I’ve been working on an initiative called “Value Delivery,” which will incorporate value management into our various PMO methods, tools, etc. These activities are often listed as typical PMO functions, but this really only honored in the breach. Value management never seems to take off given a PMO’s traditional emphasis on implementing project management methods, tools, training, etc.
In our approach, we will ensure that value management has its own identity, especially when it comes to training. While value and benefit management is baked into the various program and portfolio standards around, it isn’t part of the typical project manager’s skill set. Rolling out value management separately should emphasize the organizational and personal changes required to be successful.
What is value management’s objective? To ensure that execution remains focused on delivering against executives’s and stakeholder expectations. How does value management happen? Maybe the best way to illustrate is to briefly lay out the lifecycle we’re using below:
- Value Discovery: Establish a performance baseline
- Value Realization: Identify required process improvements and KPIs
- Value Optimization: Review and steer benefit attainment