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Making sense of value

Making sense of value Wednesday 20 November 2019 Presenters: Michel Thiry David Worsley Behnam Bashokooh The link to the write up page and resources of this webinar: https://www.apm.org.uk/news/making-se... Content description: Showing that value is the foundation of successful change initiatives which include all the actions that an organisation’s management undertakes to transform it. The concepts underlying value management (VM) were established by Lawrence (Larry) Miles when he developed Value Analysis and Value Engineering for General Electric in the late ‘40s and early ‘50s. The VM concept is a basis for many business domains like the ROI (Return vs Investment); SWOT analysis; the Balanced Scorecard; the project management’s Scope and Quality vs Time and Cost; or the programme management’s Alignment vs Achievability. It clarified and made sense of these by explaining how value can be defined and mastered. To support this approach, Benefits Realisation Management was considered as one aspect of the value ratio and risk (or Achievability) Management as the other aspect of that ratio. The presentation discussed how: Benefits must be identified, agreed, delivered and sustained; benefits realisation is subjected to high ambiguity and is a creative team process. Risks thresholds define the achievability of a change initiative; are subjected to uncertainty and require an analytic process. Value integrates both concepts to give managers a means to identify the solutions that will align best with the organisation’s strategy and offer the best achievability factor: The Value Index. Sponsors, portfolio, programme and project managers will be able to draw practical methods to define, measure and deliver value to the business.