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Portfolio, Program, and Project Maturity
August 3, 2011 | Author: PM Hut | Filed under: Program Management, Project Portfolio Management
Portfolio, Program, and Project Maturity
By Rob Llewellyn
Do you ever gauge your current level of organizational maturity in respect of portfolio, program and project management? When was the last time you attempted to establish an understanding of the key practices in effective portfolio, program and project management processes? Do you want to identify the key practices that need to be embedded within your organization for it to improve process capability and maturity?
CMMi is common in the development arena but maturity models in the Portfolio, Program, and Project Management arena enjoy a lower awareness in my opinion.
The Portfolio, Program, and Project Management Maturity Model (P3M3) is a standard amongst maturity models which provides organizations with a framework to assess their current performance and implement improvement plans. It is published by the OGC.
P3M3 contains three individual models:
- Portfolio Management Maturity Model (PfM3)
- Program Management Maturity Model (PgM3)
- Project Management Maturity Model (PjM3)
Each model uses a five level process capability framework which can be used to gauge the overall organizational maturity.
P3M3 recognizes that organizations may be excellent at project management without embracing program management (or vice versa). Similarly, an organization may be accomplished at portfolio management while not being mature at program management.
The self-assessment consists of nine questions:
- Q1: Relates to the overall organizational maturity levels.
- Q2: Management Control
- Q3: Benefits Management
- Q4: Financial Management
- Q5: Stakeholder Management
- Q6: Risk Management
- Q7: Organizational Governance
- Q8: Resource Management
- Q9: Provides a cross-check on the structural components
The author Rob Llewellyn is founder of C-Level consultancy The Llewellyn Group, and since the 1990s has been providing project and Program Management services to organizations across Europe and the Middle East. You can visit his web site at www.llewellyn-group.com.
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