Introduction
A project management Office within an organization or agency is committed to maintain and scrutinize the standards of the temporary or short-term ventures undertaken by the organization. This report aims to find out the role of portfolio management and the influence of globalization on PMO.
Analysis
The major obstacles in project portfolios are the choice of projects that are misaligned with the company’s objectives. Portfolio Management makes sure that the chosen projects are of relevant concerns and it meets certain quality requirements of the organization. Initially, portfolio management requires collecting and providing an outline of the portfolio information. It defines the aims and the goals of the project which are in congruent with the company’s purposes and objectives (Hubbard & Bolles, 2012). This makes sure that the project is pertinent to the overall development of the company. With constant monitoring and portfolio management, PMO can allocate the available resources in a balanced and profitable manner as the resources of the company are usually limited to a certain extent.
Globalization has provided a platform to the companies to operate on an international scale. With the ever-growing demand of the consumers regarding quality and preferences, organizations around the globe are in the dire need of competent project management officials. Projects on a global scale have their own complications which require a methodical and professional approach. About 47% of the organizations under a survey in 2000 had implemented a PMO and by 2006, almost 77% had done the same (Mir & Pinnington, 2014). Thus PMO is becoming a necessity for any business organization.
Conclusion
In conclusion, PMO has a promising future, especially due to globalization. Major business companies are in search of trained and qualified personnel to administer their global projects. Value of the PMO in terms of business can also be increased in consequence of portfolio management.
References
Hubbard, D. G., & Bolles, D. (2012, August). Executive PMO--Blending Project Management and Business Management. Project Management Institute.
Mir, F., & Pinnington, A. (2014). Exploring the value of project management: Linking Project Management Performance and Project Success. International Journal Of Project Management, 32(2), 202-217.
