Management maturity model
What is P3M3?
P3M3 is a maturity model that measures an organization's capability with regards to its project, programme and portfolio management practices. The measurement is expressed as a 'maturity level' that indicates an organization's current capability in these practices.
An organization's maturity is a measure of its effectiveness , efficiency and ability to implement continuous improvement, and a maturity model, like P3M3, is a management tool that can be used to diagnose root causes, assess current capability, and demonstrate improvement. It also acts as a roadmap to achieving performance targets.
How does P3M3 work?
P3M3 framework covers maturity levels related to three domains: portfolio management (PfM3), programme management (PgM3) and project management (PjM3). These are further divided into five levels based on the level of maturity
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Level 1: awareness of process
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Level 2: repeatable process
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Level 3: defined process
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Level 4: managed process
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Level 5: optimized process
These maturity levels are a measure of an organization's ability to deliver predictive results - the higher up the curve the more predictable the outcome. Each level is then broken down into seven performance perspectives:
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Organisational governance
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Management control
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Benefits management
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Risk management
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Stakeholder management
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Finance management
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Resource management
Each of the three models within P3M3 can be used separately or together to provide a basis for the development of an improvement plan. To help an organization to be more effective in delivering change and transformation through its portfolios, programmes and projects.
How can P3M3 benefit your organisation?
So how does P3M3 help?
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More effective use of budgets delivers cost savings
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Improved delivery of benefits
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Enhanced quality of delivered projects and programmes
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Stronger processes in benefits management leads to better return on investment
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Better predictability of outcome delivers better investment decisions
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Diagnostic assessment means improved value in the training budget
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A baseline for capability provides concrete metrics for performance improvement
PM Expert's P3M3 assessment
Self-assessment
A group of project and programme managers, sponsors, internal customers and team members complete self-assessments using the online assessment tool.
Validation
PM Expert's consultants evaluate the self-assessments and validate the scoring by completing face-to-face interviews with a selection of PMs and other stakeholders.
Workshop
Initial findings are presented to a work group, along with recommendations for further development, and these are then prioritized.
Plan
PM Expert's consultants document the findings and collaborate with the work group to develop a high-level plan for implementing recommendations.
Assessment outputs include:
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Baseline for current capability
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Six-month and 12-month targets
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Practical recommendations and high-level implementation plan
The plan can then be executed by the client organisation or implemented by a PM Expert's consultant.
Within two weeks, our assessment team will capture current data, establish a measurable baseline for current capability and develop practical measures that will develop maturity in your project management delivery.