The Best Management Practice Portfolio

The Best Management Practice Portfolio
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Vijay

Last updated March 13, 2017


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The Cabinet Office, the Official Publisher TSO and Official Accreditor, the APM Group have created a comprehensive source of best practice information for all levels of management that applies for every organization irrespective of geography, industry, scale, size and complexity.

The Best Management Practice products for Project Management (Prince2), Program Management (MSP), Portfolio Management (M_o_P), ITIL, P3O, MoV etc present flexible, practical and effective guidance, drawn from a range of the most successful global business experiences. These products have helped improve processes and operations for small businesses, public sector organizations and major global enterprises. The Best Management Practice website has been designed to provide us with a comprehensive source of best practice information. The official sites include globally renowned brands including ITIL, PRINCE2, MSP, M_o_R, P3O, MoP, MoV and P3M3. OGC (former owner of Best Management Practice) and its functions have moved into the Cabinet Office, part of HM Government. Material produced since the move has revised copyright and trademark statements reflecting Cabinet Office ownership. Best Management Practice guidance that existed at the time of the move will continue to reference OGC until it is updated. Over time, all Best Management Practice guidance will be updated and will then fully reflect Cabinet Office ownership, therefore using the updated statements and references where applicable.

  1. PRojects IN Controlled Environments (PRINCE2®) – for project management
  2. Managing Successful Programmes (MSP®) – for programme management
  3. Management of Risk (M_o_R®) – for risk management
  4. IT Service Management (ITIL®) – for IT service management
  5. Management of Portfolios (MoP™) – for portfolio management
  6. Management of Value (MoV™) – for value management
  7. Portfolio, Programme and Project Offices (P3O®)
  8. Portfolio, programme and project management  maturity model (P3M3®)

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.

MSP 

Programme 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 programme 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.

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, programme, project and operational. While it links to other Cabinet Office Best Practice, it respects the roles, responsibilities and terminologies used outside the disciplines of programme 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.

M_o_P

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 in June 2010 and was followed by the practitioner guidance early in 2011. The practitioner guidance is supported by a qualification scheme. 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.

M_o_V

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 programme 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.

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, programme 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.

P3M3

The Portfolio, Programme, and Project Management Maturity Model (P3M3) has become a key 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 in June 2008, with a further update, version 2.1, being released in 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 programme management, and the evolving recognition and definition of portfolio management, across a number of 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 assessments made under the revised model.

Note - A Best Management Practice website managed and published by APMG in conjunction with the Cabinet Office (part of HM Government) and TSO.  The Swirl logo™ is a trade mark of the Cabinet Office.

Image courtesy: smcloud.net

About the Author

Vijay Reddy has several years of experience in delivering and managing IT Services, Software Development, Product and Production Support and has expertise in IT strategy consulting, Governance and risk management, IT security, cloud computing and implementation around large customer accounts, managing the delivery of large outsourced IT Service and software development engagements and in depth understanding of deal structures and delivery options and models. His experience has been across diverse industry segments – Banking, consumer products, Retail, Oil & Gas and Hospitality. Vijay is an APM Group International certified and accredited Project Management (Prince2®), Programme Management (MSP®) and IT Governance (COBIT5®) Trainer, Exams Proctor, Supervisor and Invigilator. He is also EXIN accredited trainer for ITIL – 41 credits (All Modules leading unto expert), ISO 20000, ISO 27002, Lean IT and Cloud Computing.


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