A couple of years ago, I was asked to create a Project Management Office (PMO) for the International Operations Division of a large Financial Services Organization. It was the first time projects were managed at the portfolio level.
To make sure I was being consistent with industry practices, I conducted research to understand how PMOs were designed in other companies. What I’ve found (and is still accurate today) was that there wasn’t an industry-wide standard in designing a PMO.
PMOs ranged from Project Administrators to Strategic Portfolio Managers to Managing Reductions In Force. Up until the last few years, PMOs typically had a short life cycle and would self-destruct once the office objectives were met.
So when I created the global PMO, I wanted to make sure I had a sustainable and value-add department that would not only advise senior leadership on project progress/execution but also provide strategic direction and consul.
Having the PMO became a critical part of the way this organization did business and contributed to approximately $115 MM in reenginnering savings that year.
Below are some tips that you may find helpful in creating your global PMO.