Organizational Project Management Maturity Model Essay Example for Free

organizational trade union movement charge Maturity sit down Essay1. IntroductionSuccessful implementation of a new compositional system backside frolic a good organization into a great one. Conversely, strategies that fail or generate poor results can quickly damage the organizations reputation and brand, internally and externally. Effective strategy execution is the function of all aims of get laidment, who must(prenominal) be involved actively and consistently to orchestrate required organisational budges and to manage the portfolio of investments that underpin these change initiatives. The Organizational Project Management Maturity Model is a framework that lets an organization wide view of portfolio management, program management, and visualize management to support achieving best Practices within each of these domains. This holistic perspective is a powerful tool enabling successful execution of organisational strategies, portfolios, programs, and projects, es pecially when these fall out functional and hierarchical boundaries. Moreover, OPM3 global best Practices, applied to the execution of strategy, can drive superior and sustainable results. Effective strategy execution is the responsibility of the organizations strategical planning and governance structures, which must be involved accurately and consistently to orchestrate required organizational changes. They manage the portfolio of investments that underpin these change initiatives.2. Organizational project managementOrganizational project management is the systematic management of projects, programs and portfolios in allignment with the achievements of strategic goals. The concept of organizational project management is based on the idea that there is correlation between organizations capabilities in project management, program management and portfolio management and its effectiveness implementing strategy. Organizational Project ManagementProjectPortfolioProgramStrategic Goals* Project A temporary endeavor undertaken to create a unique product, service or result. * Program A group of realated projects managed in a coordinated charge to obtain benefits and control not available from managing them individually. * Portfolio Acolloection of projects or programs and other work that atomic number 18 grouped together to facilitate effective management to meet strategic business objectives.3. OPM3 ModelOPM3 is an acronym for the Organizational Project Management Maturity Model, a standard wich is developed under the stewardship of the project management institute. The purpose of this standard is to provide a way for organizations to understand organizational project management and to measure their maturity against a countywide and broad based set of organizational project management best practices. OPM3 also helps organizations to increase their organizational project management maturity to plan for improvement.4.1. Primary physical parts of the standardTh ere be three partsi. Narrative text presents the OPM3 foundational concepts, with various appendices and glossary ii. Self assessment provide a tool in support of the assessment step out lined in OPM3 iii. Directories contain information on nearly 600 organizational project management best practices and their constituent capabilities 4.2. OPM3 StagesThere are quartette sequential stages of process improvementSTANDARDIZEMEASURECONTROLCONTINUOUSLY benefit4. How does the OPM3 work?OPM3 offers the line to organizational project management maturity with three interlocking elements i. The KNOWLEDGE element lets organizations uncover hundreds of vanquish Practices and shows them how to use the information available in OPM3. ii. The self ASSESSMENT element is an interactive database tool that lets organizations assess their current situation and identify their areas in need of improvement should an organization decided to embark on the path to higher maturity. iii. The IMPROVEMENT element will help map out the steps required to achieve their goals.* KNOWLEDGE element which drives Assessment* ASSESSMENT element which in turn drives Improvement* IMPROVEMENT element.5. Benefits of OPM3 to the organizationI. It bridges the gap between strategy and individual project. II. It provides a comprehensive body of noesis regarding what constitutes bestpractices in organizational project management. III. By using OPM3, an organization can determine barely which organizational project management best practices and capabilities it does and does not have. IV. If the organization decides to pursue improvements, OPM3 provides guidance on prioritizing and planning.6. What genial of commitment is required to launch OPM3 in an organization?The process of applying OPM3 in an organization is difficult to quantify. It depends on factors such as the size, complexity and initial maturity of the organization, the thoroughness of the assessment, the nature of the organizations strat egic objectives, and the level of resources available also impact any estimate. However, the assessment portion of such an initiative is around belike to take from several weeks to several months. Should an organization decide to embark upon improvements, the planning and implementation steps are likely to take longer, depending on how many best practices and related capabilities an organization decides to work on at one time.7. Importance of OPM3 to the project management professionThe Project Manager Competency Development material is the standard to guide the professional development of project of project managers and those aspiring to be project managers. OPM3 is the first gear iteration of a standard for organizations. It has the potential to create a new environs for those who are running(a) in the project management profession, by illuminating the important link between projects and organizational strategy and the importance of organizational support to project manageme nt practices. The information in OPM3 is based on real broad based input from project management practitioners and consultants.8. SummaryThe current global economic mood has ushered in an era of uncertainty that throws the importance of Organizational Project Management (OPM) maturityinto sharp relief. It is decisive for organizations to renew their ability to create cost efficiencies, economies of scale and agility to adapt to the changing business environment through projects. Companies need the organizational talent to choose the right projects, manage costs, and innovate. They need the organizational capability to delivery projects successfully, consistently, and predictably. The Project Management Institutes OPM3 Standard was developed with input from thousands of project practitioners and represents best practices in Project, Program, and Portfolio Management. OPM3 incorporates the PMIs PMBOK Guide, the most widely adopted standard for managing individual projects, and expan ds this into the domains of Program Management and Portfolio Management. OPM3 emphasizes choosing the right projects to advance organizational strategies and implementing the processes, structures, and behaviors demand to deliver projects successfully, consistently, and predictably. Standardization of project work methods lays the foundation for achieving higher levels of maturity and excellence to create the organizational agility and resilience you need in todays marketplace. Leading organizations of all types and sizes across multiple industries are adopting OPM3 to shift their ability to close the gap between strategic intent and tactical outcomes through successful project selection and delivery. The preferred method for implementing OPM3 begins with an OPM3 Assessment by a PMI certified OPM3 Professional. 9. References* Project Management Institute, Inc. (2003). Organizational Project Management Maturity Model (OPM3). Organizational Project Management Maturity Model (OPM3). 1 (1), 1-195. * Project Management Institute, Inc. (2004). An executives guide to OPM3. An executives guide to OPM3. 1 (1), 1-5.