P3M Solutions & Services
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What is P3M
P3M is a synonym for Projects, Programs and Portfolio Management, the three core competencies that drive any organization whether government or private, towards accomplishing the long range vision. Organizations are for ever in a race to grow bigger and bigger, producing more wealth, providing more employment opportunities, fulfilling social obligations and contributing to national economy. Projects are the vehicles of growth, they emerge in small and large sizes. Sometimes a large number of related projects together, we call it program like a Space Program, need to be performed to accomplish a major strategic goal. Project ideas emerge in large numbers from every level of operation or at the strategic levels of Senior Management. Every idea cannot be translated into reality due to the several constraints in the project environment. The choice of the right idea to be translated into a project, taking into account the merits, feasibility analysis and environmental/organizational constraints is one aspect of portfolio management. Other important aspects of portfolio management are priority setting of the selected projects and continuous monitoring of the execution of the selected projects/programs to ensure that the business objectives of the portfolio of selected projects are being realized.
Project Management as a management discipline is receiving unprecedented prominence in the present times. Technological advances take place at an exponential rate . Information Technology has brought business communications almost instantaneous. The cycle time for transforming a business idea into reality is shrinking. In this fast paced environment, the conventional ways of doing business and run the operations of an organization is no more relevant. A project outlook, in delivering value to the expectation of every stakeholder is the latest best practice followed the world over.