Author: Dr. David Ackah, PhD.
Senior Faculty Member, Akamaia University, Hilo, Hawaii, USA.
Email: drdavidackah@gmail.com
Abstract
Many companies have created project management offices (PMOs) in an effort to improve the execution of strategic initiatives as they face intense competitive pressures. There is widespread consensus that PMOs can help organizations deliver their projects on time and on budget. But project management offices are not a magic solution to project challenges. A 2016 report by the Project Management Institute found that only 53 percent of projects were completed within their original budget and only 49 percent were done on time. While 16 percent of projects were deemed failures. So why do some project management offices yield game-changing ROI and some don’t? To answer this question, we asked leading PMO executives to identify the most important best practices. In this article, we’ll share their insights and look at the definition, history, functions, and challenges of PMOs. There are also tips on everything from managing scope to cultivating PMO talent.
Keywords: Project Management Office, PMO, PMU, Project Management
