P3O (Portfolio, Programme and Project Offices) was first published in 2008 and is now owned by AXELOS.
P3O offers guidance for setting up and running support offices, for all levels of change within an organization. It offers advice to organizations on current best practice thinking about what previously was referred to as PSO (Programme or Project Support Office) or PMO (Programme or Project Management Office).
The main functions of a P3O/ PMO in an organization are to facilitate:
• Informing senior management’s decision-making on prioritization, risk management and development of resources across the organization to successfully deliver their business objectives (portfolio management)
• Identification and realization of outcomes and benefits through programmes and projects
• Delivery of programmes and projects within time, cost, quality and other organizational constraints
As a decision-enabling/delivery support model, P3O may be a single permanent office, e.g. Portfolio Office (strategically focused), a Strategy or Business Planning Unit, a Centre of Excellence, or an Enterprise/Corporate Programme Office. It may also be a linked set of offices e.g. Portfolio Office, Programme Offices and Project Offices; or it may be a permanent or temporary mix of central and localized services.