Management of Value (MoV) has evolved from over 50 years of value engineering, to form the missing link in developing successful IT and Change Management projects. Tried and tested in manufacturing and construction environments, MoV best practice can be applied to management across a broad spectrum of sectors.
MoV is intended to help organisations use a successful, proven methodology to supplement their current management practices. and can increase the value projects deliver and make better use of resources. There is a new training course and MoV qualification too which is aligned with all OGC PPM established methods (PRINCE2, MSP etc)
Another piece of the puzzle has emerged in the form of Management of Value (MoV) accreditation, which may be the next leading best practice tool in managing projects.
In the current economic climate a growing number of individuals and organisations are looking for solutions to gain more value out of their projects. Many organisations (private and public) are looking to do more for less. For many, finding the resources to meet essential escalating demands is putting high pressure on product and service quality.
There is a need for a way to match what is delivered with available resources, without undermining the essential quality of outputs.
This blog post is presented by CUPE Projects, a proud member of the Arras People Project Management Training Directory. Click to learn more.
A number of discussions are taking place on the LinkedIn MoV Special Interest Group re: project requirements, rework, outcomes, and personal views. We thought it might be interesting to relate these issues to MoV Principles, to see if there is any merit in the assertion MoV is the new buzzword in Project Management. Consider this:
1. Align with organisational objectives
2. Focus on functions and required outcomes
3. Balance the variables to maximize value
4. Apply throughout the investment decision
5. Tailor to suit the subject
6. Learn from experience and improve
7. Assign roles/responsibilities & build a supportive culture.
We thought it would also be interesting to look at some of the causes of project failure (taken from Arras People’s 2010 Benchmark) to see where MoV principles could have a hand in directly addressing these. Take a look at the table below. For each MoV principle we looked at which corresponding failure issues could be addressed:
A missing link?
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| MoV | Failure Issue |
Total Contribution (%) |
| 1. Align with organisational objectives | b. Incomplete requirements (13%) e. Project/ organisation not aligned (10%) |
23 |
| 2. Focus on functions & required outcomes | c. Expectations not met or set (12%) |
12 |
| 3. Balance variables to maximize value | j. Poor planning (5%) |
5 |
| 4. Apply throughout the investment decision | d. Scope creep (12%) |
12 |
| 5. Tailor to suit the subject | g. Technology issues (7%) h. Other (6%) |
13 |
| 6. Learn from experience and improve | k. Inexperienced PPM people (4%) j. Lack of user involvement (6%) |
10 |
| 7. Assign roles/responsibilities & build a supportive culture | a. Lack of executive support (17%) f. Lack of resources (7%) |
24 |
Source: Arras People’s PM Benchmark Report: Reason for Project Failure 2010 (findings a-k)
For more information on Management of Value take a look at the MoV foundation
