Question

Describe the primary domains of encompassing PMO assessment.

Answer 1

The primary domains that encompass PMO assessment include project strategy, cost estimation, risk management, earned value management and supplier performance measurement. Project strategy entails undertaking effective plans and methodological studies to help the PM in optimizing future outcomes in project management with respect to the standards set by the respective organization’s PMO. Cost estimation on the other side encompasses the methodologies that are put across assess the costs that are involved in a project. costs evaluation encapsulates cost engineering and value engineering in order to ascertain that the project’s stakeholders get value for the funds that they invest in a project. Risk management encompasses the forecasting and the evaluation of the financial risk associated with the project and the steps which can be taken to avoid the risk and minimize the impact. Earned value management measures the performance of the project, it basically includes the evaluation of the project by comparing the work performed and the work planned. And the Supplier Performance Measurement makes the manager to evaluate the alignment of the work performed by the supplier and the work expected from him.