PMO APPROACH IN CHOOSING THE OPTIMAL PROJECT GOVERNANCE FRAMEWORK FOR CONTRACTED ENGAGEMENT MODEL

Abstract

At Comtrade, Project Management Organization (PMO) is committed to providing the highest standard of project management services to guide projects from initial planning and design through engineering and construction and finally to execution and approvals. One of the first steps of successful project governance is to develop and agree with customers the appropriate engagement model, which is typically determined by the client and by the type of its business environment that dictates the pricing model. However, these agreements alone do not ensure satisfying results. PMO needs to be the driving force for establishing good and mature project governance management as a significant investment and crucial element for the success of every project and business growth. This paper examines current pricing and engagement models, focusing on balancing its risk and benefits, discusses how a PMO shape project governance model to ensure project realization for a specific pricing model would. Research provides strategic approaches on how to identify and set a useful performance measurement metric and track key performance indicators aligned with diverse business models toward project goals accomplishments to build long-term success.