Frank Payne prevents and inspirational and informative lecture in a series of videos on the virtues of project management and why you need to have a project management office in your organization
In this five-part video series, Payne details the five essential elements you need to know about project management offices and why they are worth the investment. These elements include:
– An introduction to project management
– De-centralized project management offices
– Tangible and intangible benefits of a project management office
– How to measure what is important to your stakeholders
– The seven project management warning signs.
For this introductory video, Payne takes you on a journey to show you the value of having a project management system.
As Payne reveals in the video, project management and the offices that conduct it are like mutual funds.
Mutual funds are a investments where money from many investors is pulled together to buy portfolios of different securities. The funds are then managed by professionals who invest the money in stocks, bonds, options, money markets, and other securities.
However, mutual funds can also refer to open-ended investment companies that staffed by those professionals and provide portfolio diversification, greater safety, reduced volatility, and professional fund management to investors.
Both definitions contain the same basic concepts, all of which parallel the basic concepts behind project management offices.
Mutual funds manage your investment portfolios while your project management office manages your project portfolios and the capitol dollars you spend on them.
Mutual funds control and reduce the volatility in the market while your project management office controls and reduces the volatile ups and downs of successful and failed projects that may damage your company’s bottom line.
Mutual funds diversify your investment portfolios to optimize them while project management offices diversify and optimize your project portfolio and they are the only management unit that can do this.
Finally as mutual funds are managed by teams of professional investors that work for your benefit, your professional project management office understands how your projects affect your company’s strategic direction and therefore can plan them accordingly.
As Frank Payne shows in his speech, project management offices are sound investments into your company’s future. They help you manage your projects in ways no other organizational unit can.