How to Start a Project Management Office￼
What is a project management office (PMO)?
If you’re wondering how to start a project management office, this article can help. The term project management office (PMO) refers to a specialized area inside a business that oversees project work. PMOs are responsible for many tasks to ensure projects are handled in an efficient and organized way. They see projects through from start to finish, facilitate project communication, track financial data, and perform risk management. As a result, PMOs keep projects on track to ensure they finish on time and within budget.
Why start a PMO?
Companies may choose to create a PMO for many reasons. For example, if a business is expanding, a PMO will see to it that work priorities are properly executed. PMOs manage the flow information to eliminate any redundancy or confusion. Furthermore, PMOs can anticipate problems and resolve them as they come up before they grow into something big.
What are the benefits of having a PMO?
The purpose of a PMO is to improve the way a company does project management. A PMO establishes new project tools and processes, then supports these programs through training. In this way, a PMO helps the organization complete work efficiently and within budget. The benefits of having a PMO include:
- consistent execution of best practices
- better interaction between work groups
- anticipation of project outcomes
- improved progress updates and reporting
How do you start a PMO?
There are many ways to establish a PMO, however a few basic guidelines are suggested. First, find out what kind of PMO will help the organization achieve its objectives. Then document your rationale for creating a PMO. Be sure to include examples of how it will help the organization reach its goals. After you gain approval to establish a PMO, the next step is to set one up.
What should you include in your PMO?
A new PMO should have a charter which states its goals, mission, and objectives. Plus, a structure for the new organization should be established which clarifies reporting relationships. The PMO will require a set of procedures and tools to guide its work. Human and financial resources will need to be allocated to the new PMO. Finally, it will be important to develop a set of criteria to track organizational progress against goals once the PMO is in place.
How do you manage and grow your PMO?
Examine your existing PMO to understand where the opportunities lie. After you’ve done this, you’ll have a good sense as to how it could be better. This may include bringing on new people, developing new tools, or refining your processes. As soon as you outline your plan, the next step is to implement it while monitoring progress. It’s a good idea to assess the PMO periodically to make sure it’s meeting your expectations.
Is a PMO right for your organization?
Before learning how to start a project management office, find out if your business can benefit from one. What does your organization need? How can a PMO help you address those needs? Seek the advice of an expert to determine whether a PMO is the right decision for your business.