P3M3 (also known as Project, Programme and Portfolio Management Maturity Model) is a popular management maturity framework that assesses how organisations deliver projects, programmes and portfolios. The unique selling point of this model is that it looks at the organisation as a whole and not just as processes.
An initial P3M3 maturity assessment is undertaken by an accredited consulting firm which is followed by recommendations tailored to the needs of the organisation.
P3M3 has three sub-models:
- Portfolio Management (PfM3)
- Programme Management (PgM3)
- Project Management (PjM3)
Each sub-model is further split into seven focus areas:
- Organizational governance
- Management control
- Benefits management
- Risk management
- Stakeholder management
- Finance management
- Resource management.
P3M3 distinguishes five maturity levels:
- Level 1: awareness
- Level 2: repeatable
- Level 3: defined
- Level 4: managed
- Level 5: optimized.
There are no interdependencies between the models. An assessment of PfM3 may be against Level 1 (awareness) but PjM3 may be against Level 3 (defined). It is possible for an organization to be better in one model than another.
Benefits of using P3M3
One of the key benefits of using P3M3 is that an initial baseline of the organisations maturity level is taken. This will help to identify improvements of the seven focus areas.
The expected benefit from using P3M3 could be:
- Cost savings by better use of available budgets
- Improved customer satisfaction
- Improved benefits delivery
- Improved delivery of projects and programmes.
I will working with the P3M3 framework on my next consulting assignment. Watch out for my lessons learnt in one of my follow up posts.