Step 1: Understanding the permutation formula.
The formula for \( ^nP_r \) (permutation) is given by:
\[
^nP_r = \frac{n!}{(n - r)!}
\]
Step 2: Applying the values.
Substituting \( n = 5 \) and \( r = 3 \) into the formula, we get:
\[
^5P_3 = \frac{5!}{(5 - 3)!} = \frac{5!}{2!}
\]
\[
5! = 5 \times 4 \times 3 \times 2 \times 1 = 120 \quad \text{and} \quad 2! = 2 \times 1 = 2
\]
\[
^5P_3 = \frac{120}{2} = 60
\]
Step 3: Conclusion.
Thus, the value of \( ^5P_3 \) is 60.
Final Answer:} 60.