Mastering Value Delivery: Integrating Benefits Realization and Risk Optimization to Generate Value with Michel Thiry
What You Will Learn
Upon completion of this course, participants will be able to:
- Organize the personal and business requirements necessary to set up a value delivery system and generate business value.
- Express how to identify, agree, assess, and realize benefits in alignment with organizational objectives and strategic goals.
- Propose the development of a value generation framework and culture that integrates benefits realization and risk optimization.
Description
The value delivery system (VDS) is a central element of PMI’s A Guide to the Project Management Body of Knowledge (PMBOK® Guide) – Seventh Edition and of Disciplined Agile® (DA™) that emphasizes the need to increase value realization through value streams. The whole of Chapter 7 in PMI’s The Standard for Portfolio Management – Fourth Edition is dedicated to portfolio value management, and The Standard for Program Management – Fourth Edition states that one of the objectives of a program is to generate or preserve organizational or business value. In addition, PMI’s Benefits Realization Management: A Practice Guide states that project and program outputs result in outcomes, which yield benefits and, ultimately, organizational value. Although value is a central element to projects, programs, and portfolios, few organizations know how to deliver value consistently, especially in today’s VUCA (volatility, uncertainty, complexity, ambiguity) context where creativity and innovation are essential.
This training aims to reveal methods to set a value index and use it to prioritize business initiatives, not only on their alignment to objectives, but also on their achievability or overall risk. Sponsors and portfolio, program, and project managers will be able to draw practical methods to define, measure, and deliver value to the business through projects, programs, and portfolios. Traditionally, value was considered as a ratio between quality and cost, and more recently, between benefits and resources used to achieve them. The value ratio is the basis for many analysis techniques such as the ROI (return on investment) or project management’s scope-quality/time-cost. We will examine value as a ratio between the alignment with stakeholders’ expected benefits and the achievability of the proposed solutions, which will allow us to calculate the value index. We will consider benefits realization management (alignment) as one aspect of the value index and risk optimization (achievability) as the other aspect of that ratio.
AGENDA
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- Organizational Strategy Development and Implementation
- Organizational agility (Transform and Run Concepts)
- Mastering Value in a constantly changing environment (VUCA)
- What is Value?
- Background & basic concepts
- Value Delivery System
- Benefits Realization Management
- Risk Optimization
- Integrated Process & Opportunity Chain
- Value Management as a Creative Decision Process
- Decision-Making and Governance
- Paradigm shift
- Generating Value (Practical methods)
- Value Planning (stakeholder elicitation)
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- Generating Value (Practical methods)
- Organize benefits & set measures of performance
- Value Creation/Assessment (value index)
- Value Generation (delivery, transition & integration)
- Value Generation (Benefits realization & Risk Optimization)
- An Integrated Framework for Value Generation
Michel provided context and examples to supplement the material. He challenged the attendees to envision how we would utilize the concepts and tools in our organizations. He cultivated engagement in an effective way that really created an environment for exchange of ideas and multi-faceted learning.
March 2024 Attendee
This was my second course this week with Michel Thiry. This could on Value Delivery and Benefits Realization was great! The information was easily translated into real life examples, clear to understand, and easy in theory to apply in real-life. Would 10/10 recommend!
March 2024 Attendee
PDU Allocation Table
| Ways of Working | Power Skills | Business Acumen | Total | |
|---|---|---|---|---|
| CAPM® / PMI-CP™ / PMP® / PgMP® | 10 | 4 | 0 | 14.00 |
| PMI-ACP® / Agile* | 0 | 4 | 0 | 4.00 |
| PMI-SP® | 0 | 4 | 0 | 4.00 |
| PMI-RMP® | 0 | 4 | 0 | 4.00 |
| PfMP® | 10 | 4 | 0 | 14.00 |
| PMI-PBA® | 0 | 4 | 0 | 4.00 |
 |  |  |  |
Instructor(s)
Michel Thiry PhD, PMI Fellow
Michel Thiry has extensive worldwide experience and has worked in many cultural environments. He is recognized as a worldwide authority in strategic applications of project, program, and value at the organizational level and has supported the development and implementation of a number of strategic programs for major corporations in various fields, including construction, financial, pharmaceutical, IT and IS, telecom, water treatment, transportation (air and rail), local government, and others, using agile and change concepts. He is a regular keynote speaker for major International events, both at the academic and practice levels since 1996, and an instructor for PMI Training since 2001. He has written and lectured widely, including 27 PMI global congresses and multiple keynotes at PMI chapter annual conferences worldwide, and been invited to sit on expert panels in international academic and practitioner forums.
In 2013, PMI published a revised and updated version of his book A Framework for Value Management Practice. His 2010 book Program Management has been presented with an Award of Merit by the Canadian Project Management Association and is on PMI’s recommended list of readings for the PgMP® Exam. The second edition has just been published. In addition, he has written a number of book chapters on value, program and portfolio management in prominent PM books such as the Gower Handbook of Project Management, 3rd and 4th editions, and the Wiley Guide to Project, Program and Portfolio Management, published by Wiley (2007). He was also a contributing editor for PM Network from 2003 to 2008, a “significant contributor” to the PMI Standard for Program Management, 3rd Edition (2013), and was on the core team of the new PMI Practice Guide to Managing Change in Organizations (2013).
Michel has obtained an MSc in organizational behaviour with the School of Management and Organizational Behaviour at the University of London, and a PhD on the contextualisation of project organizations at Middlesex University. In 2006, he was elected PMI Fellow for his continued contribution to project management, and in 2007 he was nominated Fellow of the Association for Project Management. In 2008, he was awarded a Life Achievement Award by the Canadian Society of Value Analysis. In 2014, he was awarded the PMI Eric Jenett Project Management Excellence Award for outstanding contributions to the practice of the profession, and leadership in advancing project management concepts, techniques, practices, or theories.