Reference document

Portfolio, Programme and Project Management
The Project, Programme, Portfolio Management (P3M) Framework constitutes a set of policies, processes, tools and governance models designed to support organizations in achieving strategic and tactical benefits from their investments in projects, programmes, and portfolios. * Project Management (PM) – the application of knowledge, skills, tools and techniques to project activities to meet project requirements. Projects are temporary and create a certain product, service, or result. Consequently, project management has a defined time period and results that can be determined successful or unsuccessful. * Programme Management (PgM) – the centralized management of a group of related projects to obtain benefits and control not available from managing them individually. Key themes include Benefits Management, Stakeholder Management, Financial Management, and Program Governance. * Portfolio Management (PfM) – the centralized management of one or more portfolios, which includes identifying, prioritizing, authorizing, managing and controlling programmes, projects, or other related work, to achieve specific business objectives. Key themes include Strategic Alignment, Value Management, Risk Management, Resource Management, and Performance Management. The objectives of the P3M approach are * Transparency – to provide a line of sight into decisions, performance, and benefits. * Accountability – to define and govern ownership and decision-making thresholds. * Compliance – to comply with organizational and public sector policies, regulations, and guidelines. * Cost savings – to eliminate wasteful spending, out-of-control execution, reinvention, and disconnected operations. * Funds optimization – to obtain optimal benefits for amount budgeted and expended. * Benefits realization – to achieve the intended benefits as described in the business case.
Capability Development Processes