The Best Management Practice Portfolio

PRojects IN Controlled Environments (PRINCE2®)

It is a de facto standard developed and used extensively by the UK government and is widely recognized and used in the private sector, both in the UK and internationally. It embodies established and proven best practice in project management. PRINCE2® (PRojects IN Controlled Environments), is a widely used project management method that navigates you through all the essentials for running a successful project. PRINCE2 is a flexible method and is aimed at all types of projects. The development of PRINCE2 from the earlier PRINCE method was driven by user based improvements, project management specialists, and a review panel of 150 public and private sector organizations. This end result is a generic best practice tool which is flexible enough to be tailored to your organization and used successfully for all types of project.

Managing Successful Programmes (MSP®)

Program Management may be defined as the co-coordinated organization, direction, and implementation of a portfolio of projects and activities that together achieve outcomes and realize benefits that are of strategic importance. Large, complex deliveries are often broken down into manageable, inter-related projects. For those managing this overall delivery, the principles of program management are key to delivering on time and within budget. Cabinet Office Best Management Practice in this area is found in Managing Successful Programmes which was updated in 2011. Managing Successful Programmes comprises a set of principles and processes for use. It is founded on best practice although it is not prescriptive. It is very flexible and designed to be adapted to meet the needs of local circumstances.

Management of Risk (M_o_R®)

The term 'management of risk' incorporates all the activities required to identify and control the exposure to risk, which may have an impact on the achievement of an organization’s business objectives. M_o_R considers risk from different perspectives within an organization: strategic, program, project, and operational. While it links to other Cabinet Office Best Practice, it respects the roles, responsibilities, and terminologies used outside the disciplines of program and project management.

ITSM

ITIL is the most widely accepted approach to IT service management in the world. ITIL provides a cohesive set of best practice, drawn from the public and private sectors internationally. IT Service Management (ITSM) derives enormous benefits from a best practice approach. Because ITSM is driven both by technology and the huge range of organizational environments in which it operates, it is in a state of constant evolution. Best practice, based on expert advice and input from ITIL users is both current and practical, combining the latest thinking with sound, common-sense guidance.

Management of Portfolios (MoP™)

The new MoP guidance has been prepared to provide senior executives with an overview of portfolio management - the principles upon which it is based, some of the techniques used, and how you can get started and sustain progress. Management of Portfolios (MoP) is a set of guidance from the Cabinet Office. The first guide, for senior executives, published on June 2010 and was followed by the practitioner guidance early in 2011. A qualification scheme supports the practitioner guidance. The core guidance is aimed at the decision-makers who have to prioritize investment across an organization’s Programmes and projects. The guide introduces the key concepts of portfolio management, its benefits to an organization, how it fits in with current business processes, and how to get started.

Management of Value (MoV™)

Management of Value (MoV) has evolved from the tried and successful practice of value management across many sectors and over many years. The MoV guidance aligns the established methods with Cabinet Office P3RM Guidance. This new guide is aimed at all those involved in directing, managing, supporting, and delivering portfolios, Programmes, and projects. MoV is all about maximizing value in line with the program and project objectives and the key stakeholder requirements. It is not simply about minimizing costs. MoV is relevant to portfolios, Programmes, and projects. At the portfolio level, it reflects the organization's strategic objectives and sets the agenda for the Programmes that deliver these objectives, which, in turn, define the projects undertaken to achieve the required outputs.

Portfolio, Programme and Project Offices (P3O®)

The P3O guidance - aligned to the Cabinet Office's PRINCE2, MSP, and M_o_R - brings together in one place a set of principles, processes, and techniques to facilitate effective portfolio, program and project management through enablement, challenge and support structures. The purpose of the Portfolio, Programme and Project Offices (P3O) guidance is to provide universally applicable guidance that will enable individuals and organizations to successfully establish, develop and maintain appropriate business support structures that will allow Informed senior management decision making on strategic alignment, prioritization, risk management, optimization of resource etc to successfully deliver their business objectives (portfolio management) and identification and realization of business outcomes and benefits via Programmes and also successful delivery of project outputs that enable benefits within time, cost and quality restraints.

Portfolio, program and project management maturity model (P3M3®)

The Portfolio, Programme, and Project Management Maturity Model (P3M3) have become an essential standard amongst maturity models, providing a framework with which organizations can assess their current performance and put in place improvement plans. As organizations strive to identify and leverage competitive and performance advantage from improved efficiency and delivery, the importance of management models on which to assess this performance and identify opportunities for improvement has increased. The updated second version of the Cabinet Office's Portfolio, Programme, and Project Management Maturity Model (P3M3) was released on June 2008, with a further update, version 2.1, being released on February 2010. The first version was released in early 2006 and was developed as an enhancement to the Project Management Maturity Model. The current version takes into account the maturing knowledge of program management, and the evolving recognition and definition of portfolio management, across several industry sectors. It is fully compatible with the earlier version, so organizations that have already undertaken P3M3 assessments based on the first version will see the impact of their existing improvement plans reflected in future estimates made under the revised model.

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