Management of Value (MoV®) unifies several successful practices. It is the sum knowledge of value management gained from many sectors over many years. MoV combines these established methods with the AXELOS-owned Programme and Project Management guidance.
The MoV guidance helps organisations by supplementing their current management practices. As a successful, proven methodology, MoV can increase the value delivered, and optimise the use of resources.
Senior Managers are able to introduce MoV to portfolios, programmes, projects or operations. They can also use MoV to supplement other management methods. Ultimately, Senior Managers use MoV to optimise the use of resources. By enhancing the delivery of essential benefits, they improve value for money.
Senior Management is just one part of the P3RM community that benefits from MoV. It is useful to anyone involved in portfolios, programmes and projects. This includes Programme Managers, Project Managers, Change Managers and Project and Programme Office staff, and even sponsors. Anyone whose roles includes directing, managing or supporting can benefit from MoV. Risk Managers can also make use of MoV. It enables them to effectively identify and manage opportunities. MoV builds on the good practice P3RM guides provide. The end result is the maximisation of value.
This is how portfolios, programmes and projects all use MoV:
For MoV, portfolios reflect what the organisation wants to achieve and set the agenda for programmes. The projects deliver, and are defined by, the objectives.
The Portfolio and Programme levels report on Outputs and Lessons from MoV applications. They inform management and share lessons for improvement across the portfolio.
For projects, MoV takes its direction from Programme Management. They set the agenda for delivering organisational benefits.
How MoV integrates with other Project Management methodologies
MoV supplements the main purposes of PRINCE2, MSP and M_o_R:
· PRINCE2 - Justifying business benefits and delivering them through projects.
· MSP - Delivering transformational change with good programme management practices.
· M_o_R - Identifying, assessing and controlling risks.
Because MoV maximises value, it does more than work with these methodologies. It makes it easier to justify business decisions (including transformational change) and control risk.
MoV also prioritises customer involvement, efficiency and the elimination of waste. These principles are shared with Lean and Six Sigma. While Lean and Six Sigma focus on efficient delivery, MoV focuses on efficiency, effectiveness and economy. MoV delivers more of the right things, for less. When times are good, the demand is to deliver more with less to remain competitive. In leaner times, the demand is to cut costs while inflicting as little harm as possible. Sometimes, activities and projects are stopped altogether to add value. MoV addresses this in an objective and auditable manner.