According to the Merriam Webster Online Dictionary, value is defined as “the monetary worth of something” or as something’s “relative worth, utility, or importance”. This is a term we are hearing more frequently in business today. Companies are trying to make business decisions that maximize and manage the value that the resulting outcomes add or maintain within that business. There are many words spoken about planning for, managing and realizing the benefits from our portfolios, programs, projects and ongoing operations, but very little methodology wrapped around how to optimize the use of resources, enhance the delivery of essential benefits and improve value for money.
This new guidance for this management practice available for your use is based upon common sense stuff. The Management of Value (MoV®)* guidance joined the Cabinet Office’s (formally OGC) Best Management Practice portfolio earlier this year. It is intended to help organizations implement a successful, proven methodology to supplement current management practices. The guidance targets those managing portfolios, programs and projects and focuses on increasing the value that the business delivers along with making better use of your resources.
The new MoV guide is structured around four integrated concepts looking at how you should go about embedding the practice of MoV into your organization. They are: (1) the principles or factors that underpin MoV; (2) the processes and techniques defining to be used; (3) the approach for applying MoV to or within your portfolios, programs and projects; and, (4) the external and internal influences and environments for the organization.
For details on the guidance and the certifications exams that accompany it, check out the details at: http://www.apmg-international.com/APMG-UK/MoV/MoVHome.aspx.
I think this quidance is an excellent addition to a stellar “stable” of best practices. I hope you find it useful across your business and on your programs and projects as well.
*MoV® is a registered trade mark of the Cabinet Office.