• Project office is a branch or department within a business, agency or enterprise that defines and maintains the standards for project management in the organization.• The project office is essentially set up with the limited purpose of executing a specific project.• It allows companies to establish a business presence for a limited period of time.• It guides the practices relating to management and implementation of projects in an organization.
• The project repository: This model occurs most often in organizations that empower distributed, business-centric project ownership, or enterprises with weak central governance. The project office simply serves as a source of information on project methodology and standards.• The project coach model: This model assumes a willingness to share some project management practices across business functions and uses the project office to coordinate the communication.• The enterprise project management office: This model also assumes a governance process that involves the project office in all projects, regardless of size, allowing it to assess scope, allocate resources and verify time, budget, risk and impact assumptions before the project is undertaken.
The establishment of a project office is guided by a legally binding contract. This project must be:• Funded with remittance from abroad directly;• Funded by a joint or multilateral financing agency;• Cleared by an appropriate authority; or• Based on a contract awarded by a company or entity in India which in turn is funded by a public financial institution or bank in India. If the project does not meet the above criteria, the entity must obtain special approval from the RBI. Project offices are permitted only for activities to execute the project under approval; all unrelated activities are forbidden.