scope:

This standard specifies the processes and roles and responsibilities associated with assurance of capital delivery projects, programmes and portfolios.

This standard is part of the Capital Delivery core process and relates to NR/L2/P3M/201.

It applies to projects that require Investment Authority as defined within IR01 Investment Regulations and enhance or renew the operational railway.

Purpose

The Project, Programme and Portfolio management (P3M) framework policy and Project Acceleration in a Controlled Environment (PACE) describe how Network Rail manages and controls investment projects on the rail network.

Network Rail has developed this approach to managing projects in order to minimise and mitigate the risks associated with project development and delivery. PACE provides a more flexible control framework enabling sponsors and project managers to tailor the controls therein to better meet the requirements of their project. The PACE framework is shown in figure 1.

The approach is based on best practice within comparable industries that undertake major investment projects.

This standard describes the Network Rail assurance activities undertaken in relation to the project, programme and portfolio management of the capital delivery portfolio. The assurance activities provide Network Rail with oversight and confidence in the progress of its portfolio (renewals and enhancements). It creates a common set of working practices to assure Network Rail's portfolio, projects and programmes.