Once the opportunity matrix has been developed, a PMO value statement can be developed for the organization. The PMO value statement serves two purposes. It translates the opportunities identified in the opportunity matrix into a set of objectives for the PMO and it frames these objectives in terms of the items that can be implemented quickly (the quick wins ) versus the objectives that will serve as mid- to long-range objectives. For this exercise, a brainstorming session involving project managers, project team members, and members of management is often helpful. The goal is to try to frame what is possible rather than to develop a committed list of firm actions that the PMO will undertake once established. Depending on need and time frame, expanding each opportunity in the opportunity matrix may be appropriate. A more concise view of only those opportunities identified as high or medium in the opportunity matrix may also be appropriate. The format for the value statement document could be similar to Table 1.4.