No project plans to fail. Yet 19% of all projects still do - and another 46% of projects face significant challenges, such as delays, budget overruns, or end products with less than the required features and functions. These failures and challenges can be attributed to undocumented project management methods, uncontrolled and reactive delivery, unrealistic budget or time expectations, limited planning, or a lack of executive commitment.
As the number of projects grow within an organization, so does the risk of failure as resources get stretched and oversight lags. It becomes increasingly important to define project management processes and develop metrics and best practices for keeping projects on time and within budget. For many companies, that means creating a Project Management Office. (PMO).
This brief introduction whitepaper, Part 1 of Oracle's PMO Whitepaper Series, discusses guidelines and benefits of building a PMO to improve project success.