Being 'on budget' is not a primary measure of success. Delivering the optimum net value is success. The TOP Value Equation makes optimization possible
The first question you ask of a proposed project will impact its success. Ask, "What will this do for the profit?" and you've changed the conversation.
Projects will continue to fail unless you do something different, such as define your project's Value Equation to define and then deliver the full value
Your clear, specific, and measurable 'desired business outcomes' should be drafted at the very start and should then drive every aspect of your project. But sadly, few projects identify them...
Stakeholder management ignores the fact that the business areas impact, management and sponsor are the owners and investors
Project success requires you to know all of the activities required, your path dependencies and your benefits' up-to-date value. Do you know this for your project?
The TOP Value Equation equips you to define and deliver true project success that maximizes the business value realized
The obstacles to the successful implementation of benefits management come in all shapes and sizes, but boil down to three root causes.
Technical projects are often hard to justify in business and financial terms. This is a problem the TOP Value Equation resolves simply.
With this 'black hole' you can lose control of your project and what you're trying to achieve. Yet the TOP Value Equation can fill this hole.
If you see value delivery as an extension of project delivery you will severely compromise the business value delivered, as we explain
Benefits management and measurement is easy if you set up your projects to track and deliver the value.
The definition of your desired business outcomes is the 'holy grail 'of projects that every manager needs to understand.
The success of most projects is measured by time and cost - the inputs. Success should instead be measured by what comes out of the project.
Benefits don't just happen, they have to be planned, actioned and delivered. Benefits delivery is a change process - not a measurement process.
Your benefits' value is controlled by your scope and portfolio management processes
Benefits Management can be simple, easy and effective. While there are five alternatives, the TOP approach ensures you deliver the benefits.
Defining clear, specific, measurable desired business outcomes changes your project, reduces your costs and increases the value. Really!
A 'project delivery' mindset generated business case can easily miss massive business value. A different "value delivery" mindset is required.
Strategic growth is too often undermined by a lack of value delivery processes. Five in particular that can be easily put in place.
When you put benefits center-stage, the value of the benefits identified and 'banked' increase exponentially. It makes sense and is simple to do
How you frame project governance training determines the level of acceptance by executives. Here is a simple and powerful approach
Too many projects deliver compromises that adversely impact business operations for years. This is a waste and the opposite to success.
A simplistic approach to benefits measurement can actually destroy value. A simplified approach can ensure you realize the value.
The use of 'sliders' as quality controls can cause projects to be compromised at the outset - which is totally unnecessary and very wasteful.
The idea of projects not being responsible for benefits is false and needs to be rejected.
Projects do not just exist to solve problems, they are commissioned to deliver the business benefits and value.
Managing the 'iron triangle' is not the key control, you need to manage scope and value to get the benefits you expect.
There are eight steps that easily move your projects to optimization - more value for less cost. Avoid unnecessary compromise.
Each of the project, business and executive roles, timeframes and measures of success on project delivery are different
If you fail to actively deliver the post-project benefits, you can lose over 50% of the available value. You need a simple, effective process to ensure you deliver the benefits.
Value loss from poor scope management comes in two forms – missed value and destroyed value. When changing, project scope can eliminate some or all of the project's value, this needs to be carefully managed by the governance team.
Most business cases miss at least 25% of the value available from the project. That's a quarter of the potential project value lost before you even start. You can easily fix it.
Own goals? On-time/on a budget are measures of project efficiency, not business value. Until we take a business perspective, we'll continue to disappoint our business partners.
Looking the wrong way
In our governance training, we emphasize that governance is about two things above all else – the delivery of desired business outcomes, benefits and value, and taking action. Project governance is not for watchers.
The difference between an Audit and a Diagnostic
Do recruitment supplier panels add value or destroy it?
Are Project Managers a ‘commodity’?
Solving the non-problem
TOPics
- Benefits Management (29)
- Business Case (24)
- Business Simplification (5)
- Capability Development (38)
- Capital Investment (24)
- Change Management (17)
- Consultants (1)
- Costs and Waste (16)
- Engineered Thinking/Ideas/Innovation (8)
- Fifteen Critical Insights (15)
- Idea / Project Initiation (3)
- Mental Models, Beliefs and Myths (18)
- Outcomes Thinking (10)
- Path Dependency (10)
- Prioritization (13)
- Process Management (11)
- Productivity Improvement (7)
- Program / Project delivery (40)
- Project Controls (52)
- Project Governance (90)
- Project Management (4)
- Project Success (46)
- Project Validation (2)
- Risk Management (5)
- Scope Management (5)
- Standards/Frameworks/Methods (14)
- Strategic Project Portfolio Management (16)
- Strategy Execution (40)
- The TOP Four Lenses (1)
- TOP compared to orthodox approaches (7)
- Value Delivery (83)
- Value Equation (60)