Project management office in central banks: relationship between the practice of projects and economic stability

Abstract

Projects are frequently used as a means to directly or indirectly achieving the goals of an organization’s strategic plan, and the Project Management Office [PMO] is responsible for standardizing the governance processes to achieve those objectives. When it comes to independent federal agencies, such as Central Banks, their strategic objectives have a relevant impact on economic stability and, consequently, on the lives of millions of people. In this study, the best practices of the PMOs of four Central Banks were examined. The question in the study addressed the manner in which the practice of projects can be used as a tool for achieving economic stability. Qualitative methods were used to examine the question by means of a structured questionnaire applied to project professionals of these institutions, and analysis of data available in case studies was also conducted. It was noted that Central Banks increasingly seek to improve the practices of their Project Management Offices, becoming a center of reference for best practices in PMOs obtaining relevant recognition, either for the maturity of their projects, receiving the title of best PMOs in the country, or even being nominated for PMO of the year on a global level (Project Management Award), the highest award in the project management category.