These PMI standards and guides provide additional information about the role of the PMO from different perspectives. They may offer additional insights and useful information. Project Management Institute. 2017. The Standard for Organizational Project Management. Newtown Square, PA: Author. Project Management Institute. 2017. The Standard for Portfolio Management. Newtown Square, PA: Author. Project Management Institute. 2017. The Standard for Program… Continue reading LEARN MORE ABOUT PMOS
Month: December 2022
EVOLVING FOR STRONGER BENEFITS REALIZATION
For many businesses, greater uncertainty, an accelerated pace of change, increased competition, and more empowered customers mean organizations produce value in an increasingly complex environment. The ability to implement new strategic initiatives and change rapidly is becoming a key differentiator. These changes are also exerting greater pressure on PMOs to demonstrate their contributions to benefits… Continue reading EVOLVING FOR STRONGER BENEFITS REALIZATION
KEY PMO CAPABILITIES
KEY PMO CAPABILITIES The Standard for Project Management states that projects are part of a system for value delivery within organizations. PMOs can support that system and are a part of the system. Just as project teams need specific capabilities to deliver results, so do PMOs. Effective PMOs make three key contributions that support value delivery:
THE PMO VALUE PROPOSITION—WHY HAVE ONE?
Organizations establish PMOs for a variety of reasons but with one core benefit in mind: improved project management in terms of schedule, cost, quality, risk, and other facets. PMOs have many potential roles in aligning work with strategic goals: engaging and collaborating with stakeholders, developing talent, and realizing value from investments in projects. PMOs can… Continue reading THE PMO VALUE PROPOSITION—WHY HAVE ONE?
INTRODUCTION
The acronym “PMO” can refer to a portfolio, program, or project management office. In the context of the PMBOK® Guide – Seventh Edition, the project management office (PMO) represents a management structure that standardizes project-related governance processes and facilitates the sharing of resources, tools, methodologies, and techniques. Recognizing that the character and function of a PMO varies between… Continue reading INTRODUCTION
SPONSOR BEHAVIORS
There are certain behaviors that sponsors display that can help teams perform effectively and thus improve project outcomes:
LACK OF ENGAGEMENT
When the sponsor is not engaged or when that role is vacant, many of the benefits associated with the activities listed in Section X2.2 are missing. This may have a negative impact on project effectiveness. Project performance suffers because there are often longer decision time frames and conflicting priorities. If the sponsor is not helping to secure… Continue reading LACK OF ENGAGEMENT
THE SPONSOR ROLE
Depending on the organization, a project typically has a sponsor. The project sponsor provides decision leadership that is outside of the authority and position power of the project manager and project team. Active engagement and oversight by a project sponsor supports the project manager, the project team, and ultimately drives project outcomes. The sponsor also… Continue reading THE SPONSOR ROLE
INTRODUCTION
Research shows that an active project sponsor is a critical success factor in achieving positive outcomes from projects. This appendix describes the actions and impacts of sponsors and how these factors contribute to the overall success of the project.
AGREEMENTS AND CONTRACTS
An agreement is any document or communication that defines the intentions of the parties. In projects, agreements take the form of contracts or other defined understandings. A contract is a mutually binding agreement that obligates the seller to provide the specified product, service, or result and obligates the buyer to pay for it. There are… Continue reading AGREEMENTS AND CONTRACTS