Put simply, it is a structured approach to defining what value means to a client, then establishing clear objectives, and understanding how these can be met. It is about making sure that the programme or project is heading in the right direction, at the outset and at key milestones.
The appropriate code, BS EN 12973, goes further, and defines VM as “a style of management, particularly dedicated to motivating people, developing skills and promoting synergies and innovation, with the aim of maximising the overall performance of an organisation.”
Cabinet Office drives the value agenda
The Cabinet Office published its new Management of Value (MoV) guidance in November 2010. This sets out the requirements for maximizing the value of resources to get the best financial and non-financial benefits from programmes and projects. It is aimed at those with responsibility for directing programmes and projects as well as managing them through to delivery.
The guide was initiated by the OGC before its recent move from the Treasury to the Cabinet Office's Efficiency and Reform Group.
Early application maximises benefits
The greatest opportunity to improve value is by taking advantage of value management at the earliest stages of a programme or a project. This early start is made even more critical by the fact that the cost of making changes increases with time.
...and more benefits
In addition to securing the organisational or project objectives, and optimising value for money, VM can also:
Act now to optimise value for money
Cordelis can guide you through the principles of value management, and demonstrate how you will benefit from early application, tailored to meet your needs. The earlier you start on your project life cycle, the higher the potential rewards.