Project Management Institute

NEW - Mastering Value Delivery: Integrating Benefits Realization and Risk Optimization to Generate Value with Michel Thiry

Description

Topics: Strategic Application and Governance | Benefits Realization | Risk Mitigation | Stakeholder Engagement

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/.

Click here for full course details.

 

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.

PDU Allocation Table

The table below displays the number of professional development units (PDUs) awarded for each PMI® credential, as they align to the PMI Talent Triangle®. Leadership and Strategic PDUs apply evenly across all credentials and Technical PDUs apply only to specific credentials. PDUs will be added in full to all eligible credentials.
Technical Leadership Strategic Total
CAPM / 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
pmi_talent-triangle_alignments_technical_rgb pmi_talent-triangle_alignments_leadership_rgb pmi_talent-triangle_alignments_strategic_rgb pmi_talent-triangle_alignments_rgb

*Please note that the asterisked row above applies to all PMI Agile certifications, this includes DASM, DASSM, DAVSC and DAC.


Seminar Instructor(s)

Michel

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 a seminar leader for PMI's SeminarsWorld® 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.

Course Information

PDUs
14
CEUs
1.4
Level
Advanced
Length
2 Days
Dates
12 - 13 July 2021

Price

Member Price
US$1560.00
(US$1456.00 before 14 June)
Non-Member Price
US$1862.00
(US$1612.00 before 14 June)
Government Pricing
US$1456.00

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