The new version of the P3M3® Portfolio, Programme and Project Management Maturity Model will give PPM consultants a greater capability to help them to support organizations transform their performance across projects, programmes and portfolios.
Launching in March via the partner portal on AXELOS.com, P3M3 v3.0 is the first new version since 2008 and reflects both consultant and end user feedback on the need to understand more about underlying causes of PPM problems.
AXELOS has now added the ability to analyze commercial, asset and behavioural elements: that means addressing 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.
Mike Acaster, AXELOS PPM Portfolio Manager, said: “There are significant changes to the models in the revised P3M3, which give much greater depth in terms of scope and ability to diagnose delivery issues, giving more precise insight into an organisations capability. The two further assessments are at a diagnostic level or at a certification level.
“It will enable consultants and end users to identify clearly the good and bad in project, programme and portfolio management while showing what is needed to improve performance and the delivery of outcomes.”
AXELOS’ P3M3 model – mandated by the Australian government for use in projects – breaks down into seven perspectives: organizational governance, management control, benefits management, risk management, resource management, financial management and stakeholder management.
Mike Acaster added: “Each of these perspectives is about the organization looking at how effectively its essential processes are working. What you will learn is whether these perspectives and processes are something you’ve actually got or you merely think you’ve got.
“The online self-assessment tool for P3M3 launched in 2014 offers a quick and simple means to understand where an organization is in the five-level maturity model. It often forms the first step of using the more detailed diagnostic assessment which can then be used to form the basis of an improvement plan. The online self-assessment includes three questions per perspective with a particular focus on people, performance and processes.”
AXELOS expects that, owing to the nature of P3M3 and the issues it addresses, the best practice will be delivered initially through PPM consultants. Ultimately, by the end of Q1 2015 there will be a total of three levels with which to assess organizations, including self-assessment, diagnostic assessment and certified assessment.
Consultants will have access to on and offline training sessions with joint-lead authors of P3M3 v3.0, Andy Murray and Rod Sowden, to help understand the changes to the model.
Watch out for upcoming blog posts and updates on the new P3M3 v3.0 model