Last week I went along to a APMG breakfast seminar at the Caledonian Club in London. APMG are the organisation that accredits training organisations in qualifications and certifications such as PRINCE2, MSP etc (APMG not to be confused with APM – Association for Project Management which are an entirely different organisation). The theme of the day was Creating Value in Project Management – a presentation from Queenlands University on the effectiveness of PRINCE2. Andy Murray’s PRINCE2: 2009 One Year On article summarises it well.
As part of the event, Mike Acaster from OGC summarised the latest products and guidance available. There are some new ones that now sit alongside PRINCE2 and Managing Successful Programmes (MSP) that you may not be aware of:
Management of Portfolios
Or to give it the acronym – MoP. Management of Portfolios is officially launched in January 2011 with the manual and accreditation scheme following closely behind. Management of Portfolios;
“This title is for practitioners who need guidance to help them set up and run portfolio management. It describes portfolio management in its strategic and organizational context and provides guidance on: the principles of effective Portfolio Management; the key practices, including examples of how they have been applied in practice; and how to implement portfolio management and sustain progress.” Best Management Practice website
There will be two manuals available – like the new PRINCE2 refresh – one for Practitioners and one for senior executives. If you don’t want to wait until January there is still the draft version available on the OGC website so be quick and read the material for free (the new manual will be different though following the review period)
Management of Value
Launched on the 4th November 2010, the Management of Value (MoV) guidance ” is all about maximizing value in line with the programme and project objectives and the key stakeholder requirements. It is not simply about minimizing costs.” Taken from the official MoV website. Although MoV has been recently launched by the OGC it is not a new concept – the Institute of Value Management has been in existence since 1966!. What is new is a guidance aimed at portfolio, programme and project levels – and not limited to the construction sector. The APM (Association for Project Management) have a section on Value Management within their Body of Knowledge too – and a Specific Interest Group
One thing to say here is MoV is definitely a different topic area to Earned Value so if you’ve not come across it before in the context of projects, programmes and portfolios there is a case study available which may help to get your head around it (although it is construction based!)
Interesting post….I wonder if Value Management would also cover our sector in Leadership Development Training . This is an area that poeple often want to know if Value Management has been achieved in regards to Return on Investment. I guess Management Training has been hit particularly hard during the recession as people feel its the least important aspect to spend money on. If they could see the added value they would think again!