The Hub Portfolio Office model is designed to balance central consistency with local delivery needs. A key success factor for this model is its ability to allow localized application of standards. This is achieved by the central office defining core standards, which are then adapted or 'tailored' by the hub offices (e.g., Programme or Project Offices) to fit the specific context, scale, and complexity of their respective initiatives. This tailoring ensures that standards are relevant and practical at the local level while maintaining alignment with central governance, providing a flexible yet controlled environment.

B. Planning resource capacity at a local level: While resource planning may occur locally, it is a specific P3O function, not the underlying success factor that enables the localized application of standards.

C. Reviewing the Blueprint regularly: Reviewing the P3O Blueprint is a governance activity to ensure the P3O model remains fit for purpose, not the mechanism for applying standards locally.

D. Following a clearly defined business strategy: A clear business strategy is essential for aligning the P3O's purpose, but it does not describe the operational method for adapting standards within a Hub model.

AXELOS. (2013). Portfolio

Programme and Project Offices (P3O). TSO (The Stationery Office).

Section 2.3.1

Page 14: "The model should allow for appropriate levels of tailoring of the corporate standards to suit the scale and complexity of the particular programme or project." This directly supports the concept of tailoring standards.

Section 3.3.3

Page 24: This section describes the Hub Portfolio Office model

highlighting the role of the central office in providing "centrally driven standards" and the hub offices in providing "locally focused services

" which implies the adaptation of those standards for local use.

The P3O Blueprint defines the future state of the P3O model, including the required information flows. These flows detail the reporting cycles, content, and escalation paths for information moving between portfolios, programmes, projects, and corporate management. This structured flow of information is the primary mechanism that enables the governance principle of 'management by exception'. It ensures that decision-makers receive routine progress information and are only directly involved when an issue or risk exceeds predefined tolerances, which is communicated via an exception report through these defined flows.

A. P3O implementation plan: This is a separate management product that describes how the P3O Blueprint will be delivered, not something delivered by the information flows.

B. Management of risk: This is a key P3O function or service. The information flows support risk management by carrying risk data, but they do not deliver the management process itself.

D. Realization of benefits: This is the ultimate outcome of the organization's investment in change. The information flows provide data to track benefits, but they do not deliver the realization.

AXELOS. (2013). Portfolio

Programme and Project Offices (P3O). The Stationery Office.

Chapter 6

Section 6.4.2

Table 6.2 'P3O Blueprint - outline contents': This table lists 'P3O Information Flows and Reporting' as a core component of the Blueprint

detailing the need for reporting cycles

dashboards

and escalation routes.

Chapter 3

Section 3.4.2 'Decision-support responsibilities': This section explains that a key P3O responsibility is to provide timely and relevant information to enable effective governance. It explicitly mentions providing "exception reports to the next level of management"

which is the practical application of management by exception

delivered via the defined information flows.

The Organization Portfolio Office is a P3O model defined as a single, permanent office established at the corporate level. Its primary purpose is to support senior management's decision-making on strategic matters and to manage the organization's investment portfolio. This model provides a centralized overview of all change initiatives, ensuring they are aligned with strategic objectives and that portfolio-level support, such as strategic planning and dependency management, is consistently applied across the organization.

A. P3O model with Hub Portfolio Offices: This is not a single office model; it consists of a central hub office and multiple satellite (spoke) offices.

C. Virtual Office: This model is not a permanent, physical office but rather a decentralized structure where P3O functions are performed by individuals across the business.

D. Flexible resource pool: This is a function or service that a P3O may provide (managing skilled resources), not a structural P3O model itself.

AXELOS. (2013). Portfolio

Programme and Project Offices (P3O). The Stationery Office.

Section 3.3.1

Organization Portfolio Office: "An Organization Portfolio Office is a single permanent office set up to support senior management to make strategic decisions..." (p. 26).

Section 3.3.2

Hub Portfolio Offices: Describes this model as a central hub with several permanent or temporary spoke P3Os (p. 27).

Section 3.3.3

Virtual P3O: "A virtual P3O model is not a physical office..." (p. 28).

Section 2.3.2

Centre of Excellence Functions: Lists 'Developing and managing a flexible resource pool' as a potential P3O function

not a model (p. 18).

A primary purpose of a P3O model is to provide a decision-enabling structure for an organization's investment in change. It supports senior management by providing objective information and analysis to ensure the portfolio of programmes and projects is aligned with strategic objectives. This decision support function is crucial for selecting, prioritizing, and balancing the change portfolio, thereby ensuring that the organization launches and continues to invest in the "right" projects and programmes that will deliver the most strategic value.

A. Ensures current projects are unaffected by changes to policy or strategy

A P3O model does the opposite; it helps assess the impact of strategic changes on the current portfolio to ensure continued alignment, which may involve stopping or changing projects.

B. Enables projects to efficiently develop their own financial processes

A P3O promotes standardization and consistency by providing common processes and tools, rather than encouraging individual projects to develop their own, which would be inefficient.

D. Allows senior managers to delegate their governance responsibilities

A P3O supports and enables effective governance but does not assume accountability. Senior managers remain accountable for governance decisions; the P3O provides the framework and information to support them.

AXELOS. (2013). Portfolio

Programme and Project Offices (P3O). The Stationery Office.

For Correct Answer (C): Section 2.2

page 9

states a key objective of a P3O is to "Ensure that the organization makes the right investments in its programmes and projects (doing the right programmes and projects)". This is achieved through decision support.

For Incorrect Answer (A): Section 3.4.2

page 27

discusses portfolio management

which includes re-prioritizing the portfolio in response to strategic changes

directly contradicting the idea of projects being unaffected.

For Incorrect Answer (B): Section 5.3.2

page 60

lists "Develop and maintain standards

processes and tools" as a key P3O function

which is contrary to projects developing their own processes.

For Incorrect Answer (D): Section 2.2.1

page 10

explains that a P3O provides a "decision-enabling/delivery-support structure". It supports senior management's governance role

it does not take it over. Accountability remains with senior management.

The primary focus of a Portfolio Office is strategic. It is concerned with ensuring that the organization is 'doing the right things' by selecting and prioritizing the programmes and projects that are most aligned with its strategic objectives. This involves making informed investment decisions to optimize the value delivered from the organization's portfolio of change initiatives. The Portfolio Office provides a holistic view, ensuring that the collection of programmes contributes effectively to the overall business strategy, which is best described as ensuring investment is made in the right programmes.

A. Implements a programme correctly: This is the responsibility of the Programme Manager and their team, not the strategic-level Portfolio Office.

B. Provides support to a programme: This is the primary role of a Programme Management Office (PMO), which focuses on supporting a single programme, not the entire portfolio.

C. Defines the standards to be followed by a programme: While a P3O model includes a Centre of Excellence (CoE) function for standards, the Portfolio Office's main focus is strategic selection and prioritization, not just standard-setting.

1. AXELOS. (2013). Portfolio

Programme and Project Offices (P3O). TSO (The Stationery Office).

Section 2.2.1

Page 12: "The Portfolio Office must be able to provide senior management with the information they need to be able to make decisions about which projects and programmes to invest in

which to stop

and how to resolve issues that are impacting on the achievement of the organization’s strategic objectives." This directly supports the concept of investing in the 'right' programmes.

Figure 2.2

Page 13: This diagram explicitly contrasts the focus of different office types. It states the Portfolio Office focus is on "Doing the right programmes and projects

" while the Programme/Project Office focus is on "Doing programmes and projects right." This clearly aligns with option D.

Appendix F

Glossary

Page 159: Defines a Portfolio as "The totality of an organization’s investment (or segment thereof) in the changes required to achieve its strategic objectives." The Portfolio Office manages this

reinforcing its focus on strategic investment.