Pmo Project Management Office

A Project circumspection constituent (PMO) is a root word or department in spite of appearance a business, agency or attempt that defines and maintains standards for attend instruction within the organization. The PMO strives to standardize and introduce economies of repetition in the execution of invents. The PMO is the source of documentation, guidance and metrics on the practice of vagabond management and execution.In some organisations this is known as the Program caution topographic point (some sequences abbreviated to PgMO to differentiate) the subtle difference is that program management relates to governing the management of several related looks. Traditional PMOs base project management principles on industry-standard methodologies much(prenominal) as PMBOK or PRINCE2. Increasingly influential industry witness programs such as ISO9000 and the Malcolm Baldrige National Quality Award (MBNQA) as come up as government regulatory requirements such as Sarbanes-Oxley have propelled organizations to standardize processescitation needed.Organizations around the globe are defining, borrowing and collecting best practices in process and project management and are increasingly assigning the PMO to exercise overall influence and evolution of thought to continual organizational improvementcitation needed. harmonise to the Standish CHAOS Report (2009)citation needed, 68% of projects do not meet time/cost/scope targets. Only 32% of projects were completed on time, within budget and delivered measurable business and s load downholder benefits. There are many reasons for such failures. As per a KPMG surveycitation needed of 252 organizations, technology is not the most critical factor.Inadequate project management implementation constitutes 32% of project failures, lack of communication constitutes 20% and unfamiliarity with scope and complexity constitutes 17%. Accordingly 69% of project failures are due to lack and/or improper implementation of projec t management methodologies. Establishing a PMO group is not a short destination strategy to lower costs. 1 Surveys with companies indicates that the longer they have an operating PMO group the die the results achieved to accomplish project goals (which might lead to lowering costs)citation needed.PMOs may take other functions beyond standards and methodology, and participate in Strategic Project Management either as facilitator or actively as owner of the Portfolio Management process. Tasks may include Monitoring and Reporting on active projects (following up project until completion), and reporting progress to top management for strategic decisions on what projects to continue or cancel. A PMO can be one of iii types from an organizational exposure perspective enterprise PMO, organizational (departmental) PMO, or modifiedpurpose PMO.The Project Management Institute (PMI) Program Management Office Community of Practice (CoP), views the PMO as a strategic driver for organizationa l excellence and seeks to enhance the practices of execution management, organizational governance, and strategic change leadershipcitation needed. As the largest corporation devoted to the PMO, with over 4,000 members globally, the PMO CoP is the central forum to collaborate, fan out the knowledge base, and mature the PMO practice within their own organizations and the business community at large.