Project Management Office and its Significance in the Business
Companies and organizations need to establish departments that will take care of the specific responsibility and tasks need to be accomplished at specific time. Having clear cut strategies is key to establishing a competitive advantage over any competition. It sets a benchmark between a business success and its failure. Standardization of project management policies must be achieved through the application of Project Management Office.
A Project Management Office bases its principles, practices and processes on some kind of industry methodologies. And later this will become the source for guidance, documentation and metrics related to the practices involved in the entire project within the organization. a group of people is assigned to perform the tasks and responsibilities.
Process optimization, productivity enhancement and building are the main goals of most organizations. These are the main factors that they build Project Management Offices that will look into the overall running of the system. A much needed project management discipline has been spreading so fast nowadays, and there is no other way but to create with a definite structure of Project Management Office to cope with this advancement in the industry.
Project Management Office is the most effective solution for implementing project management. It may require company’s records on its expenditures and investments that may affect the company’s operating performance. It keeps the company to watch closer over a project.
Is it really an advantage to implement a Project Management Office?
It depends. It depend on the size of the company and it the management is willing to dedicated their time in using other conventional methods. Some companies can manage and handle things on their own while other companies cannot, because of the complexity of the processes involved, and the complexity in the nature of the project. There is an economic crisis nowadays and most of the companies are trying to cut costs and closing down some departments to merge the others and let them the extra work.
On the bright side, having a Project Management Office is a vital part of the company because it refines the processes and the other elements involved in order to create satisfactory outcomes. It also enables more projects to be completed on time and on budget with maximized resources.
What are the drawbacks of Project Management Office?
The down side of the Project Management Office is that its effectiveness relies heavily on how it is structured. If the members of the team do not have the expertise to address the issues, it is bound to fail. This will greatly affect the company and the project management itself. Next, when there is a down fall on the economy, the Project Management Office is one of the most affected and normally shut down to cut the costs.
Project Management Office helps the company to track its performance, planning and resource allocation, selection and prioritization and governance. All of these functions are valuable to the organization to demonstrate its value to the industry and there are significant consequences that could help the company improve in all of its aspects. Project Management Office will serve as one of the fundamental pillars that will drive a project to success.
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