This chapter describes and details the P3S-VB model: the Selection of Projects and Programs Portfolio Based on Value. The P3S-VB contributes to the discipline of project management and portfolios, in the definition of the constructs of an appropriate level of incorporation of capabilities, value and technology; identification of the range in which technological capabilities, projects and portfolios can create value; the processes for selecting the portfolio of projects based on value; and the alignment of benefit management and project management. The model was designed keeping the rigor of scientific research, following as a reference the DSR-IS science design method, with a focus on practical applicability.