AXELOS has released a new version of the popular Portfolio, Programme, and Project Management Maturity Model (P3M3) following extensive customer feedback and a successful pilot programme with consulting organizations.
P3M3 provides a framework within which organizations can assess and benchmark their current performance and plan for improvement when managing and delivering change. First released in 2005, it provides three maturity models that can be used together or separately to focus on specific areas of the business or more generally to help organizations assess the relationship between their portfolios, programmes and projects.
P3M3 has helped organizations across the world save costs through increased efficiency and process improvements. For example, Transport for London (TfL) estimates it has achieved nearly £1bn of savings over five years through increasing its P3M3 maturity from Level one (2007) to nearly Level four (2012). The Australian Government has previously mandated P3M3 as the framework or maturity model for assessing project, programme and portfolio maturity within federal agencies.
The new P3M3 v3.0 allows users to analyze commercial, asset and behavioural aspects, allowing them to address the control of projects delivered by third party contractors, protecting the assets that are created by a project and understanding how the attitudes and behaviours of people involved can affect outcomes. The launch of v3.0 follows the March 2014 announcement that users now benefit from a free online assessment tool – called ‘standard’ self-assessment – which provides a high level indication of organizational maturity.
AXELOS chief executive Peter Hepworth said: “Since the launch of AXELOS we have been working with stakeholders to learn how we can improve our products. P3M3 is already valued by organizations as a way of assessing current performance and putting in place improvement plans, and the new version follows extensive discussion with consulting organizations.
“P3M3 v3.0 provides much greater depth and hence capacity to diagnose PPM issues and giving more precise insight into an organization. It will enable consultants and end users to identify clearly the good and bad aspects of their portfolio, programme and project management while showing what is needed to improve performance and the delivery of outcomes.”
For more information, please visit our P3M3 section.