– Increased accuracy of project planning efforts. Because the project management office (PMO) applies a process of standards to every project, you are better able to predict outcomes, making projects less likely to fail.
– Total visibility of all project aspects. This gained transparency increases your control over projects, which, in turn, better equips you to make project-related decisions, and minimizes uncertainty and risk.
– Learning from your mistakes. PMOs routinely keep track of lessons learned—both good and bad—throughout each stage of a project. These lessons can be used to keep future projects from derailing or succumbing to the same problems.
– Increased likelihood of meeting customers’ needs. Because PMOs provide industry best practices and standards, coaching, and project oversight, project deliverables are more likely to meet customers’ expectations.
– Cost savings and ROI. A PMO will save your organization money through all of the ways listed above, as well as by eliminating duplicate or redundant projects and allocating project resources in a more efficient manner.
About the Author: Bennett Quillen is an Associate Consultant for Cornerstone Advisors, Inc., in Bellevue, Washington. He has more than 35 years of experience working with financial entities as an operations and risk management executive.