Management of Value (MoV) Foundation

Course introduction:

●      Introduction to value management and MoV

●      Value and Value Management

●      Capabilities, Outcomes, Benefits and Disbenefits

●      What is Value?

●      What is Management of Value (MoV)?

●      Why use MoV?

●      Where use MoV?

●      When MoV should be used?

●      What using MoV involve?

●      Selected MoV benefits

●      Relationship with other AXELOS Global Best Practices and Models

●      How MoV fits with other AXELOS Global Best Practice Guides

MoV principles

●      Align with organization’s objectives

●      Focus on functions and required outcomes

●      Balance the variables to maximize value

●      Apply throughout the investment decision

●      Tailor MoV to suit the subject

●      Learn from the experience and improve

●      Assign clear roles and responsibilities and build a supportive culture

MoV processes

●      Frame the program or project

●      Gather information

●      Analyse information

●      Process information

●      Evaluate and select

●      Develop Value Improving Proposals

●      Implement and share outputs

Lunch

MoV techniques

●      Function Analysis

●      Function Analysis System Technique (FAST)

●      Traditional (or classic) FAST

●      Technical FAST

●      Customer FAST

●      Value Trees

●      Measuring value

●      Value profiling (a.k.a. value benchmarking)

●      Simple multi-attribute rating technique (a.k.a. SMART)

●      Value index

●      Value metrics

●      Value for money (VfM) ratio

●      Value Engineering / Analysis

Recap Day 1

Common techniques used in MoV

●      Analysis of information

●      Benchmarking

●      Process Mapping

●      Root Cause Analysis

●      Discounted Cash Flow Analysis

●      Generating Ideas

●      Brainstorming

●      Evaluation and option selection

●      Option Selection Matrix

●      Idea selection

●      Allocation to Categories

●      Idea Selection Matrix

●      Weighting techniques

●      Paired Comparisons

●      Points Distribution

●      Developing VIPs

●      Developing Proposals

●      Cost-Benefit Analysis

●      Building Decisions

●      Implementing VIPs

●      Implementation Plans

●      Feedback

●      Following up

●      Tracking Benefits

Approach to Implementation

●      A generic approach to MoV implementation

●      Plan the MoV activities

●      Understand and articulate value

●      Prioritize value

●      Improve value

●      Quantify value

●      Monitor improvements in value

●      Learn lessons

Environmental factors

●      Portfolio Considerations

●      Programme considerations

●      Project considerations

●      Operational Considerations

Lunch

●      Embedding MoV into an organization

●      Benefits of Embedding MoV into an organization

●      MoV Policy

●      MoV Policy – Composition

●      Embedding MoV into an organization – Key steps

●      Suggested MoV Management Structure

●      Overcoming barriers

●      We do it anyway

●      It takes up too much time

●      We can’t afford to make the changes

●      What’s in it for me?

●      Don’t fix it if it ain’t broke

●      Fixed returns on investment

MoV products

●      Briefing Meeting Agenda (A.1)

●      Communications Checklist (A.2)

●      Equipment list for an Effective Study/Workshop (A.3)

●      Invitation to join the Study Team (A.4)

●      Option Evaluation Matrix (A.5)

●      Plan the Study (A.6)

●      Recording Idea Selection (A.7)

●      Reporting Study outputs (A.8)

●      Scoping the Study (A.9)

●      Study or Workshop Handbook (A.10)

●      Value-Improvement Proposal Forms (A.11)

●      Value Improvement Tracking Report (A.12)

MoV toolbox

●      MoV health check and maturity model

●      P3M3 Maturity Model

●      MoV Maturity Model (aligned with P3M3)

Recap Day 2

●      The main processes and techniques used within MoV and the reasons for using them

●      How MoV may be applied at portfolio, program, project, and operational levels

●      The differences in applying MoV at different stages in a project and the expected outputs from an MoV Study at each stage

●      The circumstances under which MoV should be used

●      The concept of the value and how value may be improved

●      The main benefits arising from the use of MoV

●      Approaches for implementing MoV

●      How to respond to external and internal influences

●      The principles of embedding MoV into an organization

●      The key topics in document checklists, the toolbox, health check, organizational maturity and individual competence.

Day 1

●      Introduction to value management and MoV

●      MoV principles

●      MoV processes

●      MoV techniques

●      Recap Day 1

Day 2

●      Common techniques used in MoV

●      Approach to implementation

●      Environmental factors

●      Embedding MoV into an organization

●      MoV products

●      MoV toolbox

●      MoV health check and maturity model

●      Recap Day 2

The course will be of benefit to all levels of management including:

●      Corporate Managers – responsible for instigating MoV studies with a view to starting new programs or projects

●      Program Managers – responsible for making sure programs deliver the best value solutions taking into account the views of the stakeholder’s

●      Project Managers – responsible for delivering products from their projects that represent the best value for money solutions

●      Operational Managers – responsible for undertaking MoV studies to assist in reviewing operational procedures and improving efficiency

●      Any other professionals who have an interest or responsibility for Management of Value within their organization