Version 2 was released in 2008 - this version included the 7 Perspectives and created a model which recognised that project, programme and portfolio maturity were not incremental and enabled the assessment of each model independently. Version 1 was issued in 2005 - this model worked on the basis that organisational maturity started with project management, then moved to programme management with portfolio management maturity coming at the highest level of maturity. The levels described within the P3M3 indicate how key process areas can be structured hierarchically to define a progression of capability which an organisation can use to set goals and plan their improvement journey. The P3M3 aims to provide an assessment and measurement score for the portfolio, programme and project-related activities within process areas that contribute to achieving a successful project outcome. Prior to this, P3M3 was owned by the Office of Government Commerce (OGC), a department within the UK Government with a remit to help public sector organisations improve their efficiency, gain better value for money from procurements and deliver improved success from programmes and projects. P3M3 is owned by Axelos, a joint venture between the UK Government and Capita which took ownership of the materials in January 2014.
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