P3M3 is no Mystery Code
P3M3 Stands for Portfolio, Programmes and Project Management Maturity Model.
It is a way to understand how investments in CHANGE are managed and followed up in an organisation (whatever the industry or sector).
It helps those in charge of those Change Initiatives (a project or a programme) to make better decisions and guides them and their teams to approach how they can improve the way they deal with those changes.
WHY is P3M3 important
Because it is an independent key market standard, P3M3 helps you, as a decision maker, to understand how your organisation compares with others using worldwide benchmarks.
From there, it helps you to understand what you can do to grow your organisation to perform better.
There a three possible assessments depending on what you want to measure. There can be undertaken separately or in combination with one another.
The sub-models are :
Portfolio Management Maturity
Programme Management Maturity
Project Management Maturity
These assessments are method agnostic (a great new way of saying that it doesn't matter which method you currently use - if any).
As long as you do what is recommended by the best practices used to measure, you will score the marks.
THe P3M3 Perspectives
Each sub-model is further broken down into seven perspectives:
THe P3M3 Levels
P3M3 audits recognise 5 levels
Level 1: awareness
Level 2: repeatable
Level 3: defined
Level 4: managed
Level 5: optimized
P3M3 allows an assessment of the process employed, the competencies of people, the tools deployed and the management information used to manage and deliver improvements.
This allows organizations to determine their strengths and weaknesses in delivering change.