The transformation of project management from the Project Management Office (PMO) model to the Value Management Office (VMO) reflects a strategic shift in organisational management, prioritising value delivery over exclusive focus on project control and execution. This article presents a systematic literature review, identifying the key critical factors, challenges, and benefits associated with the PMO model and its transition to VMO. It also applies the SWOT framework to analyse strengths, weaknesses, opportunities, and threats, contributing to theoretical and practical advancements in project governance. The methodology follows the PRISMA model, analysing articles from the Scopus and Web of Science databases. The findings reveal that the transition from PMO to VMO emphasises value creation and sustainability, moving beyond the traditional perspective. It also aligns with operations management, integrating efficient organisational process management throughout projects. The SWOT analysis highlights that while the VMO model presents opportunities for change and advancement, it may face team and leadership resistance to change challenges. Therefore, this transformation can bring significant benefits but must be strategically aligned to ensure the generated value is evident to all stakeholders.