Vast amounts of money, corporate talent and willpower are invested in project work: in ensuring that the right projects receive the right level of funds; in allocating the right resources with the right skills at the right time; in on-time, on-budget and on-scope delivery of these projects. Yet establishing a framework that will provide transparency into these activities is still viewed as a glorified admin function at best; or as unnecessary bureaucracy at worse. Some of the challenges organizations face when attempting to put in place such a framework at the corporate, division, region or even project level include:
A Program Management Office (PMO, aka Project Management Office or Project Support Office – PSO) when implemented in a carefully designed governance framework, can leverage scale economies, promote best practices and provide visibility of the status of those investments. But, as with any type of process and mindset change, when it comes to rolling out a PMO or improving its existing capabilities, it is important to get it right. Experienced guidance to foresee pitfalls, design useful processes, and prioritize PMO goals is a critical factor to the success of a PMO implementation.
UMT works with clients to create a holistic strategy to evolve the maturity of your PMO. This entails attention to culture and governance, skills development, process refinement and standardization, and information systems that support leveraged project management. As such, the way in which a PMO framework is implemented or enhanced is critical to its adoption within an organization.
In UMT’s view, the PMO’s responsibilities should include:
Portfolio management is the art of selecting right set of projects. It provides clear justification and value proposition for all projects, and ability to align portfolio to corporate strategy, assess cost and resource constraints and create a portfolio with affordable risk.
UMT is a leader in the portfolio management area. It has created and implemented portfolio management processes and tools with in number of fortune 500 companies.
Effective portfolio optimization requires strong PPM financial discipline. Processes and tool must be implemented to develop accurate and timely financial estimates. Tools must be capable of performing scenario analyses to evaluate different options and determine the optimum portfolio mix.
UMT understands that the importance of financial management capability. UMT developed the UMT360 financial management tool to provide superior financial management functionality.
Timely, accurate and targeted status and performance reporting is important to successful portfolio optimization. Effective and timely Status reporting provides a central, standard status of the organization from individual task to corporate strategy, and Eliminate productivity waste by removing redundant Team Member update meetings.
UMT works with clients to create solutions that transparently expose the most critical elements of project status and performance to key stakeholders, assessing performance, enabling advance identification of potential problem areas and monitoring portfolio spending.