What is Portfolio?
A portfolio is the totality of an organization’s investment (or segment thereof) in the changes required to achieve its strategic objectives.
What is Programme?
A programme is defined as a temporary, flexible organization created to coordinate, direct and oversee the implementation of a set of related projects and activities in order to deliver outcomes and benefits related to the organization’s strategic objectives.
What is Project?
A project is also a temporary organization, usually existing for a much shorter duration, which will deliver one or more outputs in accordance with a specific Business Case.
What is P3O?
P3O provides a decision-enabling/delivery-support model for all business change within an organization. This may be provided through a single permanent office, which may exist under several different names, e.g. Portfolio Office (strategy/organization or business unit focused), Strategy or Business Planning Unit, Centre of Excellence, Enterprise or Corporate Programme Office, or be provided through a linked set of offices (Portfolio Office, Programme Offices, Project Offices), both permanent and temporary, providing a mix of central and localized services.
P3O model aligned to portfolio, programme and project lifecycles
Mature P3O models provide:
■Governance – supporting governance (including structures and accountabilities) through scrutiny and challenge, ensuring return on investment through effective management of delivery and risk
■Transparency – relevant, accurate and timely information (single source) to support decision-making
■Delivery support – ensuring programme, project managers and operational business managers do things right (competency and skills) and do them well (assurance), reducing bureaucracy and encouraging consistency
■Reusability – embedding industry and sector best practice and sharing lessons learned
■Traceability – history and documentation.