The second version of P3M3 was released most recently in February 2010 (version 2.1). With this version continues the pragmatism we’ve come to appreciate with ITIL but focused on the project management side of IT. The P3M3 model takes into account the latest knowledge of portfolio, project and portfolio management, attempting to use plain English, a more user friendly layout, and maturity that can be assessed individually or as a group. The P3M3 official site explains the maturity model as such: The Portfolio, Programme & Project Management Maturity Model (P3M3 ®) described in this document is an enhanced version of the Project Management Maturity Model, which was itself based on the process maturity framework that evolved into the Software Engineering Institute’s (SEI) Capability Maturity Model (CMM). The SEI experience between 1986-91 indicated that maturity questionnaires provide a simple tool for identifying areas where an organization’s processes may need improvement, but unfortunately the questionnaire was too often regarded as ‘the model’ rather than as a vehicle for exploring process maturity issues. P3M3 has 5 levels that constitute the structural components which make up the maturity model – these levels start with awareness, then repeatability. the steps move then to defined processes, managed processes, and finish with optimized processes. Visit the site to learn more about P3M3 and how the maturity model can help in your portfolio, programme and project management.