Maximizing Project Value: Defining, Managing, and Measuring for Optimal Return

Maximizing Project Value: Defining, Managing, and Measuring for Optimal Return

Maximizing Project Value: Defining, Managing, and Measuring for Optimal Return

Maximizing Project Value: Defining, Managing, and Measuring for Optimal Return

Synopsis

What good is a project that's on time... on budget... and ends up providing your organization with no bottom-line results whatsoever? Whether it falls short of expectations, fails to ultimately be embraced by the people in the company meant to be using it, or simply lands with a thud in the marketplace, a project that doesn't truly deliver value is worthless at best. It's great to be on time and under budget, but to achieve positive results, project managers have to embrace an all-new philosophy of what it is they do for their organizations.

Maximizing Project Value shows you how to put the emphasis on value when managing a project, from the project's initial inception, all the way through its completion, and even farther down the road to determine whether it's of continuous worth to the company. This valuable guide offers a step-by-step plan you can use to establish the value of a project, identify value drivers and key performance metrics and then track and report them, organize a team for accountability, and much more. You'll get the tools and information you need to:

• Generate accurate value estimates in the proposal stage.

• Create a clear plan that identifies measurable and ongoing value.

• Establish buy-in from key players in your organization.

• Develop and use a process for managing the people responsible for implementing the plan.

• Adapt your project to meet changing business objectives.

Far too many projects lose sight of their original purpose due to shifting resources, changing organizational objectives, and other unexpected developments. Maximizing Project Value provides a clear, immediately usable blueprint for ensuring the kind of project success that truly provides value to your organization.

Excerpt

What is project success? I always find the answer to this question interesting when speaking with different executives and managers across the country during my seminars and workshops. Most of the time, during these seminars, I get quick and confident answers back, often with many people simultaneously saying the same thing—“being on time and on budget”—as if they were part of a congregation or cult. The fact is that we have all been taught this simple rule of project management: Thou shall not be late and thou shall not exceed the project budget.

I got it. If I deliver my project on time and on budget, my boss will be happy (this is good), I will be considered a good project manager, hopefully get promoted (this is great), and the company overall is better off because the project I just completed was a success. All is good.

Now don’t get me wrong, being on time and on budget is a good thing, but does this really mean that a project is successful? Is it possible that although a project is on time and on budget that the company is really better off? Perhaps the best way to answer these questions is to first define project failure. I can’t tell you how many times executives have told me that their project(s) failed because the solution implemented . . .

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