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At the core of the PMO’s mission is identifying and implementing project methodologies.Most often, these are industry standard methodologies such as PMBOK (Project Management Body of Knowledge) or PRINCE2 (Project in Controlled Environments).To answer this question, we asked leading PMO executives to identify the most important best practices.
Poorly managed projects lead to wasted corporate resources.
In fact, the Project Management Institute concluded in a 2016 analysis that $122 million is wasted for every $1 billion invested due to poor project performance, a 12 percent increase over the prior year.
Many companies have created project management offices (PMOs) in an effort to improve the execution of strategic initiatives as they face intense competitive pressures.
There is widespread consensus that PMOs can help organizations deliver their projects on time and on budget.
There are also tips on everything from managing scope to cultivating PMO talent. PMOs began to proliferate rapidly in the late 1990s, often as a response to rapidly evolving technology and the need to better manage IT projects in enterprises.
The modern project management office appeared in the 20th century and took shape as a concept that’s similar to today’s PMO in the 1950s thanks to efforts by the U. A quick note on terminology: project management office or PMO is the leading term to describe this business function, but others include program management office, project support office, and project office center of excellence.Moreover, while cost savings are often attributed to PMOs, a 2003 survey by the Project Management Institute and CIO magazine found that 74 percent of respondents did not see cost benefits to their PMOs.Generally, the older and more strategically aligned a PMO is, the greater its contribution to the organization, experts say.Before it sounds like the PMO can do no wrong, we should point out that there are skeptics.Research from The Hackett Group dissents from the generally positive view and contends that PMOs fail to help most companies reduce IT cost or improve performance.But project management offices are not a magic solution to project challenges.A 2016 report by the Project Management Institute found that only 53 percent of projects were completed within their original budget and only 49 percent were done on time. So why do some project management offices yield game-changing ROI and some don’t?In addition, the acronym PMO has other meanings, such as prime minister’s office, product management office, and planned maintenance outage, but we won’t be covering those here.Whatever you call it, the PMO has become ubiquitous.The benefits of the PMO can include: These benefits are most likely to accrue to high-performing PMO teams, and their projects meet their goals two and one-half times more often and waste 13 times less money than their counterparts, PMI discovered.The analysis found that among organizations that place a high priority on a culture of project management, 71 percent or projects met their goals versus 52 percent among companies that place a low priority on this culture.