P3M3: Difference between revisions
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'''P3M3''' (also known as the '''Portfolio, Programme and Project Management Maturity Model''') is a management maturity model looking across an organization at how it delivers its projects, programmes and portfolio(s). P3M3 is unique in that it looks at the whole system and not just at the processes.<ref>{{cite web|title=What is P3M3®?|url=https://www.axelos.com/best-practice-solutions/p3m3/what-is-p3m3/|publisher=AXELOS|accessdate=7 December 2016}}</ref> The hierarchical approach enables organisations to assess their current capability and then plot a roadmap for improvement prioritised by those KPAs which will make the biggest impact on performance. |
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== Context == |
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P3M3 is owned by [[Axelos]], a joint venture between the UK Government and Capita which took ownership of the materials in Jan 2014. Prior to this, P3M3 was owned by the [[Office of Government Commerce]] (OGC), a department within the [[UK Government]] with a remit to help public sector organisations improve their efficiency, gain better value for money from procurements and deliver improved success from programmes and projects. |
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The P3M3 aims to provide an assessment and measurement score for the portfolio, programme and project-related activities within process areas that contribute to achieving a successful project outcome. The levels described within the P3M3 indicate how key process areas can be structured hierarchically to define a progression of capability which an organisation can use to set goals and plan their improvement journey. |
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There have been 3 versions of P3M3 |
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Version 1 was issued in 2005 - this model worked on the basis that organisational maturity started with project management, then moved to programme management with portfolio management maturity coming at the highest level off maturity |
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Version 2 was released in 2008 - this version included the 7 Perspectives and created a model which recognised that project, programme and portfolio maturity were not incremental and enabled the assessment of each model independently. |
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Version 3 was released in 2015 - this version provided for deeper analysis and diagnostics by the inclusion of Threads, which run through each of the Perspectives. |
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The levels facilitate organisational transitions from an immature state to become a mature and capable organisation with an objective basis for judging quality and solving programme and project issues. |
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P3M3 assessments can be applied both to portfolio, programme and/or project management activities being carried out across an organisation. |
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P3M3 is made up of 3 models, which can be assessed individually or as a group: |
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1. Project Management |
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2. Programme Management |
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3. Portfolio Management |
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For each of the models, P3M3 reviews the maturity and performance against 7 perspectives: |
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1. Organisational Governance |
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2. Benefits and/or Requirements Management |
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3. Financial Controls |
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4. Risk Management |
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5. Stakeholder Management |
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6. Resource Management |
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7. Management Controls |
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In 2015 the concept of Threads was added to enable better diagnostics, these apply to all perspectives: |
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1. Assurance |
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2. Asset Management (optional) |
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3. Behaviours |
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4. Commercial sell (optional) |
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5. Commercial buy (optional) |
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6. Information and knowledge management |
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7. Infrastructure and tools |
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8. Planning |
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9. Organisation |
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10. Techniques |
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11. Process |
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13. Model integration |
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== Assessments == |
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Companies and organisations can utilise the P3M3 model via materials available on the Axelos web-site on a self-assessment basis. The assessment itself provides a measure which indicates maturity. Being assessed provides useful business information, but does not provide an award or accreditation to the business being assessed. See accreditation. |
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There is some advantage in having a third party carry out such assessments to ensure objectivity and impartiality. Some hire an individual specialist to undertake the self-assessment on their behalf, or engage an accredited consultancy company to perform this as a service. |
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P3M3 accredited consulting companies are usually able to offer a suite of assessments: |
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*PRINCE2 Maturity Model(P2MM) |
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*Project Management Maturity Model(PJM3) |
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*Programme Management Maturity Model(PGM3) |
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*Portfolio Management Maturity Model(PFM3) |
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Lead author history |
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*2008 Version 2 - Rod Sowden |
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*2015 Version 3 - joint lead authors - Rod Sowden & Andy Murray |
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== Accreditation == |
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The accreditation scheme offered by Axelos is aimed at consulting companies, for such to become accredited in the provision of P3M3 assessments. |
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Unlike other related methodologies such as PRINCE2 and MSP, Etc., there is not a similar accreditation for individual practitioners. Instead, there is the Registered Consultant (RC) scheme, aimed an individuals working within accredited consulting companies (ACOs). |
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== See also == |
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*[[PRINCE2]] |
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*[[Managing Successful Programmes (MSP)]] |
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*[[Management of Portfolios (MoP)]] |
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*[[Portfolio, Programme and Project Management Offices (P3O)]] |
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*[[Capability Maturity Model]] |
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*[[APM Body of Knowledge]] |
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*[[PMI Assessment Model OPM3]] |
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*[[PMI Body of Knowledge]] |
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== References == |
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: {{reflist}} |
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*[http://www.p3m3-officialsite.com/nmsruntime/saveasdialog.aspx?lID=456&sID=166 OGC P3M3 Introduction and Guide (PDF 17 pages, 984k)] |
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*https://web.archive.org/web/20061006205116/http://www.outperform.co.uk/Portals/0/P3M3%20Performance%20Improvement%201v2-APP.pdf P3M3 White-paper] |
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*[https://aspireeurope.com/documents/P3M3inanutshell.pdf P3M3 summary introduction paper] |
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*https://www.aspireeurope.com/blog/2019/12/17/high-performing-organisations-does-this-sound-like-you Lessons learned from P3M3 assessments of high performing organisations] |
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*https://aspireacademy.tv/documents/P3M3%20Interactive%20Overview.pdf P3M3 interactive quick reference guide] |
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*https://www.youtube.com/watch?v=AKtmh6d-iks Video] providing overview of P3M3 and insight into how the latest version functions] |
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== External links == |
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*[http://www.p3m3-officialsite.com P3M3 Official Website] |
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*[https://www.axelos.com/ AXELOS Website] |
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[[Category:Project management]] |
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Latest revision as of 18:13, 21 January 2024
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