Written By : Bakkah
15 Jan 2024
The Portfolio, Program and Project Management Maturity Model (P3M3), is a model created by Axelos which provides a framework that organizations can use to benchmark their current practice against best practice and competitors and plan for improvement when managing and delivering change. There are three sub-models for the P3M3 maturity model which are Portfolio Management (PfM3), Program Management (PgM3) and Project Management (PjM3). The model consists of seven perspectives which are organizational governance, management control, benefits management, risk management, stakeholder management, finance management, resource management. The five maturity levels in P3M3 are awareness of process, repeatable process, defined process, managed process, optimized process. We at Bakkah will provide you with the expertise needed to maximize your investments, maximize efficiency and solve any project/program issues through determining the specifics within this model. Also, we assist the client in indicating how key capability areas can be structured hierarchically for the organization to set realistic goals for improvement. The key benefits of P3M3 assessment are:
- Discovering capability and determine which areas to concentrate on for improvement.
- Diagnosing weakness patterns and eliminate root causes.
- Benchmarking the organization’s capability against others and helping organizations to decide what maturity level they need to achieve to meet their business needs.
- Certifying the organization’s capability through independent assessment.
- Focusing on the organization’s maturity, not specific initiatives (you can run good programs and projects without having high levels of maturity – but not consistently)
- Focusing on investment on aspects of P3M that will yield the best improvements for the specific organizational context.
- Providing plans for continual progression.
- Providing an objective assessment of strengths and weaknesses.
- Reducing costs and maximize beneficial results.
To learn more about the service, read: What’s P3M3? What are the benefits for organizations? Projects management offices types based on P3O®