The Entrepreneurial PMO
The average lifespan of a PMO is four years. Despite their high failure rate and considerable cost to implement, PMOs have the potential to deliver numerous benefits to the enterprise.
So what can PMOs do to improve their success rate and increase return on investment? A redefined vision of project management is essential. To effectively demonstrate their value, PMOs must evolve to meet the challenges of a dynamic business environment. PMOs must expand their focus beyond the traditional triple constraints. Project practitioners will be required to adopt new approaches as well. Project managers must master a business-driven mindset and adopt an approach to deal with dynamic, complex and ambiguous projects.
According to Daptiv, a leader in Project Portfolio Management (PPM) software, project entrepreneurship will become a key focus for PPM: "Project entrepreneurship means project managers must develop an entrepreneurial mindset. This mindset will enable project and portfolio leaders to take on risks, foster innovation and focus on business value, rather than just looking at the traditional triple constraints of time, budget and quality."
A PMO that successfully adopts entrepreneurial traits will increase their chances of success and improve their capability to transform project management beyond the traditional model. The entrepreneurial PMO advocates an
Please log in or sign up below to read the rest of the article.