
How to improve the effectiveness of Project Management Office (PMO) using P3O
Enterprises of the 21st century have wholeheartedly embraced the concept of the Project Management Office (PMO). This is because PMO, i.e. the group or department which defines and maintains project management standards within an organisation, counter the inefficiencies which can derail projects.
Projects have the power to consume resources without proper management. According to the Harvard Business Review, projects can easily go 27% over their intended cost. Unfortunately, projects with higher budgets have more chances to incur failure, costing organisations millions in losses.
Moreover, PricewaterhouseCoopers reports only 2.5% of companies successfully completed 100% of their projects. This study evaluated 10,640 projects from 200 companies in 30 countries from various industry verticals.
By hiring Project Management Office Professionals, businesses experience a rise in the succe