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PMO or the way you call it is a matter of creating a new physical business unit inside your organization then is not a matter of project management, is a matter of business administration. First thing to understand is you will create it as a solution to a business problem because the need to transform the actual organizational architeture happen due to environment has changed. Strategy is the way organizations answer to environmental changes and strategy is composed by function/process. Then first of all is to understand if project/program/portfolio management functions/process must be included inside the strategy. If the answer is yes then is time to decide if a new physical business unit deserved to be created (the PMO) or not to locate the functions/process. If the answer is yes then you have to work creating the cost/benefit analysis to demostrate the value to create it.
I agree with @Sergio.
Your organization has to be crystal clear about the business value.
All other excuses (i.e. "Director wants to elevate project management in the eyes of the organization", "Sounds like a great idea", "We have a lot of project managers, let's call it PMO", "I need a status meeting with all my project managers, let's call our meetings PMO", "My rivals have PMO and speak about ton of money that it delivers to the organization", "I read about it in the project management brochure", - all of which I heard in my life-long experience) are NOT business value.
One way is to consider the setting up of a PMO a project in itself. Establish a clear objective based on a business case, identify the constraints, get some funding, name a PM, and let him/her do the job.
It would be difficult to put all expectations on the early stage PMO.
I think the first task is to standardize the lessons and methodologies that each project manager is implementing in their subjectivity.
The next step is to provide side-by-side support for projects in crisis.
And I think the last challenge is to educate and train inexperienced project managers using lessons learned and methodologies learned from various project supports.
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