PM Solutions, a project management firm, conducted a benchmark study to understand the nature of project and program management offices (PMOs) that are currently growing in stature in most organizations.
The study found that PMOs increased the success rate of projects, saved the companies a lot of money, allowed projects to be completed ahead of schedule and also allowed teams to work well within the allocated budgets for some projects, according to company officials.
More than 550 high-level project management personnel from all size organizations in various industries were surveyed for this purpose.
Based on current trends, the study predicts that PMO leaders will continue to build better relationships with executive management, be able to measure productivity and track benefits and will move from a linear level of capability to a more descriptive model.
Notwithstanding the fact that there are new growth opportunities for the PMO and given that PMOs in high performing organizations were currently focusing on advanced skills and leadership practices, the study suggests that PMOs needed to decide on the next phase of PMO development that will add to business value.
The study draws out the differences between PMOs in high and low performing organizations. While the former focused more on issues like performance management, resource forecasting and strategy planning (pet issues of executives), the latter appeared less dynamic.
Figures support this as 68 percent of high performing organizations engage in PMO performance monitoring/controlling compared to only 36 percent of low-performing organizations. The trend was the same in budget allocations.
J. Kent Crawford, CEO at PM Solutions said, “Now is the time for the PMO to prove its value; and PMO leaders are stepping up to the plate: implementing project management training programs, evaluating competency, and increasing their use of contracted resources to deliver more value to their firm.”
Edited by Carrie Schmelkin