TORONTO, Jan. 9, 2017 /PRNewswire/ -- Project management has been in play since the beginning of time. The Great Pyramids built by Pharaohs, the construction of the Great Wall of China, and the Hoover Dam could be all termed "mega-projects". By definition, project management is a temporary endeavour undertaken to create a unique product, service or result (as defined by the Project Management Institute). The development of a web application, construction of a house or bridge, driving a fund-raiser, and expanding into overseas market -- are all projects. Running projects expertly so they deliver on time, budget and scope is becoming increasingly important.
"Limited project reporting, poor resource management, inconsistent methodology, lack of accountability, and budget and time overruns are reasons why every business needs to invest in a PMO," said Shabbir Evershine, Director of Rocket PMO. "The United States economy loses $50-$150 billion per year due to failed IT projects."
Information technology is not the only industry where PMOs can bring value. More than 60% of Fortune 500 companies in healthcare, finance, manufacturing and professional services all report either currently operating a Project Management Office (PMO) or starting one soon.
Seventy-five percent of executives expect 24/7 on-demand project data as reported by PMI. In addition, 1 in 3 CEOs believes the PMO and effective project management plays a major part in realizing organizational strategy. "Investment in a robust PMO is not a luxury, it is a necessity," said Shabbir Evershine. Mr. Evershine operates a boutique consulting firm specializing in the setup, implementation and maturity of Project Management Office (PMO). His clients include Royal Bank of Canada (RBC), Ontario Ministry of Government and Consumer Services (MGCS), Ontario Provincial Police (OPP), Global Payments, and Aon Hewitt.
There are more than 16.5 million project managers in the world. Forty-four percent of project managers use no project management tool. It is no surprise that 57% of projects fail due to "breakdown in communications". The right tool and PMO setup can do wonders for a company's project delivery.
"The biggest bottleneck and culprit is the intake process in most companies," said Shabbir Evershine. "The next two things are outdated project management standards, and low resource capability levels."
Rashida Mandviwala, Rocket PMO
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SOURCE Rocket PMO