P3M3® was released in June 2008, with a further update, Version 2.1, being released in February 2010. The first version was developed as an enhancement to OGC’s Project Management Maturity Model. P3M3® is now owned by AXELOS.
P3M3® consists of a hierarchical collection of elements describing the characteristics of effective processes.
P3M3® uses a five-level maturity framework:
• Level 1 – awareness of process
• Level 2 – repeatable process
• Level 3 – defined process
• Level 4 – managed process
• Level 5 – optimized process
P3M3® focuses on seven Process Perspectives, which exist in all three models and can be assessed at all five Maturity Levels:
1. Management Control
2. Benefits Management
3. Financial Management
4. Stakeholder Engagement
5. Risk Management
6. Organizational Governance
7. Resource Management
Embedded within the Process Perspectives are a number of Attributes. Specific Attributes relate only to a particular Process Perspective. Generic Attributes are common to all Process Perspectives at a given Maturity Level, and include planning, information management, and training and development.
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