Friday | 5 December, 2008
Refocusing Projects Onto Business Value, Part 18: A Value-Focused Project’s Characteristics
Does your value-focused project look like this?
What does a value-focused project look like?
- One person, the Sponsor, is visibly accountable for the actual (nett) value realized from the project. The Sponsor is supported by an informed, knowledgeable, and active Steering Committee.
- The project’s ‘desired business outcomes’ are defined in measurable terms and used as the focal point for all aspects of the project.
- The project’s solution scope is clearly defined in relation to which ‘desired business outcomes’ and associated benefits will be delivered by the project.
- Projects are proposed, evaluated, prioritised, and selected on the basis of their value proposition, risk profile, strategic alignment, capability to do, and capacity to resource and deploy.
- Projects are focused on delivering to three sets of success measures — project, governance, and business measures.
- Project teams plan the delivery of the project, the business outcomes, and the (post-project) benefits.
- Risk management is focused and targeted on the areas of greatest risk, and all common risks are fully assessed and profiled.
- The nett value and viability of the project is known at all times and is formally validated at least quarterly.
- The whole project/program is approached as a ‘business change’ project with any technology/systems managed as an enabling work stream.
- Projects are managed on a ‘profit and loss’ basis — with the focus on maximizing the (long term) profitability of the project’s outcomes.
- Realization of the business benefits and value is recognized as the primary driver of and reason for the project — all dimensions of the project are aligned to deliver this value.
- Business management owns and actively leads the project and its successful implementation into the business.
- Project health checks are used to verify that each and every dimension of the project is aligned to and working towards the full and successful delivery of the maximum value.
Does your project look like this today?
Comment on our blog at valuedeliverymanagement.com
Click here for the 17th article in this the series "Refocusing Projects Onto Business Value, Part 17: Project Alignment Management"
Click here for the first article in this the series "Refocusing Projects onto Business Value, Part I: The Need".
Jed Simms is CIO magazine's weekly project management columnist. Simms, founder of projects and benefits delivery research firm Capability Management, is also the developer of specialized project management and project governance Web site www.project-sponsor.com
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