Project Program and Portfolio Management (P3M)

Project Program and Portfolio Management (P3M) refers to a structured approach to managing various related projects and initiatives within an organization. A "project" is a specific, time-bound effort with clear objectives, while a "program" groups related projects to achieve broader goals. "Portfolio management" involves selecting and overseeing a collection of projects and programs to align with the organization's strategic objectives. Together, P3M ensures that resources are allocated efficiently, risks are managed effectively, and the overall outcomes contribute to the organization's success.