Management Square | May 25, 2017 | 0
How to Measure the PMO’s Success ?
Monitoring the project is one of the key processes to ensure that the project undergoes a smooth process. This is why Project Management Office or PMO exists to establish and implement this certain task in order to reach the project’s desired results.
On the other hand, PMO also needs to be under the same process of counter measurement to make sure the success that is present within their spectrum. Since PMO is responsible for the overall project from its process down to its completion, it will be prone to be a subject of questions, especially if the project did not turn out the way the client wanted. That being said, it is essential that PMO needs to prove itself by having their own set of assessment and measurements.
The methods below, when used, measure various results for each company. So it means that companies are not same with one another despite that half of them share similar or related work structure, value or philosophy. The methods are general metrics, so determine which ones you think are best suited for your PMO.
Conserving and utilizing time or schedule is the center point of a project because every drop of a second means the cost of your project’s success. To prevent your project ending up in turtle speed, you need to estimate every time you used for the project plan, process, and completion. There must be a control and monitoring involved in this metric by measuring the time from the start of the plan, duration of the process, and end of the process.
Amount or Rate of Project Deliveries
This measurement focuses on a number of projects that have been successfully delivered within the year and the past years (specific yearly milestones depend on the organization’s standard). For you to be able to make this possible, you have to backtrack and record these deliveries as well as the rate of a failed and interrupted project. This is usually based off using percentages.
Since the previous project’s success must still be in check, it is also crucial to measure the benefits the company receives on every completed success. Not all project success share the same benefits, so both must be measured and determined accordingly. As the project shifts, so are its benefits that can provide various effects to the organization.
Measure Return on Investments (ROIs)
This is probably considered a touchy subject once the project is in full completion since it involves the return of money or funds from the project delivery. The sales garnered from the project will benefit the organization, but failing to meet the ROI is going to be a serious dent on future projects. ROIs must be recorded for senior managers to identify the blunders committed that affected the ROIs negatively. Measuring this too will help prevent the same issue in the future.
A proper utilization of PMO ensures a great success value for your project, but it takes more than common sense to implement it—if not done correctly, it will create a huge negative impact that in turn becomes a domino effect in your current and future projects. Running tests, measurements, and estimations are key tasks to constant practice for hassle-free Project Management Office success.
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