Benefits of PMO
The main objective of the PMO or Project Management Office is to determine and also handle project management aspects for aiding and facilitating the attainment of project outcomes. Your firm can get value from good practices in project management. Actually, the bigger a venture is, the more proper project management is vital for success. Here are benefits of PMO.
1. Effective planning
Making investments in a reliable PMO can offer common planning as well as reporting process. It provides a structure for evaluating, defining, monitoring, planning, justifying and implementing projects. Additionally, it encourages the resolution of conflicts arising due to constraints such as limited assets.
2. Ensures profit
At a certain level, each project is expected to offer certain benefits to an organization. A reliable PMO makes certain that all ventures in an organization provide benefits aligning to the most vital needs of the organization. If there is a significant change in the business conditions, the PMO will resolve what impact such a change has on active projects. At times ventures require redefinition, shelving or even cancellation to make certain that an organization gets maximum benefits.
3. Increases competence
Firms with proficient PMOs find that competence and skills of management functions enhance with time. The PMO helps in the creation of both informal and formal mentoring programs, which increases the productivity of project managers. In fact, mentoring enhances networking relationships, offers practical leadership for newer staff and also contributes to the development of teamwork within the organization.
4. Training opportunities
The PMO usually offers several classes throughout the year in various ways and formats. There might online sessions or classroom training offered. Usually, there is a continually monitored IM account accessible to any staff with a query any time during the instruction.
The drawback of having a project management office is that it is very expensive to successfully run.