Enterprise Project Management: Key to Organizational Success

1 Enterprise Project Management and Project Management Office Nicholas Nance American Public University ITMG624 Dr. Mikell 12/31/2023

2 Abstract In the project management realm enterprise project management (EPM) and the project management office (PMO) can be viewed as unique but very much connected domains. Enterprise project management serves as an approach to managing projects at a level beyond just simply completing tasks, while the project management office serves as a center of control for project managers. Both together can serve as an effective means to manage projects effectively and aid the success of entire organizations. Within this paper we will dive further into the two and how they separately and together aid the success of projects and organizations alike.

3 Enterprise Project Management and Project Management Office To understand the usage of enterprise project management and the project management office, we must understand what a project and project management means to an organization. A project serves as a temporary and specific or unique undertaking that has a defined start and end to create a specific product, service, or result (Portny, Portny, 2022). Projects are defined by their goals and constraints to achieve their desired outcomes with help from coordinated efforts from project teams and other entities. Projects for example can be the undertaking of constructing a new school, developing a new social media application, or implementing new business processes. Project management serves as a disciplined approach to the organization, planning, execution, and oversight of projects throughout the project's lifecycle from start to finish (Portny, Portny, 2022). Project management involves managing those defined goals, constraints, and the project's budgets, timelines, and individual tasks. Project management dives into different stages from initiation, planning, and execution and continues with monitoring and controlling before the closing of the project when requirements are met. Enterprise project management takes the project management approach to a more strategic level and encompasses various projects not just the specific one to coordinate and achieve the goals of the entire organization (Bolles, Hubbard, 2007). The project management office serves as a central organization specifically tailored to the defining and maintenance of project management standards and practices for the enterprise, it controls the activities of project management and stands by to provide support, oversight, and governance to project teams (Hill, 2014). The project management office can be relied upon heavily to increase readiness, standards, and support for project teams within an organization to increase project efficiency. Each plays a pivotal role in project management and the success of

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

4 the project and will be covered in greater detail separately as to how they can be utilized concurrently in the next sections. Enterprise Project Management Once more enterprise project management involves a more comprehensive and strategic approach to project management and encompasses managing projects across the entire enterprise. This process ensures alignment for the organization's projects with the enterprise's strategic goals and objectives to maintain coordination and cohesion (Bolles, Hubbard, 2007). Project teams may be containerized in their view of the projects they are tasked with completing, however, insight from stakeholders and enterprise leaders can help provide them with a greater point of view on how each project can contribute to their enterprise’s overall success. Enterprise project management encompasses a variety of vital aspects found in singular project management but also in the strategic view. Strategic Alignment Strategic alignment serves as one of the major aspects of enterprise project management due to the alignment with the enterprise's strategic objectives, this alignment ensures each project contributes to the overall success of the enterprise and not solely the individual success of projects although these remain important highlights in this view they must also contribute to overall success (Bolles, Hubbard, 2007). In the business realm decision-making is a crucial process that determines the next steps, aligning projects strategically enables the enterprise to be in a better situation to make well-informed decisions by providing a clear framework to be utilized across projects for project managers to make decisions (Bolles, Hubbard, 2007). Being aligned strategically would be a never-ending process for the enterprise however enables better adaptability and resilience to project changes and circumstances and allows recalibration of

5 project goals to account for these changes. Achieving this alignment requires effective and transparent communication to disseminate objectives, changes, and a broader understanding of what this project means to the enterprise. Being strategically aligned means an enterprise can maintain vigilance and commitment along with adaptability by providing each project with a purpose to achieve individual and enterprise goals (Bolles, Hubbard, 2007). Resource Optimization Resources serve as vital components in projects and project management and remain just as vital in enterprise management about their optimization. In enterprise management, resource optimization is another vital component and handles the management and allocation of resources such as personnel, money, and assets across all projects. Being able to efficiently maximize resources can allow enterprises to avoid shortcomings and conflicts contributing to once again overall success of the enterprise (Bolles, Hubbard, 2007). Optimizing resources first requires these resources by identified for their respective projects and the enterprise itself, this can be achieved by a detailed analysis to understand the necessities to accomplish each task (Zambruski, 2018). Identified resources and then able to be allocated where needed based on skill or relevance to the project and enterprise requirements but should be prioritized to critical tasks and maintain balance throughout the distribution of workload (Zambruski, 2018). Workloads themselves can hinder or constrain resources and should drive adjustments of resources post allocation based on the phase of the project and set or newly developed priorities. Communication is vital in resource allocation and requires transparency to understand and divulge constraints and challenges from project teams to resource managers. Optimizing resources increases efficiency in projects by allowing for resources to be utilized where they are

6 needed, and control project and enterprise costs all of which also contribute to risk mitigation measures and enable decision-makers to make well-informed choices. Risk Management Risk management is the last part of enterprise management covered in this paper and is the process of identifying and mitigating risks. It has a vital place in projects and finds itself as an important subject in the strategic enterprise view as well as it takes this process and again applies it across projects in the enterprise (Bolles, Hubbard, 2007). Like resource optimization risks require to be identified firstly to be dealt with, these risks indicated may impact objectives, timeliness, and the budget of the project. After identifying risks an assessment would be conducted to assess the likelihood and the impacts of these risks which should be prioritized based on the severity of their impacts and accompanied by planning to remedy these risks (Zambruski, 2018). Much like another process in management it is an ongoing and dynamic undertaking and can enhance the enterprise's abilities to respond to and mitigate risks to maintain success and deliver upon their goals. Project Management Office The project management office serves as a pivotal force as it establishes the governance frameworks and methods utilized by project management professionals in the enterprise. By defining these project management strategies and procedures the project management office can implement consistency across the projects (Hallows, 2002). Having a governing force in project management allows project quality, and risk management by holding project teams to these standards. The centralized project management office establishes consistency with its governing force by utilizing a structured approach and its best practices. Along with governing the project

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

7 management office deals with resource management as well as risk management set to be covered in the following sections. Resource Management Resources have already been covered as a vital part of projects and the project management office plays a vital role in ensuring the optimization of project resources in pursuit of continued success. The project management office as a centralized entity provides strategic management and allocation of resources, as it works in partnership with individual project managers to identify their needed resources and allocate them as priority dictates (Hallows, 2002). Like strategic oversight of resources in enterprise management, the office deals with budget oversight as well as how to utilize the workforce ensuring finances are distributed where they are needed, budgets remain within acceptable levels, and skills are distributed to where they can best be utilized (Hallows, 2002). By managing these resources across their respective projects under them the office can enhance project efficiency while mitigating risk all contributable to the overall success of each project and the enterprise. Risk Management Risk management is a key aspect of the project management office, as it's tasked with identifying, assessing, and mitigating any potential risks to the success of the projects under the office. Like enterprise management, the office handles the overview of risks throughout the organization working towards mitigating and protecting project successes across the enterprise (Hallows, 2002). In the same concept of operations, the office requires the risks to be identified to conduct the proper assessments and prioritization that enables the office and project managers to create the proper plans to mitigate, transfer, or eliminate the risks. Communication is again a key returning factor and effective communication relies upon the office to relay risk-related

8 details to the relevant stakeholders (Hill, 2014). The project management office's role in risk management encompasses more than the mitigation of threats, it aids projects in navigating uncertainties, communicates risks effectively, and contributes to the success of projects by taking risks into account. Utilizing the Duo Enterprise project management and the project management office share key factors in the success of project management and projects in many ways. Both work together to achieve strategic alignment of the enterprise; enterprise management is a more holistic approach aligning organizational goals with outcomes while the management office provides governance and oversight to ensure the individual projects align with the strategic goals of the enterprise. They also work similarly in the realm of resource optimization. By focusing on this at the enterprise level they ensure efficiency in the allocation of the resources for the enterprise. Once again, the priority of risk management is a shared goal between the two with enterprise management focusing on a strategic perspective in identifying and assessing while the project management office turns the insights into actionable plans for the project level. Both leverage strengths that effectively increase project management and the overall success of an enterprise and its projects. Conclusion Project management is a crucial undertaking to complete projects and achieve their desired results, products, or services. While project management itself resides at the individual project level the use of enterprise project management and the project management office takes this residency and raises it to the strategic enterprise level. Enterprise project management aligns projects with the strategic goals of the entire enterprise while optimizing project and enterprise resources and managing risks associated with them to contribute to success in the enterprise. The

9 project management office also provides a strategic view by way of a centralized office that defines and maintains project management standards and practices within the organization. The standards set by the project management office ensure consistency throughout the enterprise. Both provide strategic insights and management for enterprises regarding project management and aspire to garner success and efficiency throughout projects and their respective enterprises.

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

10 References Bolles, D., & Hubbard, D. (2007). The power of enterprise-wide project management (1st ed.). American Management Association. Hallows, J. E. (2002). The project management office toolkit (1st edition). American Management Association. Hill, G. M. (2014). The complete project management office handbook (3rd ed.). CRC Press. https://doi.org/10.1201/b15518 Nicholls, J. (2020). The Everyday Project Manager: A Primer for Learning the Principles of Successful Project Management (1st ed.). Taylor and Francis. https://doi.org/10.4324/9780367817381 Portny, S. E., & Portny, J. L. (2022). Project management (6th Edition). John Wiley & Sons, Inc. Zambruski, M. S. (2018). Standard for enterprise project management (1st edition). CRC Press. https://doi.org/10.1201/9781420072464

ITMG624_W8_Nance

Related Documents