Build your future with up to 25% off
Click here to view all courses
Why Best Practice Solutions Are So Compatible with Each Other - Pt. 1 MoV®
By ILX Team | 23 January 2017
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:
- PRINCE2 – delivering justified business benefits through projects
- MSP – positive transformational change in programme management
- M_o_R – reducing uncertainty
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:
|
PRINCE2 |
MSP |
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 Agen