P3M3 Methodology
P3M3 in the latest version allows you to analyze a much greater depth of effectiveness of projects, programs and portfolios (PPM). This also brings the ability to diagnose PPM problems and provide a more accurate overview of the organization. The P3M3 model allows managers and end users to clearly identify the good and bad aspects of their portfolio, program and project management, while showing what is needed to improve performance and achieve results.
What is P3M3
The Portfolio, Program, and Project Management Maturity Model (P3M3) is a key standard among models for assessing maturity
P3M3 provides a comprehensive framework for measuring the maturity of an organization's project, program, and portfolio management. This methodology from the Axelos portfolio can be used for basic condition diagnosis.
It is also very useful for identifying and planning areas for development, where you can focus on the most problematic areas.
P3M3 provides a limited form for high-level assessment, but also offers a full assessment with the resulting maturity certification, which is performed by TAYLLORCOX as AXELOS Consulting Partner.
Target audience
The new version of the P3M3® Maturity Model addresses key PPM issues for organizations
The P3M3® methodology (Portfolio, Program and Project Management Maturity Model) provides PPM consultants with the most powerful analytical tools.
As a result, you gain much better skills to help organizations transform their activities into projects, programs, and portfolios. Not only private sector organizations, but also those from public administration appreciate the P3M3 model as an effective way to evaluate current performance and implement continuous improvement plans. The most common people interested in P3M3 Assessment include:
- Organization management
- Audit & Assurance Management
- Procurement assessing suppliers
- Project, program and portfolio office
- Management responsible for portfolios, programs and projects
- Management responsible for managing and implementing change within the organization
Benefits
There are many reasons to use P3M3. The most attractive thing is that the output of the audit gives you an independent benchmarking of the organization in the field of change management (projects, programs and portfolios).
The new version of P3M3 allows users to analyze all key aspects of projects, programs, as well as strategic decisions at the Portfolio level. As a result, you can more effectively address the control of projects delivered by third parties, protect the assets and assets created within the project, and improve the coordination of all stakeholders that affect the overall outcome of the project.
But that is not all. How will P3M3 benefit you?
- Achieved levels can be certified by a recognized P3M3 certification
- Achieved levels can be compared with other organizations (benchmark)
- It reliably and independently measures the baseline level, and measurable improvements can be later compared to this level
- It helps organizations decide what level of maturity they want to achieve to suit business needs
- Thanks to the AXELOS accreditation process, the quality level of the AXELOS Consulting Partner (ACP) is ensured, which can perform assessments
P3M3 Structure
These key parameters of P3M3 Assessment help consultants or end users to clearly identify the good as well as the bad in project, program and portfolio management. At the same time, the tool will show you what is needed to improve performance and achieve results.
3 models
Projects, Programmes, Portfolios.
It evaluates 3 key sub models not only in terms of maturity, but of the system as a whole. You will get objective outputs, including recommendations.
7 perspectives
Form the basis of the Assessment.
7 perspectives review a (non) functioning system from the point of view of benefits, risks, budget and other measurable parameters, without which the manager cannot do without.
5 levels
Measurable maturity.
Key metrics include this model, which helps prioritize and target critical areas with Quick Win.
Basic structure
P3M3 assesses the maturity of project, program and portfolio management within the organization.
P3M3 is unique in that it monitors not only the maturity of processes, but the system as a whole. In addition, it provides objective outputs, including the identification of strengths and weaknesses. It allows you to create a medium / long-term development plan for project, program and portfolio management.
P3M3 Assessment can be tailored to the needs and priorities of the organization and can be provided in multiple ways. For example, only the level of project management can be assessed in a pre-agreed "dive depth".
P3M3 contains 3 sub-models: 1) Portfolio; 2) Programme 3) Project Management
7 Perspectives
The P3M3 model is further divided into 7 so-called perspectives, which evaluate the maturity of project program and portfolio management in the organization, as partial and interconnected units.
Organizational Governance; Management Control; Benefits management; Risk Management; Stakeholder Management; Finance Management; Resource Management.
5 Levels
Based on the assessment of maturity, it is possible to identify strengths or. weaknesses that the organization can continue to focus on.
The P3M3 model distinguishes 5 levels of maturity (5 = highest)
- Level 1: awareness
- Level 2: repeatable
- Level 3: defined
- Level 4: managed
- Level 5: optimized
