On March 31st, Joanna and I held a Webinar on projectmanagement.com titled A Successful Business Strategy: Value Delivery. If you want to listen to the webinar click here.
Thank you to all those who asked questions on the live webinar. We were able to answer many, but unfortunately, we run out of time to answer all the questions. In this post, we are providing written responses to those questions. If you have any further questions, please contact us. Thank you for your support and great questions and comments.
Q: There does not appear to be much helpful to project management itself in this presentation, but more to product management.
A: As a project manager, we would encourage you to think about what is the product or service your project is creating or enhancing. Ask the question if this product adds value to your customer? Will the product help your organization achieve its strategy? If not why is the project being done?
Q: Have you come across examples where Value has been placed and measured against "Innovation" as opposed to Continuous Improvement, e.g. under Kaizen models.
A: We believe the two are related. To get continuous improvement, especially for functionality you need to innovate.
Q: Virginia Mason healthcare organization in Seattle is well known in the area for adopting a production system similar to Toyota's. That is who they learned it from but they have adopted it into healthcare.
A: Good to hear! Congratulations to Virginia Mason healthcare.
Q: How can you tie ROI into this? excellent presentation!!!
A: Good question, Adding value to products in general increases sales and eliminating waste cuts costs. Both of these are elements of the ROI. It is important to ensure you understand how your project supports your organization’s strategy.
Q: What webinar and what date will both of you be hosting next?
A: Our next webinar is June 17th at 2 PM ET and we will be talking about Agility and why agility is important in all aspects of life and business.
Q: How to balance between customer satisfaction and the cost of quality in poor countries?
A: We would not think of this as a balance. Instead, you need to focus on the value you are delivering to your customers where they are. Your question points out the importance to segment your customers as the value can be different for each segment. Remember to use personas to help you.
Q: How to create customer trust & advocacy in a competitive market with a low margin of profitability?
A: Good question and one that deserves a longer response. We will add it to our list of future webinar topics. Two brief comments. Look at ways to eliminate waste to create more cash to focus on value-added activities for your customers. Second, there are many things you can do to build trust that does not cost money. For example, when you talk to your customers, use activity listening and show empathy. It does not cost anything, but it goes a long way to build trust and loyalty.
Q: Would it be true that Value = Cost + Waste?
A: No, value is everything minus waste, and therefore additional cost. Because of the end of the day, you want to create more value and eliminate as much waste as possible.
Q: How can we always have a working product when deciding the business value for each customer story?
A: This comes some to writing great user stories and prioritizing them so you are delivering value with each release. Use user stories that have an outcome that produces value.
Q: Is there any recommended mechanism to align Value Mapping with Stakeholder Benefit mapping?
A: No, but they go hand in hand. When you go through the process mapping, you can align the stakeholder benefit to identify the steps that add no value to your processes.
Q: Where does Lean Six Sigma fit in?
A: Lean six sigma is another approach to eliminate waste.
Q: What is your Product Owner webinar called?
A: We have done three webinars on projectmanagement.com on product ownership:
Products Deliver Strategy - Projects Deliver Products, March 12, 2020
Product Management, The Fourth P of Project Management, July 9, 2020
Customer Feedback - Nuggets of Gold, December 8, 2020
Q: I am sorry but I had hoped for learning something new about project management, not product management value. No much use to me as a project manager.
A: Respectfully we disagree. As project managers, we can add value to our employer and eliminate waste in our organization by ensuring we are working on projects that deliver value to customers and benefits to our organization.
Q: Isn't the big picture included in the business case?
A: In some cases, but not all business cases are the same and used by all organizations.
If you have any other questions or comments, please reply to this blog post.