NEW - Mastering of Value Delivery: Integrating Benefits Realization and Risk Optimization to Generate Value with Michel Thiry
DescriptionTopics: Strategic Application and Governance | Benefits Realization | Risk Mitigation | Stakeholder Engagement
You will earn 14 PDUs/1.4 CEUs with this course. Please check back soon for the PDU allocation table details.
The “Value Delivery System” is a central element of the new 7th edition of PMI’s PMBOK® Guide and of Disciplined Agile that emphasizes the need to increase value realization through value streams. The whole of Chapter 7 in the PMI Standard for Portfolio Management — 4th Edition is dedicated to portfolio value management and the Standard for Program Management — 4th Edition states that one of the objectives of a program is to generate or preserve organizational or business value. As well, PMI’s Benefits Realization Management 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 consistently deliver value, especially in today’s VUCA context where creativity and innovativeness are essential.
This seminar 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, 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 the portfolio. 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 vs 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.
We will discuss how:
- Benefits must be identified, agreed, delivered, and sustained.
- Risks thresholds, or overall risk, define the achievability.
- Value integrates both concepts to give managers a means to identify the solutions that will best align with the organization’s strategy and offer the highest achievability factor.
This seminar is designed for experienced program managers, PMO managers, chief project officers, project directors and senior managers who need to sponsor or manage business initiatives. You can gain some insight into the seminar topics by reading the Michel Thiry’s Posts: https://www.apm.org.uk/blog/making-sense-of-value-what-is-value/; https://www.apm.org.uk/blog/the-value-index-how-to-measure-value/; https://www.apm.org.uk/blog/how-to-balance-benefits-delivery-with-risk-optimisation-to-realise-value/.
What You Will Learn
Upon completion of this course, participants will be able to:
- Master the personal and business requirements necessary to set up a value delivery system and generate business value.
- Clarify how to identify, agree, assess, and realize benefits in alignment with organizational objectives and strategic goals.
- Govern business initiatives through benefits and risk optimization and make recommendations for changes that will maintain or enhance value.
- Support the development of a value generation framework and culture that integrates benefits realization and risk optimization.
- Encourage creativity, innovation and entrepreneurship in teams and other stakeholders through agility and facilitated sense-making and ideation activities.