Management Of Risk

o o k , W i n d o w s S h a r e P o i n t a n d i n o t h e r w a y s . It a l s o i n t e rf a c e s w it h b

OPM3 The Organizational Project Management Maturity Model or OPM3 is a globally recognized best-practice standard for enterprise improvement published by the Project Management Institute (PMI). OPM3 provides a method for organizations to understand their organizational project management processes and measure their capabilities in preparation for improvement. As a maturity model, OPM3 helps organizations develop the roadmap that the company will follow to improve performance. History

In 1998, the Project Management Institute (PMI) chartered the OPM3 program to develop an Organizational Project Management maturity model to be a global standard for Organizational Project Management (OPM). During development, existing models were examined, and primary research surveys were deployed to 30,000 Project Management practitioners. The concept of maturity model had been popularized through the “Capability Maturity Model” or CMM for software development that was created by the Software Engineering Institute (SEI) of Carnegie Mellon University between 1986 and 1993. The OPM3 model review team reviewed CMM and other models to understand the scope of the model, capabilities of the model, methodology for conducting assessments against the model, model structure, and existence of implementation. The analysis concluded that existing models left many important questions about project management maturity unanswered and that the team should proceed with the development of an original model under the stewardship of PMI. The project team used a brainstorming technique to facilitate the collection of best practices in organizational project management in such a way that no single person could dominate the process. Participants were invited to suggest elements that constituted maturity in organizational project management. Such elements were later consolidated, grouped, and eventually resulted in OPM3 best practices. To ensure alignment to the Guide to the Project Management Body of Knowledge, processes from this PMI standard were adapted as Best Practices to round out the overall collection of over 500 best practices that were included in the first edition of OPM3 (see Contents below) published in December, 2003. Upon release of OPM3, PMI developedOPM3 Online, a web-based database that allows users to search OPM3 best practices, conduct preliminary assessments against the model, and serve as a reference when implementing improvements. Shortly thereafter, PMI also created the OPM3 ProductSuite as the preferred method of implementing OPM3. OPM3 ProductSuite is a set of certifications and software tools that enable service providers with more powerful diagnostic and improvement tools. OPM3 ProductSuite allows users to conduct assessments using subsets of the OPM3 standard, provides multiple scoring methods, and generates detailed roadmaps for capability development and related organizational improvements. Following the typical PMI standard development lifecycle, the OPM3 Second Edition team was formed in 2005 to update the standard based on experience in the field and further aligning with other PMI standards. The team worked with PMI to publish the second edition of the standard in December, 2008. OPM3 Second Edition aligns with the 4th Edition of A Guide to the Project Management Body of Knowledge, the second edition of the Standard for Program Management, and the second edition of the Standard for Portfolio Management. Contents

OPM3 covers the domains of Organizational Project Management, the systematic management of projects, programs, and portfolios in alignment with the achievement of strategic goals. The three domains are Project Management, Program Management and Portfolio Management. OPM3 uniquely integrates these domains into one maturity model.

OPM3 offers the key to organizational project management with three interlocking elements: •Knowledge - Learn about hundreds of organizational project management best practices •Assessment - Evaluate an organization’s current project management capabilities and identify areas in need of improvement •Improvement - Use the completed assessment to map out the steps needed to achieve performance improvement goals. As with other PMI standards, OPM3’s intent is not to be prescriptive by telling the user what improvements to make or how to make them. Rather, the intent is simply to offer the standard as a basis for self-study and self-examination, and to enable an organization to make its own informed decisions regarding potential initiatives for change. Benefits

OPM3 is designed to provide a wide range of benefits to organizations, senior management, and those engaged in project management activities. Some of the benefits derived from using OPM3 are as follows: •Strengthens the link between strategic planning and execution, so project outcomes are predictable, reliable, consistent, and correlate with organizational success. •Identifies the best practices which support the implementation of organizational strategy through successful projects. •Identifies the specific capabilities which make up the Best Practices, and the dependencies among those Capabilities and Best Practices.