Level 1: Providing Project Support
While some people incorrectly assume a PMO will micromanage projects, the modern PMO aims to help facilitate projects, not control them. At the most basic level, a PMO in a financial institution will help provide support to your project teams. A PMO might create processes and templates that help guide project activities and standardize things for easier management. Additionally, a PMO might provide guidance on resolving issues that could delay the execution of a project.
Level 2: Hands-On Help to Ensure Successful Execution
Probably the most well-known task of the PMO is to schedule projects in an organization’s portfolio. PMOs accomplish this task by balancing timing, resources, budgets and more to make sure an organization has projects scheduled at the best time. PMOs also make sure projects are staffed adequately and are at the ready to resolve larger issues that arise that put projects at risk.
Level 3: Bringing Strategy to Life
At the highest level, PMOs take the corporate strategy or corporate goals set by leadership and translate them into action. This includes creating criteria to approve and prioritize projects by measuring and reporting on goal achievement and building project portfolios that support strategy.