A portfolio of projects requires a governing body to manage and coordinate the many moving parts that comprise each initiative. This structure is implemented and enforced by setting up a Program Management Office (PMO) that serves as the day-to-day oversight body for the operations of the project portfolio as whole. Experience has shown that a PMO can offer significant benefits in terms of reduced cycle time, effective resource management across multiple projects, and a single point of contact for executives and managers across an entire organization.

However, not all PMOs are created equally. In order to be truly effective, a PMO must wield influence in scheduling and decision making across all projects in a portfolio to avoid the formation of a perception that the PMO is nothing more than a powerless, token entity.

To maximize the effectiveness of a PMO, it is critical that instant credibility be established, and this is achieved through implementation of a program structure based upon industry best practices, involving standardized, repeatable processes, universally accepted metrics, a regimented communication plan, and regular meetings of a steering committee comprised of key project stakeholders.

In this white paper, we will explore the steps involved in both setting up a well-structured Program Management Office and measures for effective execution that lead to tangible results.

Governance and leadership start from the top, and it is absolutely critical that the following questions be addressed:

Answers to these questions will drive the creation of the Project Charter and Communication Plan. The importance of these two documents cannot be overstated, as they serve as the de facto, “rules of engagement” for project execution. Having a standardized Project Charter and Communication Plan across the entire project portfolio means that all project constituents are held to the same standards and rules, irrespective of the project. This leads to a base lining effect for all project participants; everyone knows what to expect from the onset of the engagement.

While the nature of projects will vary across organizations, the underlying remit of a PMO is to ensure that each project is managed using standardized, structured and repeatable processes to ensure consistency in execution across the entire portfolio.

We will now take a look at a case study where a team of FinServ consultants, using FinServ’s Standardized PMO Methodology, built a world-class PMO for one of the pioneers in alternative asset management.

FinServ Consulting is an independent experienced provider of business consulting, systems development and integration services to alternative asset management firms and their service providers, providing expert, tailored guidance in the design and implementation of business processes aligned with technology and systems.