Maturity in Project Management Series: Project Management Maturity: The Brazil Central Bank Case Study


By Sérgio Caracas and Marcelo Cota

Brasilia, Brazil



This paper shows how the Banco Central do Brasil (BCB), the Brazilian Central Bank, reached a PM maturity level of 4.2 in 2014, according to the PRADO-PMMaturityModel, starting in 2007 from a maturity of 2.1. This paper presents the general PM situation within BCB at the time of the first measurement, describes the improvement projects that were conducted for the advancement of the Bank’s PM maturity, and summarizes the achievements and benefits that were derived from the current resulting PM maturity.


The BCB is a federal agency whose mission is “to ensure the stability of the purchasing power of the Brazilian currency and a sound and efficient financial system within the nation of Brazil.” This mission is accomplished through the actions of its 4,000 employees, distributed in more than 40 organizational units. Its operation spans nationwide, with offices in nine state capitals and headquarters in Brasilia, the nation’s capital city. To frame this mission within its global context we note that Brasil ranks number 7 in the world in the value of its Gross Domestic Product (GDP), as shown in Figure 1, just after the United Kingdom and ahead of Russia and Italy.

Since the BCB is an institution whose actions reverberate in both national and international financial markets, its work processes are well defined, and supported by stable and lawful standards. All projects that introduce change within the national financial system are obviously extremely important to a nation’s economy and political stability.

BCB realized in 1998, due to a crisis in the Brazilian banking system, how projects were important to position the organization to face the challenges of the market. During that year, with supporting resources from the World Bank, projects were implemented with the objective to modernize some of its working processes. The first core of project management comes from this moment.


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The Project Management Maturity series of articles, mainly by Russell Archibald & Prof Darci Prado, is based on their extensive research on this topic in Brazil, Italy, the United States and other countries. Russ is one of the pioneers in the project management field and the originator of the Archibald Project Categorization Model. Darci is the developer of the Prado Project Management Maturity Model which has been successfully implemented by many organizations in Brazil and elsewhere. More about this model and related research can be found at http://www.maturityresearch.com/.

About the Authors

pmwj29-dec2014-Caracas-PHOTO1Marcelo Cota, PhD, MSc, PMP    flag-brazil      

Brasilia, Brazil

Marcelo Cota has a Doctor in Business Administration from FEA/USP, MSc in Knowledge Management and Information Technology from UCB, and Specialist in Public Administration degree from FGV EBAPE. He has worked at BCB since 1993, where he is responsible for planning and managing projects, programs and portfolios of the institution, and is Deputy Head of the Department of Planning, Budget and Management. In BCB he has previously headed various divisions of IT, and managed the PMO of Supervision Area and also the BCB Corporate PMO. Marcelo has international fellowship experience in Japan, USA and Holland. He has been a visiting professor of MBA programs of FIA, FGV and IBMEC. He was President of the DF (Federal District) Chapter of PMI in Brazil during 2011-2012 and was its Managing Director from 2005 to 2006. He graduated with the PMI Leadership Institute Master Class in 2007, and is PMP Certified since April 2004. Email: [email protected] 

pmwj29-dec2014-Caracas-Cota-PHOTO2Sergio Caracas, MBA in PM, BSEE, PMPflag-brazil         

Brasilia, Brazil 

Sergio Caracas has a degree in Electrical Engineering from the State University of Campinas, Executive MBA in Project Management from ISAE/FGV, and Master’s degree in Strategic Management from the Catholic University of Paraná, Brazil. He worked as project manager for Vivo and OI mobile operators, manager of PMO for Itaipu Technological Park Foundation, and Director of Branch-PTI of the PMI-Paraná Chapter in Brazil. He is currently an analyst at Brazilian Central Bank with the Corporate PMO (Depog/Espro). Email: [email protected]