Organisational Maturity Improvement
Organisational Maturity Improvement – Why you need this service
Organisational Maturity Improvement follows the assessment of an organisation’s ability to consistently make good investment decisions and deliver expected benefits.
An organisational maturity assessment measures an organisation’s project and programme delivery capabilities against international best practice. The assessment framework often uses the P3M3 maturity Model which breaks down the broad disciplines of portfolio, programme and project management into a hierarchy of Key Process Areas (KPAs).
The P3M3 Maturity Model assesses portfolio, programme and project processes on a scale from Level 1 (low) to Level 5 (high).
The effective management of projects and programmes is an important measure of an organisation’s investment management performance. For example, New Zealand Treasury includes portfolio, programme and project maturity as key elements in its Investor Confidence Rating (ICR). A high ICR rating enables greater autonomy, higher financial delegations and less monitoring and reporting.
The ICR approach applies to agencies with large asset portfolios or who are providing essential government services. It also applies to agencies planning or undertaking significant investments. Treasury reviews each agency’s ICR every two years.
Although the ICR is used to improve government agency capability and performance, it can also be used to evaluate and improve investment performance and benefit realisation in the private sector.
Once an agency receives its ICR it has a period of time in which to implement recommended improvements. Typical areas for improvement include organisational governance, management control, benefits management, risk management, stakeholder management, financial management and resource management.
Organisational Maturity Improvement – What Caravel Provides
Caravel is an Axelos Consulting Partner (ACP) licensed to use the P3M3 Maturity Model to provide maturity assessment advisory services.
Each Caravel Director is an accredited P3M3 Consultant, qualified to work with organisations to identify and improve areas of project knowledge and process. This also includes writing and managing the development plan necessary to drive the improvement process.
Caravel’s extensive experience includes managing projects and programmes, the establishment and operation of Project Management Offices and providing Independent Quality Assurance (IQA) services. Hence we can assist organisations by advising which areas to prioritise for improvement. We also work to document and embed best practice project governance and management methods and techniques.