Project Management Leadership

Project Management Leadership

Project management is becoming an essential component of modern business operations. Organizations increasingly use project management to monitor and assess projects and ensure they meet their objectives. Project management entails several complex processes, including project planning, organization, management, control, budgeting, monitoring, testing, and implementation.

Leadership appears to be the art of getting others to want to do something you are convinced should be done.

Vance Packard Quote

Project leadership is the art and science of guiding a team to successful project completion. When project leadership brings people together to work toward a similar objective, the team can do more than they could individually.

Project Management Leadership

Leadership in project management is a necessary ability for completing the project. Like in other business areas, leadership necessitates demonstrating several talents and behaviors in a project context. Leadership is essential to ensure the success of the projects, from team leadership to project governance.

Leadership and project management are closely intertwined. Setting the vision and encouraging the team to work together to accomplish the project goal are vital components of leadership. In a project environment, this is particularly significant. Delivering any project requires a team effort. While some teams work without a clear leader, in business, it is customary for someone to be in the leadership role, guiding and directing the team toward their goals. On the other hand, project management systematically applies processes, methods, knowledge, skills, and experience to achieve the project objectives. Effective project management often requires strong leadership to guide the team through the project’s complexities and challenges.

5 Essential Project Leadership Skills

Project managers execute allocated project tasks through their project teams. They learn the technical, business, and leadership skills to manage their project teams effectively. In addition, they use strong leadership skills to motivate their teams to complete project deliverables and achieve project goals.

Project managers’ essential leadership skills begin with encouraging and inspiring their teams. However, the five critical project leadership skills are equally vital in enhancing team performance.

Project managers need communication, team leadership, conflict resolution, motivation, and solution crafting skills to lead effectively, inspire teams, resolve issues, and empower members to achieve project goals and success.

5 Essential Project Leadership Skills

  1. Communication

One of the most important project management skills is communication. Leaders must communicate effectively because a significant portion of their work includes collaboration. If you can communicate, you can collaborate properly.

Leaders can communicate ideas to people and groups in person, over the phone, or via web conferencing. They can also present their ideas to ensure the message is shared and understood. However, communication is more than just passing on messages and conversing with people. Communication is one of the most important characteristics of a project manager, especially in a leadership role.

  1. Team leadership

The leader establishes the vision and motivates others. Someone with outstanding project leadership skills fosters team agreement and togetherness while managing day-to-day operations.

Team leadership on projects entails establishing an environment in which everyone may thrive. People are lured to the project culture that surrounds them. Stakeholders want to be part of the project because they know you will complete the task while creating a pleasant working environment.

  1. Conflict resolution

Conflict is unavoidable when introducing or modifying something. However, effective leaders understand how to use conflict to their advantage since the finest solutions emerge when ideas are challenged.

Conflict may benefit teams by allowing all voices to be heard and opposing viewpoints to be expressed, frequently resulting in a better solution and more successful project outcomes. However, leaders must be equipped with conflict resolution skills to recognize and address conflict before it becomes a problem for the team. Therefore, another crucial core competency of project management is dealing with conflict in various ways.

  1. Motivation

Leaders motivate others to act even when they are not technically in charge. As a project manager, one determines what makes the other team members feel they’re giving their best. The project leader should do their best to deliver this. Everyone is driven differently, and motivation changes over time. Great leaders see these disparities and establish a great work environment to enable their workers to achieve their full potential.

  1. Crafting solutions

Empowering the team and the larger stakeholder community to participate in developing solutions is part of fostering a positive working culture. That entails removing roadblocks so that each team member may fulfill their work and contribute new ideas without concern about something getting in the way.

Empowering leaders also allows them to make decisions down the hierarchy to the lowest feasible level, allowing specialists to judge the solutions required to keep the project going. This empowerment fosters a positive working culture and inspires team members to take ownership of their work and contribute to the project’s success.

Leadership Styles and Theories

There is no single style to leadership, nor is there a particular type of person who makes a great leader. Instead, according to project leadership theory, a great leader is a mix of traits and the capacity to adapt to diverse conditions. This adaptability reassures individuals that leadership is not a fixed trait but a skill that can be developed and enhanced.

Leadership is something one can learn, and one can enhance one’s talents by understanding leadership theories in management. The three basic leadership theory categories that apply to project delivery are:

Leadership is adaptable, with three main theories: trait focusing on innate qualities, behavioral on actions of leaders, and situational on adapting style to context. Leadership skills can be developed through understanding these theories.

Leadership Theories

  1. Trait theories

Project manager strengths are related to trait theories. This perspective on leadership identifies the abilities and attributes that are beneficial while leading a team. Resilience, honesty, trustworthiness, aggressiveness, and so on are examples.

There was a system of thinking that stated certain characteristics were innate and that you were either born with them or not. Fortunately, this notion is no longer present in leadership concepts and theories. We know that an individual can act to become more aggressive and resilient or develop any other leadership trait.

  1. Behavioral theories

Behavioral leadership theories concern what a leader does. For example, some Corporate leaders are dictatorial and make decisions without consulting their employees. Others are more collaborative, inviting feedback and empowering their employees.

Both strategies are acceptable, and any combination of the two. However, there is a time and place for every style: you wouldn’t expect a combat leader to order a huddle so the team could discuss possibilities, would you? In that case, a choice must be taken immediately. Thus, a collaborative, listening leadership style would better engage the community.

  1. Situational theories

Situational leadership is deciding which leadership style to employ in any given scenario. These leadership theories are often known as contingency theories.

They analyze whether using a task-based or a people-based approach is more effective. They also take into account the individuals you lead. What type of encouragement and support do they require? A leader tailors their leadership style to the demands of the team, the business environment, and project circumstances. Someone who has never done specific work before will require more hands-on assistance from their team leader than someone confident in completing that activity.

Project Management Leadership Styles

Leadership in project management is essential for success. A project is a substantial and necessary endeavor in any business organization that requires full concentration and dedication from all participants. The success or failure of any business project can influence the company’s path. Project management is a critical role that may be entrusted to anybody, especially in today’s technology-driven business environment, where change is inescapable.

The ultimate success of every project is determined by project leaders, who have the authority to manage and oversee all project activities and make critical project choices. Similarly, failure to accomplish project objectives is the responsibility of the project’s leaders or management. Failure or inability to use the authority conferred upon them to ensure the project’s success is regarded as a point of accountability.

It is important to note that any project a firm does should strive to achieve certain goals that will enhance business operations and increase profitability, performance, output, and overall success in its objectives. As a result, project management is a critical function that leaders and anybody charged with project leadership must take seriously and utilize their effective leadership skills to ensure success.

Here are the six important project management leadership styles.

Project management leadership is vital for success. Key leadership styles include affiliative, authoritative, coaching, coercive, democratic, and pacesetting. Effective leadership ensures project success, while failure may result from poor management.

Project Management Leadership Styles

  1. Affiliative Leadership

This leadership style has a positive impact on a project team. This leader aims to create emotional bonds inside the organization to generate a sense of belonging and connection. When teammates require personal assistance or the team has to rebuild trust, the affiliative strategy is most successful. Because a single focus on praising and nurturing may result in poor performance and a lack of direction, this strategy should be used in various ways.

  1. Authoritative Leadership

Authoritarian leaders generate an entrepreneurial spirit and a strong devotion to the cause. Moreover, the traditional method works effectively when the team needs a new vision owing to changing circumstances or when clear guidance is unnecessary. Therefore, more utilization of this style would result in better project team outcomes without negative consequences, as this style has a generally positive effect throughout the organization.

  1. Coaching Leadership

This project management approach encourages team members to expand their capacity and capability as project contributors, which benefits the whole project team. This approach is the most effective coaching technique when a leader wants to assist colleagues in creating long-term personal characteristics that will help them succeed. However, it falls short when teammates are relentless about staying the same or learning or when the leader needs more aptitude.

  1. Coercive Leadership

Project managers rarely use this tactic, which would be more evident in times of crisis, such as when a project deadline was approaching and at risk of being missed.

  1. Democratic Leadership

This leader achieves successful compromises through teamwork. In a PMO, for example, each team member contributes to defining and measuring the PMO’s objectives. When the leader wants the team to buy into or own a decision, strategy, or goal, or when they are unsure and need new ideas from competent colleagues, the democratic method works well.

  1. Pacesetting Leadership

This leader anticipates self-management. The pacesetting approach works most effectively when the team is already motivated and talented and the leader demands quick results. This approach is popular, especially when a project nears major milestones. Although this method generally harms project teams, it can be beneficial in some situations.

Impact of Good Leadership on a Project

Many studies have highlighted leadership as one of the key reasons for project failure. On the other hand, projects with strong leadership and organizational support outperform those without.

Effective project leadership accelerates progress, provides clear direction, resolves conflicts, fosters strong interpersonal skills, boosts morale, maintains honesty, and ensures informed decision-making, all contributing to project success and team trust.

Impact of Good Leaders on a Project

  1. Work moves forward quickly

When an individual actively leads, the work proceeds quickly as the choices are made on time. This move allows the project to be completed on schedule while delivering all planned project scope elements.

  1. The project has a clear direction

A leader ensures that the team knows and supports a common goal. A clear direction gives context for decision-making and ensures that everyone knows what the project will deliver.

  1. Conflict is resolved quickly

The project leader is constantly looking for conflict and can intervene to handle it before it escalates into a crisis.

  1. Interpersonal Skills

Project leaders must have interpersonal skills such as questioning, listening, and speaking to establish successful and compelling interactions with team members.

Experts in project management believe that projects are more likely to fail if project managers lack excellent interpersonal skills. Because much of a project manager’s duties involve communicating with stakeholders, one must have great interpersonal skills to lead from the front.

  1. Creating Excitement and Maintaining a Positive Attitude

The most crucial project manager leadership skills are boosting team members’ enthusiasm and displaying an optimistic attitude, especially in times of crisis. In addition, project management and leadership are about instilling trust in teams that there will always be a solution, no matter how serious a situation is.

  1. Honesty

When defining ethical guidelines and supporting transparency in communication, project manager leadership skills should embrace honesty.

Honesty and integrity are two fundamental traits of project management leadership that project managers should cultivate to increase trust among customers, members, management, and other stakeholders.

  1. Decision-Making

The project manager has the last say in simplifying processes and solving difficulties. As a result, the project manager’s capacity to make informed judgments is a critical function of leadership in project management.

Decision-making is an important project manager leadership skill that directly influences project outcomes. Therefore, to advance in their careers, all prospective project management professionals must master decision-making abilities.

Leadership mindsets are driving the new economy

Mindsets are mental maps that reflect and govern how individuals act in organizations. They convey how individuals work and what they stand for. So, what leadership characteristics do respondents and experts believe are necessary for success in the digital economy? World Economic Forum survey data states four leadership mindsets driving the new economy: producers, investors, connectors, and explorers.

Leadership mindsets driving the digital economy include producers focused on value and innovation, investors committed to sustainable growth, connectors building networks and community, and explorers embracing curiosity, innovation, ambiguity, and risk.

Leadership Mindsets Driving the Digital Economy

  1. Producers

The producers’ mindset blends with creating consumer value, emphasizing analytics, digital savvy, execution, and outcomes. Producers use analytics to expedite innovation that addresses shifts in customer preferences and enhances customer and user experiences.

  1. Investors

Leaders with an investor mindset seek a purpose for their firm beyond improving shareholder returns. They are committed to growth but in a sustainable way. They are concerned about the areas in which they operate, their personnel’s welfare, and ongoing development. They focus on increasing the value of their clients rather than treating them as money sources.

  1. Connectors

Leaders with a connector’s mindset see that mastering connections and networks is the new currency driving corporate performance in the new economy. Connectors understand this fundamentally. It’s how they work. They constantly bring various stakeholders from within the organization and ecosystem partners together. Connectors recognize the importance of building a feeling of community and belonging, which is especially vital in today’s fast-paced, breakneck-speed world when losing contact with the human touch is too easy.

  1. Explorers

Leaders with an explorer’s mindset are curious and innovative and thrive on ambiguity. They constantly experiment and learn by listening to a wide range of voices. Establishing behavioral standards encouraging risk-taking and failure, reverse mentorship, and a deep curiosity about how new forces shape the competitive environment are strong indicators of an explorer’s attitude.

Final Thoughts

Project management is a demanding task requiring effective leadership styles and traits for the project’s overall success. Successful project leadership involves team building, adaptability, communication, and effective planning skills. As a result, leaders play a fundamental and crucial role in project management since their approach decides whether a project will succeed or fail.

Project management is different from leadership. Successful project managers may need to be more effective leaders. However, they can learn leadership qualities and become successful leaders. In today’s firms, competent project managers must also be strong leaders. Successful project managers may use their innovative and creative capabilities to assist them in acquiring leadership skills that will complement their project management abilities by recognizing the difference between project management and leadership and adopting the road to becoming influential leaders.

The common component of project management and leadership is the standard by which the project manager and leader’s performance is judged. A project manager’s success and a leader’s effectiveness are evaluated in terms of the performance of the followers—the team’s performance. As a result, improving project managers’ leadership skills with an emphasis on abilities to increase team performance should be a key factor.

Leadership is critical in project management and must be balanced. It impacts project success and the value offered to the organization. The good news is that the finest project management training incorporates leadership concepts, providing employees with a well-rounded understanding of what it takes to lead a project.

With advanced certifications like PMP®AgilePgMP®, and PfMP® certifications, one can develop project management skills, be a good problem solver, be a more competitive candidate for positions, and be a successful project leader. In today’s competitive business world, one must be skilled and experienced to succeed and grow their career.

Strategic Project Management Office (SPMO)

Strategic Project Management Office (SPMO)

The project management office (PMO) is increasingly evolving from an administrative role to one that is strategic and more closely connected with business drivers. As a result, the PMO plays an important role in generating corporate value as the pace of business rises along with the expectation of faster returns on investment.

Traditional administrative PMOs fall short of meeting this need. Therefore, a mindset change and a reinvented project delivery capability that is both commercially astute and agile are required. Furthermore, such a PMO must comprehend and implement the plan.

In this article, we’ll look at the factors driving the shift to strategic project management offices (SPMO), also known as Enterprise PMO or EPMO, the essential features of a value-adding PMO, and game changer ideas to help you alter your PMO and improve its profile in your business.

What is Strategic PMO (SPMO)?

What is Strategic PMO (SPMO)?

Strategic PMO (SPMO)

A Strategic PMO is a project-centric business department that should be structured and managed like other business departments – with enterprise leadership setting goals and objectives that assist the organization in thriving. The demands of individual organizations will lead to variations in what it means in specific terms. Still, we can expect a focus on the following areas:

  • Portfolio management – Generation of ideas, selection, execution, and realization of benefits. Portfolio Management is a huge area, and organizations will adapt to it as it becomes increasingly crucial.
  • Financial management – The PMO, closely linked to portfolio management, must be accountable for ensuring that project investments are acceptable and fit with business goals. The PMO must also guarantee competent budget management during project execution. Furthermore, the PMO should be held accountable for monitoring and tracking the benefit realization tasks of the business units.
  • Enterprise-wide project-related processes and approaches Strategic risk management (i.e., managing the portfolio’s organizational risk exposure, proactive risk selection to match organizational tolerance, and so on), integration of finance and benefits, consistent quality standards, and so on.
Focus areas of Strategic PMO

Focus areas of Strategic PMO

  • Proactive resource management – Capacity and capability planning, skills inventory management, and so on – ensuring that the project execution functions have the appropriate people with the right skills at the right time.
  • Strategic partner – This borders on cultural change, creating the PMO as an independent and impartial consultant to the organization on project execution. PMOs, like IT, must demonstrate that they are business leaders supporting the organization’s work rather than a tactical execution-only function.

Different levels of PMO strategic alignment

Within an organization, a PMO can function at three stages of ‘Strategic’ maturity:

Different levels of PMO strategic alignment

Different levels of PMO strategic alignment

  1. Strategy Creation – Strategy Creation entails assisting organizations in determining which strategic options to pursue (and then translating them into projects – Strategy Delivery – and managing their success – Strategy Management). It is unusual for a PMO to achieve this level of trust and influence inside an organization. Still, it is the (possible) future for the enterprise PMO that is effectively embedded within an organization and fortunate with the right sponsorship.
  2. Strategy Delivery – Strategy Delivery is the process through which the PMO turns important strategy objectives into new projects to be added to the portfolio (and perhaps to remove some from the portfolio if such objectives have changed). The ‘Strategy Supervision’ capability backs up this ‘Strategy Delivery’ capability. The PMO may also take direct responsibility for the execution of large and complex programs (or projects) that are specifically critical to a key strategic effort, such as relocation activities.
  3. Strategy Supervision – Strategy Supervision of strategic intents through project ownership, each of which should directly or indirectly link to a strategic intention of the overall organization. ‘Strategy Supervision’ is where the PMO acts as the Executive’s governing and advisory body by:
  • Validating that all projects undertaken correspond to one or more strategic initiatives.
  • Monitoring the current and right alignment of projects and strategy.
  • Making stall-and-kill recommendations for initiatives no longer correspond with current corporate strategic thinking.

Five Steps to Creating the Strategic Enterprise Project Management Office (SPMO)

Today’s organizations recognize that fewer and fewer initiatives are self-contained inside individual departments and increasingly straddle multiple business functions. Project management offices (PMOs) have traditionally been connected with IT, partly due to technology’s role in all projects. However, with technology increasingly transitioning to contribute to those business transformation initiatives, keeping the PMO as an IT role is ineffective.

The appropriate response to this trend is a single, enterprise-wide EPMO. Many firms using EPMOs, however, fail to perceive an increase in project execution speed. In addition, here are the five key steps to achieving long-term EPMO success:

Five Steps to Creating SPMO

Five Steps to Creating SPMO

  • Define the company’s goal.
  • Create appropriate leadership and accountability structures.
  • Communicate the purpose, responsibilities, and alignment.
  • Respond to measurements and outcomes.
  • Create a road map for actual evolution into a business function.

The Rise of the Strategic PMO

The strategic PMO may play a crucial role as a custodian and evangelist for business benefits realization, giving important information to the Executive on which projects deliver value across the organization. In addition, the insights provided by the SPMO may help with crucial decisions like which initiatives to fund, which projects to kill, or re-prioritizing or re-balancing work portfolios to reflect changing business or market conditions.

Not all PMOs must be strategic in character. For example, a PMO embedded within a project or program might focus on the project’s day-to-day resource management and administrative needs. However, the decision to start the project should have been taken at a strategic level. From the start, the project-level PMO should have been aligned with the Strategic PMO’s reporting and governance structure. The SPMO should be able to make micro and macro business choices based on accurate and timely project data flow up into the program and, eventually, portfolio level.

The Strategic PMO plays a key role in championing and driving business value for the organization and being an effective change enabler. Here are the five major game changers that will propel the PMO and project organization to the next level.

5 Major game changers that will propel the PMO and project organization to the next level

5 Major game changers that will propel the PMO and project organization to the next level

  • Demonstrating Project Leadership and Vision
  • The Importance of Realistic Planning
  • A Culture of Disciplined Execution
  • Effective Stakeholder and Change Management
  • Creating a “Value Lens” for Managing Enterprise Investment

The strategic project management office is critical to increasing project maturity and optimizing the organization’s business return on project investment. People, processes, data, and technologies must all be prioritized to achieve this objective. Project management is a multifaceted endeavor that is both an art and a science.

Leveraging the future of PMO to drive new strategic opportunities

In recent years, businesses have been subjected to a slew of external forces, the most significant of which has been Covid-19. These disruptors have caused firms to adapt, whether to work around obstacles, shift to new working methods, or adapt to Industry 4.0. All of these variables influence organizational complexity, both strategically and operationally. Businesses must not only respond proactively to all of this complexity; they must also prosper while operating in a resource-constrained environment. As a result, today, more than ever, the PMO’s ability to efficiently deliver projects and transform organizations of all kinds and across many locations is critical to achieving their goals.

Projects must be completed at scale to create transformation for a company effectively. A McKinsey & Company study of over 5000 large-scale projects discovered that 56% generated less value than planned, 45% went over budget, and 17% were so disastrous that the organization’s survival was threatened. This study highlights the need to make adequate efforts to select PMOs who can adapt to the future of work.

Historically, PMOs have been viewed as lacking a clear identity or purpose within an organization; however, the future-state PMO is an enabler of business value creation, collaborating with business leaders to provide a clear and achievable roadmap while making the best use of the organization’s limited resources.

3 Aspects that PMOs must embrace

3 Aspects that PMOs must embrace

PMOs must also adjust to the new normal and growing business demands. The three areas described below represent the fundamental features that PMOs of the present and future must embrace to manage change effectively.

  1. Technology & Automation 

Because Covid-19 has accelerated the way we utilize technology in our daily work, technology is expected to be front and center, enabling PMOs to deliver more successfully. To effectively adapt to new methods of working and build a “single source of truth,” advanced technologies and cloud-based solutions will be required. This technology jump is critical for borderless operations in which progress and transparent communication must be readily available and updated in real-time to allow for swift decision-making.

In the future world, both artificial intelligence and machine learning will be important facilitators of automating PMO procedures, delivering superior insights, and allowing teams to spend less time on manual transactional processing and more time generating value for projects. For example, project planning is often based on data collection, industry benchmarking, and using the experience of project managers. However, according to PMI – AI Innovators, there is still a significant inefficiency in project management, with around 1/3 of traditional project management activities requiring one or more days of manually collating reports. Using IoT and big data to automate various tedious processes allows the PMO to create more realistic and effective timetables and spot potential disruptors.

However, it is unlikely that technology will completely replace project managers, with the PMI forecasting that businesses will require over 88 million project managers by 2027. As a result, PMs will be expected to improve their competencies and fully utilize the available technologies.

PMOs will be required to lead by example in their automation projects, advocating new methods of working with their collaborative organization in the future. As a result, the paradigm of efficiently providing workstreams may evolve, driving firms to become more digital.

  1. Agility 

With an increased level of complexity for transformation and multiple stakeholders to handle, projects may need to adapt and pivot in other ways than originally planned. Changes in priorities (39%) and objectives (37%) and the inability to adapt are the two leading reasons for project failure, according to PMI.

As a result, PMOs that can be responsive to change needs continually are critical to fulfilling project milestones, which might mean the difference between being an industry leader or a laggard. An agile PMO’s guiding principles are as follows:

  • Decentralization of planning and decision-making
  • Agile resource allocation and reallocation
  • Workflows that are effective for continuous project advancement

An agile PMO may demonstrate agility by altering priorities and reallocating resources to achieve new objectives while transitioning seamlessly from reorganization to continuous delivery. Furthermore, decisions are decentralized, allowing faster response rates for recognizing and reducing hazards. Finally, communication is critical, with fewer layers of approval, and output is assessed by how much work can be done in a particular sprint.

However, merely establishing an agile PMO will only solve some difficulties; 47% of agile projects are late, have budget overruns, or result in dissatisfied consumers. A cultural revolution is required to fully realize agile’s potential, beginning with the leadership team and spreading across the firm.

As a result, the PMO cannot only act as an intermediary but also as a business partner, working alongside the leadership team and the rest of the organization. Team members must be self-sufficient, accountable, and have complete insight into project progress and data.

  1. Strategy 

The PMO’s role must evolve from a team offering mere assurance to becoming a strategic partner with a vested interest in aligning with the organization’s ability to carry out its plan. As a result, the team is expected to have stronger strategic oversight of all work streams to deliver value throughout the project.

PMOs will be required to go beyond task completion and monitoring to include:

  • Portfolio planning entails generating ideas for the activities required to capitalize on the opportunity.
  • Project prioritizing entails determining the most effective timeframe and budgeting by the company’s demands.
  • Capacity planning entails assigning the appropriate skills and resources to each work team.
  • Resilience planning entails anticipating future obstacles and reducing interruptions.
  • The strategic partnership is a cultural transformation in management and the PMO. The PMO is viewed as a business leader and adviser with a stake in the organization’s goals.

The key to success is consistent stakeholder engagement, with the PMO and business leaders holding frequent strategic discussions to monitor and coordinate company strategy and broad strategic objectives. This consistency will build a collaborative strategic management process and a fluid communication channel to adjust quickly and efficiently.

The future PMO will be more strategic and intricate in character than conventional models, emphasizing driving decision-making, execution, and outcomes while becoming more decentralized to interact with each workstream to achieve one common goal efficiently. Finally, PMOs will be more crucial than ever in addressing the complexities that organizations are now confronting. An effective transformation will need PMOs to serve as the organization’s voice and face.

Strategic project management office's role in strategy execution

Strategic project management office’s role in strategy execution

Strategic project management office’s role in strategy execution

Identifying, implementing, and managing strategic initiatives is critical to strategy execution. The strategies are implemented by creating strategic initiatives to support strategic objectives and fill gaps in strategic measures, and the value gap is bridged. Only projects that are connected with the strategic goal should be accepted.

When defining strategic initiatives/projects, the sequence of initiative execution is crucial since all related strategic initiatives must finish and provide value. The strategic initiatives cover almost all departments and corporate shared services. As governance becomes more important in project management, portfolios and programs are defined.

  • Strategic initiatives are linked to similar programs and project execution.
  • The projects will be managed by program managers, project managers, and another project team.
  • Connecting programs and projects creates portfolios for portfolio managers and other project governance teams.
  • Project, program, and portfolio definition is an iterative process reviewed multiple times to ensure interconnectivity and value generation.

Portfolio, program, and project management are critical components of strategy execution. Hence, everything is referred to as a Strategic Project Management Office (SPMO) or Enterprise Project Management Office (EPMO).

Final Thoughts

Organizations can only thrive in a highly competitive world if they innovate. Such innovation must occur at all levels of the organization, including goods, services, business processes, and business models.

The PMO has the authority to execute the innovation at all levels. Good project management regulates and fosters innovation through projects—customer satisfaction and profit growth when consistent outcomes are predictable. Project and program management practices establish the foundation for dependable plan execution. The efficacy of the organization’s initiatives and programs will influence corporate success when such practices are implemented throughout the organization.

The project management office (PMO) is a key change management component, working with other organizational structures, such as functional units, to improve project management competencies. However, in today’s competitive environment, businesses must rely on more than just solid strategies to secure success.

To succeed, managers must build organizations capable of attaining their strategic objectives faster than their competitors. This initiative involves the creation of organizations capable of performing today’s tasks more effectively while anticipating future disruptions. Successful execution of creative and strategic concepts leads to innovation. Competitive advantage is as much about execution as it is about strategy.

Feel free to check out my discussion on this topic with Justin Buckwalter in YouTube

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