There is a continued need for the development of project management tools. However, the tools employed may differ because of the difference in structures and sizes of organizations. Furthermore, the number of projects that are managed by a single organization may be used to determine the management tool of choice.
Project Management Office and Metrics
Project management office is a tool that is widely used by large organizations, basically having a number of projects under their scope. However, researchers have failed to come to a consensus on the best definition of this tool but according to project management institute, a PMO may be defined as a body that is within an organization, basically functioning under the umbrella of the organization, whose main function is to provide support to project management (project management institute, 2004).Three PMO tools are the alpha, beta and gamma which basically measure the excellence in operations, the leadership and the customer relations respectively. However, the PMO may manage the project directly (project management institute, 2004)
On the other hand, metrics refers to a set of measures that are used to quantify the project activities. In this, metrics are used to determine the project status, the profitability or the success of the project. In other instances, metrics may be used to foresee risks and possibility of project failure. Some of the metrics used in project management include the planned value, the variance of cost, the scheduled performance index, cost performance index among others (Richards, 2017).
Importance of Metrics and PMO
The importance of PMO in any organization cannot be undermined. One major function of the PMO is to help the management in selecting projects. In this, the PMO establishes the cost/benefit ratio of various proposals and determine the best choice. The PMO may also decide on the best policies and regulations that can be used to run such project.Secondly.the PMO ensures that there is consistency in the project .Thirdly, they can be used in proper resource management across all projects. Finally, PMOs can be used to harmonize all the activities of the organization
Metrics are used in establishing and defining the milestones and as such, have a positive implication in project management. To begin with, metrics increase the productivity by ensuring that all the milestones are achieved within the stipulated time. Secondly, they improve the quality of work by reducing the defects. Finally, they reduce the cost of the project by closely monitoring the scope and productivity.
Project management institute. (2004). A guide to the project management body of knowledge (3 Ed.). New town square: project management institute.
Richards, D. (2017, 9 19). 10 performance metrics examples projects project managers can’t afford to miss. Retrieved from Maven link Blog: blog.mavenlink.com/the-top-10-performance-metrics-examples-project-managers-cant-afford-to-miss?hs_amp=true