Management of Value (MoV) is useful for all kinds of activity. Aside from project and programme management, MoV is used in policy-making, service reviews and product redesigns. MoV processes also complement many different frameworks and methods.
Where MoV Is Complementary
The main purpose of MoV is to maximise value in portfolios, programmes and projects. At the same time, it supplements the main purposes of PRINCE2, MSP and M_o_R, which are as follows:
MoV creates a definition of value that includes monetary and non-monetary benefits. Using MoV’s method, organisations can allocate scarce funds more effectively. Here is an overview of how MoV supports PRINCE2, MSP and M_o_R:
|Much like PRINCE2, MoV projects and the products produced are designed for the end users’ needs, emphasising quality. MoV also provides scope clarity and justifies business benefits||MoV quantifies and maximises monetary and non-monetary benefits, in line with MSP’s theme that programmes must add more value than they expend||Value and risk are two sides of the same coin. MoV minimises risk by making the most effective use of resources. Both solutions also aim to keep the project’s scope in check|
What Makes MoV So Compatible
These best practice frameworks aren’t just compatible in theory. There is a lot of continuity between them, even though they were formed years apart from each other. The Central Computer and Telecommunications Agency (CCTA) published PRINCE2 in 1996, while the Office of Government Commerce (OGC) published M_o_R in 2002. However, by the time M_o_R was published, The OGC oversaw all these frameworks. This one government department handled every revision in the Global Best Practice Solutions portfolio.
In the last decade, OGC (and now AXELOS) has gone further to integrate these solutions. This was one of the goals of the M_o_R and PRINCE2 2009 refresh. Their manuals introduced ways to integrate the other Best Practice Solutions like MoV. Not only that, the manuals were redesigned according to updated style guidelines. All the solutions in the portfolio received the same treatment to make them more consistent with each other.
Beyond Global Best Practice Solutions
While not part of the Best Practice Solutions portfolio, Lean and Six Sigma share many principles with MoV. All of them aim to eliminate waste and maximise efficiency. The big difference is that Lean, Six Sigma and Lean Six Sigma all focus on the delivery process. MoV is compatible, but it will take some adjusting. Don’t expect every method to use familiar style guidelines.
No matter how familiar you are with the Beyond Best Practice Solutions guidelines, it’s surprisingly easy to get MoV-certified. MoV was made from the ground-up for versatility and you can start working it into your current work processes. See the MoV training we offer and get qualified. For questions about MoV or any of our other courses, please visit our contact page.