General

Project, programme and portfolio management (P3M) is the application of controls, methods, procedures, techniques, governance and capabilities to achieve a set of defined objectives.

The goals of P3 management are to:

• achieve the desired the business outcomes

• deliver the required objectives to stakeholders in an organised and controlled manner

• govern and manage the processes

• build the competency that can deliver the above

Project and programme management

Projects and programmes are very similar in that they are unique, temporary endeavours, to achieve a set of stated outcomes. The distinction between a project and a programme is mainly made in order to accommodate different degrees of complexity of scope. The differences in project management and programme management mirror this distinction.

Portfolio management

In a standard portfolio, portfolio management will focus on increasing the effectiveness and efficiency of project and programme management across multiple projects and programmes with independent objectives.

The core components of standard portfolio management are:

• establishing an infrastructure to support projects and programmes;

• defining management procedures and processes to be used consistently across projects and programmes;

• co-ordination of limited resources, by matching demand and supply and optimising allocation of available resources

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