In today's extremely competitive business environment, uplifting the project management to a strategic level is one of the significant concerns to any organization. In fact, strategic implemention of projects is the basic building block in the design and execution of organizational strategies. This requires enduring strategic management and scrutiny of projects. If organizations fail on this front, the end result would be severe financial loss and ineffective use of corporate resources. However, leading-edge organizations have already geared up and are reaping the benefits by embracing project management as a core competency through the Chief Project Officer (CPO). So, to improve profitability and competency, organizations should have a CPO, who can improve the bottom line by meeting project portfolio objectives.
Unlike
CEO, CFO and CIO, the position of the CPO never existed in organizations initially.
However, in the ever-changing business environment companies are seeking new ways
to transform their business through strategic project management. To achieve this,
modern organizations are creating a new project management position to ensure
that their projects are effectively aligned, prioritized and balanced within their
strategic goals and objectives. Earlier, the role of CPO used to be managed by
director-level executives. However, it is no longer viewed as just an operational
activity and has emerged as one of the vital activities in the organization. In
fact, PM is now viewed more as a strategic function within organizations. The
CPO is responsible for corporate-wide resource distribution and allocation on
all projects. In many ways, the CPO's role is similar to that of CFO and provides
the status of projects, reporting on budgets, resources and delivery timetables. |