Project Management

Please login or join to subscribe to this thread

What can project managers do to measure and monitor whether realization of project value is likely ?

linkedin twitter facebook  
avatar
SHADAV MOHAMMAD ANSARI PMO| ITC INFOTECH INDIA PVT. Ltd. New Delhi, Delhi, India
What can project managers do to measure and monitor whether realization of project value is likely ?
Sort By:
avatar
Deepesh Rammoorthy ICT Project Manager ( PMP®AgilePM®Certified ScrumMaster® (CSM®))| Australian Red Cross Blood Service Tarneit, Vic, Australia
In my PM experience, after Handover to operational support , my responsibility ends after the signing off of the Project Closure Report.
True Benefits realization of the product, service or result is then the responsibility of the Operational Manager.


As a PM, I can still report through Project closure report on whether or not my project achieved the scope as per the scope statement/Business case and the Project Plan and can also report on the immediate tangible benefits that I can see .

I can also report on the benefits that I am likely to see in my Scope Management Plan section of my Project Management Plan

During the monitor and control phase I can keep track on the progress towards achievement of that benefit for example:-

Manual processes being replaced by a new electronic system or
A new Web application which will enable the capturing a business process workflow which previously did not exist.
avatar
Shilpi Gupta Senior Operations/Project Manager Gurgaon, Haryana, India
A project manager should define metrics and measurements that will form the basis of how well a process is performing and improvements needed if any. Both tangible & intangible benefits should be captured in detail as project charter is evolved and finalised.

Once the project is handed-over to Operations team, a member from PMO is assigned to track and report metrics for a defined interval of time until it can be established that the process is stable and making progress towards the desired target. This has worked well in some of the projects that I have been a part of.
avatar
SHADAV MOHAMMAD ANSARI PMO| ITC INFOTECH INDIA PVT. Ltd. New Delhi, Delhi, India
Well Noted.
avatar
Kiron Bondale Retired | Mentor| Retired Welland, Ontario, Canada
Other than defining how business value will be measured, a project team can also capture a baseline for this information if none exists, work with their customer to ensure benefits are tracked over the lifetime of the project and confirm who will take ownership for this activity after the project has closed.

Kiron
avatar
Abolfazl Yousefi Darestani Manager, Quality and Continuous Improvement| Hörmann-TNR Industrial Doors Newmarket, Ontario, Canada
I would support Deepesh and Kiron ideas.
avatar
Steve Ratkaj Ontario, Canada
A project can be on time, within scope, and within budget, but can it really be successful if the key stakeholders are not satisfied? Is the project of any "value" if it failed to meet its primary objectives? To help measure project "success" along the way, it is crucial to engage key stakeholders and ensure "buy-in" into what and how the project is doing and accomplishing. I've been witness to many projects that actually failed to meet the expectations of "end users" because they were never part of the PM process(es).
avatar
Emmanuel Perez Guillen Sr Program Manager| Cisco Systems Mexico, Edo De Mexico, Mexico
The Value of Project Management in a fast-changing environment urges you to adapt as company and individual to respond rapidly, become more global, more competitive, more demanding, more efficient, more productive. In simple terms, "do more with less."

You must do this in a strategic manner with the proper management controls
The value conditions should be established by all the key stakeholders (not only the lonely PM)
Some strategic value points might include:

For a Company:
-Is this project really linked to a strategic business goal or is just a pet project as stated in scope/charter?
- A controlled way to rapidly respond to changing market conditions and new strategic opportunities, Creating environments of focus and open communication, Allows organization to accomplish more with less costs
- Enable better leverage of both internal and external expertise
- Provide key information and visibility on project metrics to enable better management decision-making
- Increase the pace and level of stakeholder acceptance for any strategic change
- Reduce financial losses by "killing off" poor project investments early in their life cycles

For the Team(individuals At a personal level)
- Ensure that team work is put to the best use for the organization and properly recognized
- Provide a career path that offers unique, challenging opportunities on each new project
- Provide a career path that requires all of our abilities and knowledge, including our management, business, people, and technical skills
- Provide a career path that is high in demand, and generally, an increase in income
- Provide a career path that prepares you and the team (whoever desires) for enterprise leadership positions (such as CxO positions)
- Provide a career path that allows you to be on the front lines of strategic organizational initiatives and have major impact on the company's future

Emmanuel
...
1 reply by SHADAV MOHAMMAD ANSARI
Feb 28, 2019 11:21 PM
SHADAV MOHAMMAD ANSARI
...
Well Explained Emmanuel. Thanks.
avatar
SHADAV MOHAMMAD ANSARI PMO| ITC INFOTECH INDIA PVT. Ltd. New Delhi, Delhi, India
Feb 28, 2019 12:42 PM
Replying to Emmanuel Perez Guillen
...
The Value of Project Management in a fast-changing environment urges you to adapt as company and individual to respond rapidly, become more global, more competitive, more demanding, more efficient, more productive. In simple terms, "do more with less."

You must do this in a strategic manner with the proper management controls
The value conditions should be established by all the key stakeholders (not only the lonely PM)
Some strategic value points might include:

For a Company:
-Is this project really linked to a strategic business goal or is just a pet project as stated in scope/charter?
- A controlled way to rapidly respond to changing market conditions and new strategic opportunities, Creating environments of focus and open communication, Allows organization to accomplish more with less costs
- Enable better leverage of both internal and external expertise
- Provide key information and visibility on project metrics to enable better management decision-making
- Increase the pace and level of stakeholder acceptance for any strategic change
- Reduce financial losses by "killing off" poor project investments early in their life cycles

For the Team(individuals At a personal level)
- Ensure that team work is put to the best use for the organization and properly recognized
- Provide a career path that offers unique, challenging opportunities on each new project
- Provide a career path that requires all of our abilities and knowledge, including our management, business, people, and technical skills
- Provide a career path that is high in demand, and generally, an increase in income
- Provide a career path that prepares you and the team (whoever desires) for enterprise leadership positions (such as CxO positions)
- Provide a career path that allows you to be on the front lines of strategic organizational initiatives and have major impact on the company's future

Emmanuel
Well Explained Emmanuel. Thanks.

Please login or join to reply

Content ID:
ADVERTISEMENTS

"If you must play, decide on three things at the start: the rules of the game, the stakes and the quitting time."

- Chinese Proverb

ADVERTISEMENT

Sponsors







Vendor Events

See all Vendor Events

Newsletters

Jun 3: The Career Problem Facing New PMs
May 20: Your PM Career as a Project Life Cycle
May 13: The Big Lie After Layoffs

See all newsletters