You’ve put months of tireless energy into a new product launch or expansion into new markets—some kind of major project or initiative that’s going to bring your company to the next level.
Maybe you feel that you don’t know exactly how to execute the project from start to finish, or perhaps you’d like a pair of fresh eyes to make sure the initiative reaches its full potential. This is where a capital project management officer can come in. But what can you expect from a CPMO?
Responsibilities of a capital project management officer
A CPMO oversees all aspects of a capital project, from budgeting to fundraising to product or service placement. They will create and execute the project plan, ensure that all stakeholders are kept up to date on progress, and manage budgets and timelines.
If your company is considering a major capital project, it’s important to weigh the pros and cons of hiring a project manager. On one hand, a project manager can help ensure that the project is executed flawlessly and on time and budget. However, hiring a project manager can be expensive, and there is always the risk that the project will not go as planned because of things outside of your control.
Do you really need a CPMO?
The short answer to that question: it depends on the organization. First, ask yourself whether your organization has the necessary resources to execute a capital project. This includes both financial and human resources. If your organization doesn’t have the necessary resources, then it may be wise to hire a CPMO.
Another factor to consider is the experience and expertise of your organization’s employees. If your employees don’t have the necessary experience or expertise to execute the many levels of a capital project, then you may want to hire a CPMO. This is especially important if your organization is new to capital projects.
Finally, think about whether your organization has the necessary governance structure in place to manage a capital project. If you feel unprepared in that realm, a CPMO might be a great choice. They can help establish and enforce best practices for capital project management, which can help ensure that your investment is executed well.
Tips to keep in mind when hiring a CPMO
If you decide that a capital project management officer is right for your company, there are a few things to keep in mind when hiring one. First, make sure you have a clear understanding of the project’s goals and objectives. The project manager should be able to create a project plan that aligns with these goals.
Second, make sure the project manager has the necessary skills and experience to oversee the project. Finally, be sure to set clear expectations for the project manager and ensure that everyone involved is on board with the plan.
A capital project is a large investment, typically costing millions of dollars, and it’s important to make sure that the investment is planned to perfection. A CPMO can help you make the best decisions possible.
Bottom Line
A capital project management officer can offer invaluable help when it comes to completing large-scale projects. Whether your organization is considering undertaking a major project or you’ve already got the groundwork laid, it’s worth looking into hiring one.
With the help of a CPMO, your company can be confident that its investment will be executed correctly and on time. Consider the goals and capabilities of your company and whether bringing a CPMO onto the project will help you to successfully carry out your vision.