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Christine do u mean over and above the value we deliver with our projects?
Thanks for your response.. I'm mean innovation and value. How to do create innovation and value over the life cycle of a project.
You could explain both if you don't mind. how do you do it now and how over and above.
Value and Innovation is created by doing value engineering to your projects while maintaining quality and delivering exactly what the customer wants for the best possible price and timeline.
What is critical to understand is: value is a subjective matter. You must transform it into objective ones. How do that? You need to define your client then you can define value. That´s all you need. Instead of value, the "new wave" (including the PMI) is behind benefit. So, my recommendation, is working on benefit. Obviously to define benefit you must define value first.
One way is to always think about value from the start of your project and throughout the project; not just as an end goal. Value can be many things to your customer, or to other stakeholders. It may be to deliver on time and on budget, or it may have to do with knowledge gained (ie. training programs) and less priority given to triple constraints.
Continual reflection and adaptation to ensure actions proide value and realize what provided value yesterday, may not provide value tomorrow.
Value needs to be defined and understood from the customer's perspective. Then you can drive innovation & value creation by ideating and doing continuous improvement through Lean & Six Sigma strategies (to name a few).
Per Andrew's comments here, we have to be consistently adapting to changes.
It's rare that a PM would innovate or generate value by themselves so our role is to create an environment which inspires the talented people working with us to do so. This also involves removing blockers to innovation and value generation, looking at decisions with a "value lens" to reduce the creation of waste and not being afraid to challenge authority...
Hi Christine, my book is on this very subject. The Business of Portfolio Management - Boosting Organizational Value is available from the PMI, Amazon, Fishpond et al. PM professionals can assist in creating and capturing value in a.variety of ways. This especially when in a value delivey environment when inherent value needs to be secured. Watch the webinar on PM.com and get the book also!
Sometimes we confusions "create value" with value add, but in project management, create value is linked with engineering of value. Therefore, "create value" must be considered from proccess of plannification, accorded with the quality demanded for the customer.
The approach and the team of the project is also involves in the generation of value.
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