10-Great-Examples-of-PMO-OKRS

Category: PMO OKRs.

Introduction

The Project Management Office, sometimes simply referred to as “PMO,” is responsible for setting the standards for project management within a business. This office is incredibly responsible to ensure that a company is meeting excellent standards of work, and how efficiently the projects are delivered on-schedule and, most importantly, on-budget.

The success of this department is crucial to ensure the success of all projects managed by the company. However, without the focus on setting standards, enforcing and tracking them, projects could run off the rails too. Although the projects might be completed, they might not meet the expectations of the business, be late, or the project might require resources that the business simply cannot afford.

How can project management offices ensure that they are reaching their goals that are so vital to the organization’s success?

OKRs, or Objectives & Key Results, are a powerful goal-setting tool that companies of all sizes and industries use to help set priorities, align goals, and achieve success in their organization. A project management team can undoubtedly use this framework to focus their efforts on what truly matters for the success and development of their business, and help ensure that all requirements are met with focus and alignment.

In this article, we’ve given you 10 great examples of OKRs that would be helpful for your project management team.

#1: Timeliness:

Ensure that all the projects in your organization are done on time effectively – and if it’s not, tracking where it’s off-target is important so you can always have an estimated completion date and understand the problems around it

Objective

David Griffin

Improve project timeliness

44%

Target Date: Q2-2021

Visibility: All Employees

key-iconKey Results

Increase % of project milestones completed on time with sign-off from 95% to 100%

Q2-2021 increase-icon Project Completion
95% 100% 95%

33%

Reduce the variation of planned hours vs actual hours in a project from 10% to 5%

Q2-2021 decrease-icon Effort variation
10% 5% 7%

60%

Reduce number of missed milestones per project from 3 to 0

Q2-2021 decrease-icon Milestones
3 0 2

33%

#2: Improve project completion rate

Objective

David Griffin

Improve project completion rate

31%

Target Date: Q2-2021

Visibility: All Employees

key-iconKey Results

Increase the ratio of successfully completed projects to all projects in the portfolio from 80% to 85%

Q2-2021 increase-icon Project Completion
80% 85% 83%

60%

Increase % of projects delivered inline with business case from 75% to 85%

Q2-2021 decrease-icon Project Completion
75% 85% 77%

20%

Reduce % of projects remain at same status for every reporting period from 25% to 10%

Q2-2021 decrease-icon Project Completion
25% 10% 23%

13%

#3: Improve PMO efficiency:

Objective

David Griffin

Improve PMO efficiency

44%

Target Date: Q2-2021

Visibility: All Employees

key-iconKey Results

Optimize the lead time to create project charter from from 1 month to 2 weeks

Q2-2021 decrease-icon Project charter
4 Weeks(S) 2 Weeks(S) 3 Weeks(S)

50%

Reduce the % of projects with resource conflicts from 25% to 5%

Q2-2021 decrease-icon Project count
25% 5% 21%

33%

Increase the average number of resource allocation hours from 7 hours to 8 hours

Q2-2021 increase-icon Resource allocation hours
7 Hour(s) 8 Hour(s) 7.5 Hour(s)

50%

Budget: A project budget is the total projected costs needed to complete a project over a defined period of time. It is used to estimate what the costs of the project will be for every phase of the project.

#4: Improve financial benefits of the program:

Objective

David Griffin

Improve financial benefits of the program:

28%

Target Date: Q2-2021

Visibility: All Employees

key-iconKey Results

Increase benefits realised against benefits forecasted for the program by 10% through productivity improvements

Q2-2021 increase-icon Benefits realize
0% 10% 4%

40%

Maintain the project planned value (Budgeted Cost of Work Scheduled) in line with the project budget at 1

Q2-2021 Control-KPI-icon Planned value
0 2 21%

0%

Increase the average number of resource allocation hours from 7 hours to 8 hours

Q2-2021 increase-icon Project ROI
0% 5% 1%

20%

#5: Optimize PMO financial figures

Objective

David Griffin

Increase % of projects completed within the agreed budget from 90% to 100%

20%

Target Date: Q2-2021

Visibility: All Employees

key-iconKey Results

Increase % of projects completed within the agreed budget from 90% to 100%

Q2-2021 increase-icon Project count
90% 100% 95%

50%

Maintain the ratio of estimated project costs to actual costs between 0.9 and 1.1

Q2-2021 Control-KPI-icon Project cost
0 2.1 0.4

0%

Decrease the average budget variance for projects from 18% to 9%

Q2-2021 increase-icon Budget variance
18% 9% 17%

11%

Resource Utilization: Resource utilisation measures how the time of team members is used while working on the project. It implies how much time are people working on billable activities compared to the time spent on non-billable tasks. This OKR is specifically important when working with multiple projects at a time.

#6: Improve resource utilization

Objective

David Griffin

Improve resource utilization

26%

Target Date: Q2-2021

Visibility: All Employees

key-iconKey Results

Increase the percentage of billed project hours per resource from 70% to 80%

Q2-2021 increase-icon Utilization rate
70% 80% 75%

53%

Decrease % of employees that are assigned to several projects at the same time from 10% to 2%

Q2-2021 decrease-icon Utilization rate
10% 2% 8%

27%

Maintain the resource utilization rate between 90% and 95%

Q2-2021 Control-KPI-icon Utilization rate
87% 95% 88%

0%

#7: Improve Resource Management

Objective

David Griffin

Improve Resource Management

39%

Target Date: Q2-2021

Visibility: All Employees

key-iconKey Results

Increase the number of training courses to be completed by resources for the quarter from 1 to 2

Q2-2021 increase-icon Training courses
1% 2% 1.5%

50%

Increase revenue per resource from $100/hr to $120/hr

Q2-2021 increase-icon Revenue per resource
$100 $120 $108.78

44%

Decrease % of employees that are assigned to several projects at the same time from 10% to 2%

Q2-2021 decrease-icon Utilization rate
10% 2% 8%

25%

Stakeholder Satisfaction: It is a measurement of stakeholder perceptions of a program, project or initiative. It is measured by asking stakeholders to rate their satisfaction on a numerical scale.

#8: Improve stakeholder satisfaction

Objective

David Griffin

Improve stakeholder satisfaction

39%

Target Date: Q2-2021

Visibility: All Employees

key-iconKey Results

Increase the frequency of customer satisfaction surveys from every quarter to every sprint

Q2-2021 increase-icon CSAT
90 Day(s) 14 Day(s) 49 Day(s)

46%

Increase the Net Promoter Score (NPS) from 6.5 to 8.0

Q2-2021 increase-icon NPS Score
6 8 7

50%

Increase the employee satisfaction score from 8.5 to 9.5

Q2-2021 increase-icon ESI
8.5 9.5 8.7

20%

Faster Time-To-Market: Time to Market (TTM) is the length of time it takes from a product or feature being conceived until its being available to customers. The reason that time to market is so important is because being late erodes the addressable market that you have to sell your product into

#9: Fasten the time to market for a program to be implemented

Objective

David Griffin

Fasten the time to market for a program to be implemented

47%

Target Date: Q2-2021

Visibility: All Employees

key-iconKey Results

Decrease the elapsed time between project conception and project start from 90 days to 30 days

Q2-2021 increase-icon Project Elapsed Time
90 Day(s) 30 Day(s) 66 Day(s)

40%

Maintain scope creep (New size of project / Original size of project) within 10%

Q2-2021 control-KPI-icon Scope creep
5% 15% 8%

2%

Control the number of change requests per release within 0 to 2

Q2-2021 control-KPI-icon # of change requests
0 4 2

50%

Project closure: The key aspect of any successful project manager is to analyze the lessons learnt from a completed project. A project closure analysis provides insightful improvements for all future projects and hence must not be missed.

#10: Improvise PMO metricsh

Objective

David Griffin

Improvise PMO metrics

17%

Target Date: Q2-2021

Visibility: All Employees

key-iconKey Results

Increase the frequency of reason code analysis from 6 months to 3 months in order to communicate the metrics wrt project delays to senior management

Q2-2021 increase-icon Reason code analysis frequency
6 Month(s) 3 Month(s) 4 Month(s)

33%

Improve project time metrics from 80% to 90% in order to allocate maximum time on capital hours vs expense hours

Q2-2021 increase-icon Project time metrics
80% 90% 82%

20%

Measure PM project performance metrics to ensure projects are delivered within 90% of their budgeted work effort

Q2-2021 control-KPI-icon Project performance metrics
45% 135% 55%

0%

Conclusion

These ten great examples of project management OKRs can serve as a starting point to set the success metrics for your organization. Getting the wheels turning and reading OKR examples can help you visualize the OKR structure as well as brainstorm what your top objectives should be! It helps you consider multiple perspectives and find the best possible OKRs to measure the performance of PMO.

The benefits of the OKR framework include a better focus on results that matter, increased transparency, and better (strategic) alignment. OKR achieves this by organizing employees and the work they do around achieving common Objectives.

Are you managing PMO OKRs on a software? If not, you could run into issues with transparency, alignment, and consistency. The Profit.co software is the best, most intuitive software that helps all teams, from the smallest of start-ups to the largest of enterprises that helps to focus, measure, and achieve the goals.

Want to see what Profit.co can do in your business? Check out our product page, or book a free, tailored demo with our OKR experts to break down what you need from an OKR software, and how Profit.co can adjust to your organization’s exact specifications. Want to dive in instead? Try Profit.co completely free for 30 days!

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