The Value of a Project Management Methodology
His experience includes the development of online courses on monitoring and evaluation, project management and monitoring information systems. Rodolfo has trained people in more than 20 countries with a special focus in Latin America and the Caribbean. He is based in Washington D. Home Categories Authors Feeds. Home Categories Authors. Project Management for Development.
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The Value of a Project Management Methodology A good project management methodology provides the framework, processes, guidelines and techniques to manage the people and achieve the project objectives. The cost of developing and implementing a project management methodology are offset by: Completing projects effectively and efficiently. Once the processes, procedures and templates are created, they can be used and improved by future projects.
This results in reduced effort to start the project, a shorter learning curve for project team members and time and budget savings from not having to reinvent processes and templates from scratch on each project. Better results through better planning. Projects experience problems because there is a difference between what the donor expects and what the project delivers.
Using a methodology gives the project, the donor and the beneficiaries an opportunity to ensure there is a mutual understanding on what the project aims to achieve.
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Resolving problems more quickly. Having a proactive issues management process helps ensure that problems are resolved as quickly as possible and reduces the time project managers spend dealing with issues Resolving future risk before the problems occur.
A sound project management methodology includes processes that facilitates the identification of potential risks and the development of risk response plans before the problems actually occur.
Project Management for the Creation of Organisational Value
Managing expectations with stakeholders more effectively. A project management methodology focuses on the development of formal and informal communications, which results in improved understanding of the project objectives and approach among the different stakeholders Improved financial management. Occurs as the result of better project definition, better estimating, more formal budgeting and better tracking of the project actual costs against the budget.
Rate this blog entry:. Improve the Management of your Personal Time. What is Process Management? About the author. Rodolfo Siles View author's profile More posts from author. Monday, 19 November Do you know how to back up your Project Data? Monday, 05 November Improve your management skills with these seven communication Tips. The customer gets the benefit and the performing organization which implements the project receives some business profit. Activities for creating a better working environment and improving skills of customer support staff can be organized into a single project that should deliver:.
The value of this project will be that customers receive better support service the benefit because the number of satisfied requests is increased. The business profit will be that the organization gets more loyal customers and earns better reputation because the customers are satisfied and ready to purchase more products or order new services.
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That is all briefly about the concept of value management in projects. Value management is a combination of planning tools and methods to find the optimum balance of project benefits in relation to project costs and risks. It is the process of planning, assessing and developing the project in order to make the right decisions about the optimized balance of the benefits, risks and costs.
Project value management allows increasing the likelihood of producing the deliverables and creating the benefits. Following the given value management definition , a project manager needs to know how to critically appraise and analyze all tasks, activities and processes involved in the project in order to determine whether better value alternatives or solutions are available and to apply right decisions. The main idea is to ensure the number of wasteful processes is reduced and inefficiency in specific aspects of project implementation is avoided.
Value management is close to benefits management, but these two concepts within project management are not same.
by Ofer Zwikael
When we talk about managing benefits within a project, we focus on the actual results in relation to the expectations, so that to define whether the benefits are delivered to the customer. Project benefits management is generally about planning deliverables of the project.
Meanwhile, value planning and management within a project is about balancing the expected benefits with available financial resources and mitigating the probability of risk occurrence that may cause project failure. When we talk about project value management , we focus on cost analysis and risk mitigation and look for ways to make the benefits valued to the customer. The importance of implementing project value management consists in enabling customers to set and achieve their needs through workshops and status meetings that facilitate teamwork, collaboration and end-user buy-in.
Implementation of various value management models allows focusing on function and value for money, not cutting cost.
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