Within an organization often various projects are being managed at the same time. Some might be part of the same program, all are part of the same portfolio and hopefully they all support the business strategies. Management can easily lose track when several programs and projects are managed simultaneously while at all times the risks, impact, costs and expected outcomes of these projects should be clear. To get that clear overview companies can set up a Project, Program and Portfolio Management Office: a department for the purpose of the standardization of methodologies, processes and tools that support the various programs and projects. The P3O® framework offers guidance in setting up such an office.
The P3O framework enables management to make well informed decisions on strategic alignment, prioritization, risk management, optimization of resources and other key factors needed to successfully meet their business objectives. Due to the clear roles and responsibilities, issues, risks and changes are effectively dealt with. Potential opportunities are sooner identified as are upcoming changes to strategy, business issues or delays.
The P3O exams are aimed at those requiring an understanding of the supporting environment for successful programs and projects, either in a junior or senior role; portfolio managers looking for a
structure for prioritization and control of corporate investments and specifically those that want to learn how to justify, build and manage a Project Office.