Friday, March 29, 2024

Project Completion – Judging Value Delivered

Bored JudgesThings have changed considerably in the world of project management over the years. At one point, inputs were the most important considerations, but today most projects are guided by value delivered on completion. Value-driven has become the mantra of project management, and as a project manager, you must understand how to ensure that the utmost value is delivered (and that the value is positive, rather than negative).
Negative Factors
A number of factors can transform a project’s value from positive to negative. For instance, if cost overruns occur that significantly detract from a deliverable monetary value, a loss is realized. Cost overruns can occur virtually anywhere in the project, from almost any source, including vendors, team members and changing goals based on feedback from stakeholders.
Another negative factor would be not meeting the planned deliverable value, even without the presence of cost overruns. In the old method of judging project success, as long as the project concluded on time, on budget and within scope, it could be considered a success (technically speaking). However, a project that produces results that are below expectations (regardless of why this is so) can no longer be considered successful.
You must also understand the your definition of value and the client’s definition of value (or upper management in the case of an in-house project) may differ. This is why it’s vital that every team member, management member and stakeholder be on the same page in regards to project deliverables and value prior to the project moving past the inception stage. If there are disparities here, you might feel that the project achieved its goals admirably, while the client will be nonplussed by the lack of value delivered.
Alignment of Goals and Value
From the very beginning, it’s important that project objectives are aligned correctly between all parties. This requires very clear, precise communication. All goals should be laid out clearly in a step-by-step formation, with one goal leading to the next, and ultimately culminating in the completion of the project with a predefined project value delivered to the client. Additionally, during alignment, any activities or goals that do not add to the project’s value or actively take away from that value must be eliminated.
Is It Achievable?
Achievability is another immense consideration here, and it’s a factor that must be evaluated throughout the entirety of the project. To ensure the utmost in terms of project value delivery, it’s important that all resources (human and otherwise) be constantly focused on achieving optimum value at the right time. With constant assessment of a project’s achievability at all steps along the way, an accurate assessment of the total value can be determined.
Project value can seem subjective, but if you, your team and all stakeholders remain on the same page from day one, it can be simple to ensure that the projected return is realized. It’s also important that the right tools are used and the correct team is assembled before the project commences.

PMP Certified
PMP Certified
This article has been written by a certified PMP.

Read more

Similar Articles