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P3M3 is a maturity model that measures an organisation's capability with regards to its portfolio, programme and project management practices. This measurement is expressed as a 'maturity level' that indicates an organisation's current capability in these practices.
An organisation's maturity is a measure of its 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.
P3M3 is broken down into three models: portfolio management (PfM3), programme management (PgM3) and project management (PjM3). Each of these models has five maturity levels:
These maturity levels are a measure of an organisation's ability to deliver repeatable results - the higher up the curve the more predictable the outcome.
Each level is then broken down into seven performance perspectives:
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 organisation to be more effective in delivering change and transformation through its portfolios, programmes and projects.
Using P3M3 to assess your organisation's capability lays everything out on the table - both the good and the weaker areas of your existing project, programme and portfolio practices. For the good areas, it means that these can be shared with other parts of the organisation to demonstrate good practice, whereas identifying the poor areas means that these can be deliberately targeted for improvement.