Portfolio, Programme and Project Office - Want to know more?
What is P3O?
Primarily an effective P3O model provides operational efficiencies in the successful delivery of business change initiatives.
A P3O model is an integral part of ensuring that the strategies and performance requirements of an organisation are realised via projects, programmes and operational business units.
The P3O model establishes a joined up set of outcomes and ensures that benefits are measure managed monitored and refined to ensure that optimal investment and strategic goals are achieved.
Three P's - Portfolio, Programme and Project, together these three disciplines help to ensure an organisation's strategy is delivered appropriately. A P3O model provides a decision enabling and delivery support structure for all change within an organisation, whether large or small.
Correct implementation of this office or structure where an organisation's Business Change Projects and Programmes come together can result in the following actions:-
- The correct or best programmes and projects are selected and prioritised to ensure strategic objectives are being achieved
- Assess that the organisation has the capacity and capability to deliver the selected programmes and projects, which means, on occasion that they need to stop some programmes or projects that do not contribute to strategy
- Provide help and guidance for consistent standardised documentation and processes so that the organisation's performance can continually improve
It is possible for an organisation to deliver these strategic change management goals without the involvement of P3O but the results will be achieved in a fragmented and unstructured way that generates significant threats to the best use of scarce resources and achievement of required outcomes.
Benefits of P3O Adoption
A P3O model can significantly increase an organisation's chances of successfully delivery its strategy, reducing benefits loss and delivering programmes and projects more cost effectively. Effective P3O adoption will deliver the following:-
- Clear focus on maintaining a "big picture" understanding of the business change portfolio with established performance indicators of success.
- Prevention of initiative overload, improved capacity planning, maximizing organisational change ability.
- Provide decision support to ensure the right programmes and projects are launched
- Provide independent oversight, scrutiny and challenge to increase the efficiency and success of actions taken
- Provide a single source of truth reporting functions with Management dashboards to focus decisions and management interventions
- Reduce the likelihood and impact of events that would have negative consequences and conversely increasing the likelihood and impact of events that would have positive consequences.
- Improve the organisation accountability, decision making, transparency and visibility.
- Identify, understand and manage multiple and cross cutting risks and issues.
- Protect revenue and spend and enhance value for money
- Execute change more effectively and efficiently and improving organisational and programme delivery
- Protect reputation and stakeholder confidence
- Provide assurance, coaching and mentoring to build a competent workforce capable of first class programme and project delivery
'The Gartner Group estimates that proper risk identification will result in the cancellation of 20% of projects before the execution phase.'
'Evidence shows that a supported and focussed programme or project start-up can reduced start-up times by 50%'
How does P3O integrate with other certifications?
One of the key learning points will be an understanding of how the P3O model can interface with existing structures for collaborative working towards successful strategic delivery.
Organisations managing Programmes, using MSP™ or projects using, Prince will benefit tremendously from P3O Courses.
Project Support Offices (PSO) & Programme Offices PPSO, Project Management Offices (PMO) have various names and any training would overlap with P3O.
The Public Sector has Centres of Excellence (COE) which would be included within the P3O structure. Gateway reviews are performed or facilitated by these and a P3O would include this.
P3O would also be beneficial to offer alongside any course helping with Business Change Management or transformation type activities. Business Case writing and Benefits Management will have an overlap.
Strategic planning and policy setting courses would use the P3O course to help them understand how to implement and monitor progress towards policy and strategy, Balanced Score Cards and Strategy Maps.
ITIL® introduces operational Service Portfolio Management, the course will interest those who need to maintain and understand how projects and programmes will impact operational activity.
P3O Skills and Competencies
P3O management and staff will need to be skilled in a number of different areas, and the course aims to develop these competencies:
- How to provide senior managers with information to make the right investment decisions to select the right projects
- Strategy and business planning, with consistency of delivery developing an appreciation of the most suitable P3O delivery model and the tools and techniques used.
- P3O staff will understand how their work adds value and is sustainable, within an organisation and help identify problems.
- They will make sure benefits are delivered after projects have completed, and if not, examine why and take action to realise them
Target Audience for P3O
P3O courses would benefit the following:-
- Senior Managers looking for Best Practice in the management of organisation change and strategy
- Programme Managers looking to understand how to manage their portfolio
- Project/Programme Support managers looking to implement 'good practice' or re-focus on what they are doing
- Centres of Excellence management and staff to understand how their role can add more value an organisation
- Project and Programme managers who will be using the services of a support office, or needing to setup a temporary office.
- Project Managers who wish to understand how to align their projects with strategic objectives
- Business process analysts or engineers
- Change managers
- Business strategists needing to ensure strategy is delivered
- Senior Delivery or Operational Managers, particularly within IT and other internal support functions, trying to balance their project workload
- Decision makers looking to apply structure and rigour to their long-term aims and objectives