PMO’? Project F is running several weeks behind schedule. PMO(Portfolio Manager) may notice that some resources are assigned to Project B and can coordinate with project managers to address or mitigate the situation so that Project B is not also delayed unnecessarily.
- 6. Capitalizing on business opportunities PMO can make decisions proactively to capitalize on business opportunities. Let’ s suppose the project comes along that is of far greater value to the organization than any other projects currently underway. A PMO can evaluate and reassign money, people, and other resources to the high -value project, which may delay or change other ongoing projects.
- 7. PMO Communications As with so many other project management situations, effectively communicating with stakeholders( especially the project’s sponsors and project managers) is paramount. If a worker’s project is delayed or suspended through no fault of their own, he or she deserves an explanation why.