This month saw the launch of the latest Gower/Routledge PPM handbooks; The Handbook for Project Portfolio Management edited by Reinhard Wagner and Dennis Lock.
The chapter dedicated to defining the Enterprise Portfolio Management Office was written by our own Director of Consulting Services, Emma-Ruth Arnaz-Pemberton so we thought we should give our readers a summary of its context.
The purpose of this Handbook for Project Portfolio Management has been designed to detail portfolio management in today’s ever-changing world and contains knowledge from many practitioners who are regarded as specialists in their field. The Handbook of Portfolio Management includes emerging issues affecting portfolio management (such as sustainability) and is the latest publication to support the modern business.
The chapter on the Enterprise Portfolio Management Office provides some clarity around the definitions of PMO and how it differs to an Enterprise PMO. Explores the guidance from different associations and organisations to ensure the reader has a clear understanding of both the typical remit and the nuances that need to be considered before implementing a new or transforming an existing office.
Eight Lessons to be Learned to support those aspiring to be a successful Enterprise Project Management Office make up the rest of the chapter; which are detailed below.
- There is no one size fits all
- The journey must always start with the question ‘why?’
- Value is in the eye of the beholder
- You are a salesperson
- Metrics are important
- Build a model that allows for differentiation in your services
- Enterprise should mean all aspects of change, including the capability
- The people in your PMO are not always the people who should be in your PMO
Each of these is broken down with lots of information to help bring the topic to life as part of the publication including real-life examples that you and your organisation might directly relate to.
Some of these may seem obvious, but PMOs of all kinds continue to get tripped up by them so it is important that these lessons (gleaned from experience and research) are taken into consideration when making decisions on how your organisation will handle Portfolio Management.
In 2019 we will be asking our PMO hive-mind to drill deeper into how each of these is pertinent to their reality; so, keep reading to get more insights into the world of PMO.
You can buy your copy of The Handbook of Portfolio Management on the Routledge website HERE