The terms Project portfolio office, project management office and program management office may at many times seem similar, but they are distinct in the way they operate. A project is something that has been designed with a particular objective. A project must have a given beginning and a specified end. Project Management can distinctively be termed as a way of using procedures together with principles to manage a project. This is normally from the start of the project to completion. Project management is the key to the success of all the development project in any place. We cannot thrive without project management. A project management process is termed as successful when the desired objectives have been met (Polyaninova, T., 2010). The project managers must at first define the goals of the project, management, and intake requirements, scheduling and breakdown of tasks, cost, and budget management.
The distribution of resources for a project must also be done before it starts. Project managers are the people involved in direct management of a given project. They head the management team, and they control the activities of the team. They give direction to all the issues that are needed to ensure that the process is successful (Desouza, K.C., and Evaristo, J.R., 2006). Risk management, resource and budget management are necessary as long as the whole plans have to be achieved.
Project management office is the department within which project managers of the mature organizations work through. The PMO is known to set the goals and standards within which a project must be operated. All the PMOs have a responsibility of maintaining the project and operational work of the business. They determine the success of the whole business or organization.it has a driving force to ensure that they do not give up on the way. By working in groups, they share ideas of how they will achieve more goals. Therefore, project managers do not work alone to ensure that they will always make informed decisions through the team that guides the team. The control of the team activities is also observed to ensure that the right moves in investment and other desired goals are achieved.
Program management can be described as the changing of the strategic objectives into outcomes that are desirable. Program managers are responsible for managing the programs depending on the type of the organizations. Some organizations emphasize on the making of profit more than other objectives. The program managers must, therefore, be aware of the procedures that are necessary to ensure that the business does not lag behind. They are answerable for any mistake that might be dining in the program. They must stay alert when they are making changes which will translate into losses programs have been seen in the financial and educational institutions where the managers are responsible for maintaining the company all through the program. Some of the programs that organizations deal with emerge from a great need of knowledge or certain products hence they must be aware of the needs of the people. The progress of the organization is seen through the physical outcomes.
Whenever a program is being run, it requires close inspection to ensure that all the rules have been followed to the letter. The delivery of the program goals is shaped by the expertise of the program manager. Priorities regarding the availability and capacity of the resources are determined by the program managers to ensure that the success of the team is achieved. They dictate where and how to use the funds available for the program (Polyaninova, T., 2010). Many people do not realize the need for a qualified funding initiative that understands the customers' needs, and they are willing to push the program to the competition. Many of the organizations which have thrown away some of the programs that they had because of poor management of the money they had at the beginning the misallocations of funds and lack of a clear budget also makes them compete for the few opportunities that they get. The managers of the programs always report to the strategic management office. They guide the managers on the right decisions they make at all times to ensure that they are effective and efficient.
Project portfolio management is a formal approach to prioritize, orchestrate and analyze the right value of the set project. The PPM is always a function of the PMO, and they centralize of the prioritization, identification, authorization, and management of the company project portfolio. A portfolio manager is always responsible for the outcomes of the business. He is the one supposed to monitor the leveraging initiatives, projects, programs, investment, and outcomes so that they can achieve enterprise goals optimally (Polyaninova, T., 2010). They set small achievable goals as they run through the company tasks.
The integrations of new software to keep in check the growth of the portfolio's project management since project management equips them with an easy way to achieve their goals. The planning of the project activities is also another important thing for the management to have so that their activities will be run effectively. The need to create a room for change is another important thing for the team to have (Hobbs, B., & Aubry, M. 2010). They should be able to manage their finances, project centralizations, project prioritization, and alignment. The works of an organization must be visible and should be seen in the overall accomplishment of the organizational goals.
The many organizations that are set up and have their goals rarely meet their goals. They do not have a strategic plan or a roadmap in their undertaking of projects. Success begins with having a plan and without this many of the organizations will end up failing. Many of the projects started are said to fail in the first twelve months that they are brought on board creating more room for research to check on the right path to follow. Some fail due to lack of the good software that will help them track their progress.
1.2 Research Problem(s)
This study gives an analysis into the strategic and specific roles of the different management offices. With the increase confusion in organizations, many of the people will in the long last be unable to monitor their management team. Few of them understand how they should operate and handle their workers. Some of them have no idea on how to create new mechanisms of monitoring their work schedules and financial statements. The existing difference between these levels and types of management will be put into consideration to ensure that possible solution to challenges facing these organization is found (Taylor, P., 2014). This will involve very critical analysis of the PMO, PPO, and PPMO basing on the role of the PMO and the impact it has on the rest of the organization management. The level of maturity of these organizations management will also be measured according to the excellence of their undertakings.
1.3 Objectives of the Study
This research majorly sets out to examine the importance of PMO tied to costs in contrast to Project Program Offices and Project Portfolio Management Offices. It seeks to give an understanding of the underlying relationship between these parts of a company.
The paper will give an understanding of the difference between these concepts and guide the individual organizations on the right office to have (Verma, K., 2007). The project will provide the possible challenges and hindrances that people will face if they mix up the roles of these companies.
It will put into practice new mechanisms to monitor the success of these organizations. Many people do not know the right team to have in their organizations. Hence, they need this dissertation to guide them. The PMO provides the values to the organization, but if the same has to be relevant, then it should be able to adapt to new changes and demand for their products. The need to arm the team with the right skills is increasing as new competitive businesses are being set up. The companies need to have enough knowledge of the right tracks to follow.
The paper also takes a step to investigate the literature that exists pertaining the different works of the projects, program and portfolio office managers. Some of the activities of the company must have a desired goal that is intended to be achieved. Many workers have little knowledge about who to be answerable to due to conflicting roles that govern the organizations (Kwak, Y.H., and Dai, C.X.Y., 2000). This paper will act as a light to the organizations that are large and have projects and programs that monitor success.
1.4 AIMS of the Study
The paper will eventually clarify the factors which influence the PMO's and give its contribution to the strategy and corporate governance. They are at the core of every company and determine the growth patterns of organizations. The PMO is the determiners of what the company should be doing daily to monitor their progress (Wiewiora, A., 2011). They are the major decision makers of any organization.
The dissertation also aims at examining the roles of the PMO, PPMO, and PPO as perceived by professionals in the job market. The paper will solve some of the conflicts that emerge between these groups as many of them do not have a clear understanding of their roles. Many are the challenges that organization due to lack of the top authority team that these management groups should answer to as they undertake their daily tasks.
It generates the propositions about PMO on how to practice their major roles through deriving very strong corporate and governance in companies. Giving direction to the minor departments is one of the roles of the PMO that will be discussed in this paper. They help to organize the direction that the organization should face in all its undertakings (Steyn, H., 2015). Without knowledge about the increased financial mismanagement that organization goes through, they will never make any progress as far as expansion of the organization is concerned.
There has been increased research in PMO, PPMO, and PPOs done by many scholars. With the increased emphasis on project management applications and the many organizations that are coming up which have PMOs, PPOs, and PPMOs. The understanding of the major strategic roles of the PPO and PMO, their nature, their functions and level of maturity and how they can be the best superior solutions and making strong corporate governance (Dai, C.X. and Wells, W.G., 2004). The PMO requirements are set according to the outcome of the organization set goals.
The research unmasks the challenges that organization is facing due to a misunderstanding of the right path. It gives the necessary recommendation to the organizations that need to understand their various departments within them. It will be able to monitor their growth all throughout the year. The need for this dissertation still stands out because there are still many challenges that these organizations need to understand. Some of the organization still use the old tools to monitor their progress in life. Without a solution to such challenges, organizations will keep on falling and making huge losses. The development of new structures is based on the potential of the PMO to assist the PPO and PPMO in their daily activities and especially planning their objectives. Managers can use such research to build their firm strongly through the analysis that is provided in the chapters of the dissertation.
1.5 Research Questions
The research will be pegged on the following research questions:
What are the primary differences and si...
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